The production value of veterinary services in Austria has shown substantial growth from 2013 to 2020, peaking at EUR 441.5 million in 2020 due to an 8% year-on-year increase. However, 2021 marked a decline with a 7.7% decrease. Subsequent years until 2023 have shown marginal growth, reaching EUR 416.2 million in 2023.
Trend analysis over the last five years (2019-2023) reveals a CAGR of 1.52%, indicating a slowdown in growth compared to the previous periods. The forecasted data from 2024 to 2028 suggests a continuing deceleration with a forecasted five-year CAGR of 0.42% and total growth of 2.12% by 2028, reaching EUR 428.5 million.
Future trends to watch for:
- Technological advancements in veterinary medicine.
- Rise in pet ownership and animal healthcare expenditure.
- Potential impact of economic fluctuations on discretionary spending.
- Changes in veterinary regulations and standards.
