Looking ahead
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Moving forward, industry growth is projected to accelerate, with market size forecasted to increase across 2022- 2027. UK pet ownership is anticipated to increase over the next five years, enhancing demand for industry services. Additionally, advances in medical, surgical and diagnostic procedures, along with the growing availability of new drugs, are expected to increase services that vets can provide, further contributing to market growth.
Sector consolidation is expected to continue, as pressures rise for veterinary practices
Sector consolidation is expected to continue, as rising cost pressures for veterinary practices (such as salaries and equipment), are tempting independent owners to sell to larger private equity backed strategics. It is thought there will be increased regulatory scrutiny of mergers by the Competition and Markets Authority (CMA), given how concentrated the market has become. Considering the current valuations and dynamism of the sector, the market is ripe for further consolidation, which may result in a different pet care market emerging soon.
