Veterinary Services
Description
Companies in this industry employ licensed veterinary practitioners and provide medical, dental, and health care services for animals. Major companies include Banfield Pet Hospital, National Veterinary Associates, and VCA Animal Hospitals (all based in the US), as well as CVS Group plc (UK) and Greencross Vets (Australia).
North America is the biggest market for veterinary services worldwide, followed by Europe, according to Mordor Intelligence. Vet services market is expected to reach about $135 billion to about $170 billion during the 2026 to 2031 period, with a 4.84% compound annual growth rate (CAGR).
The US veterinary services industry includes about 32,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $40 billion.
COMPETITIVE LANDSCAPE
Demand is driven mainly by the number of cats and dogs kept as pets, which is affected by demographics and economic conditions. The profitability of an individual clinic depends on marketing skills, reputation, and the range of services the practice offers. Large practices enjoy economies of scale in marketing as well as better access to capital to invest in onsite diagnostic equipment. Small practices can compete effectively by specializing in particular animals or types of treatment, or by serving an exclusive area. The US industry is highly fragmented: the 50 largest companies account for about 20% of revenue.
PRODUCTS, OPERATIONS & TECHNOLOGY
Animal hospitals and clinics treat injuries and diseases but derive most revenue from animal health procedures like neutering and spaying, vaccinations, and regular checkups. Some animal hospitals also bathe, groom, board, and provide testing services. Veterinary services accounts for about 90% of the industry revenue, followed by retail sales of other goods (about 5%), and non-medical services for household pets (about 5%).
Veterinarians typically specialize in services for pets ("companion animals"), food animals (cattle, pigs, chickens), or horses. There are about 90,000 licensed veterinarians in the US as of 2023, according to the US Bureau of Labor Statistics (BLS). Most veterinarians work in private clinical practices. According to Forbes, more than 85 million homes, or about 65% of US households own a pet as of 2024. About 65 million households have a dog, as compared to about 45 million households with a cat.
Animal testing labs provide important information about animal ailments, with blood and urine testing providing the bulk of lab work. Although some testing procedures are done manually, most involve automated equipment. Acquiring, operating, and maintaining test equipment is the principal activity of testing labs. Labs and animal hospitals buy diagnostic equipment and drugs from the veterinary wings of large medical supply and drug companies. Many animal hospitals and clinics do their own testing because sophisticated equipment is available that doesn't require highly skilled operators.
North America is the biggest market for veterinary services worldwide, followed by Europe, according to Mordor Intelligence. Vet services market is expected to reach about $135 billion to about $170 billion during the 2026 to 2031 period, with a 4.84% compound annual growth rate (CAGR).
The US veterinary services industry includes about 32,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $40 billion.
COMPETITIVE LANDSCAPE
Demand is driven mainly by the number of cats and dogs kept as pets, which is affected by demographics and economic conditions. The profitability of an individual clinic depends on marketing skills, reputation, and the range of services the practice offers. Large practices enjoy economies of scale in marketing as well as better access to capital to invest in onsite diagnostic equipment. Small practices can compete effectively by specializing in particular animals or types of treatment, or by serving an exclusive area. The US industry is highly fragmented: the 50 largest companies account for about 20% of revenue.
PRODUCTS, OPERATIONS & TECHNOLOGY
Animal hospitals and clinics treat injuries and diseases but derive most revenue from animal health procedures like neutering and spaying, vaccinations, and regular checkups. Some animal hospitals also bathe, groom, board, and provide testing services. Veterinary services accounts for about 90% of the industry revenue, followed by retail sales of other goods (about 5%), and non-medical services for household pets (about 5%).
Veterinarians typically specialize in services for pets ("companion animals"), food animals (cattle, pigs, chickens), or horses. There are about 90,000 licensed veterinarians in the US as of 2023, according to the US Bureau of Labor Statistics (BLS). Most veterinarians work in private clinical practices. According to Forbes, more than 85 million homes, or about 65% of US households own a pet as of 2024. About 65 million households have a dog, as compared to about 45 million households with a cat.
Animal testing labs provide important information about animal ailments, with blood and urine testing providing the bulk of lab work. Although some testing procedures are done manually, most involve automated equipment. Acquiring, operating, and maintaining test equipment is the principal activity of testing labs. Labs and animal hospitals buy diagnostic equipment and drugs from the veterinary wings of large medical supply and drug companies. Many animal hospitals and clinics do their own testing because sophisticated equipment is available that doesn't require highly skilled operators.
Table of Contents
- Industry Overview
- Quarterly Industry Update
- Business Challenges
- Business Trends
- Industry Opportunities
- Call Preparation Questions
- Financial Information
- Industry Forecast
- Web Links and Acronyms
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