Veterinary Services Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 7/1/2024
SIC Codes: 0741, 0742
NAICS Codes: 54194
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Veterinary Services Industry Profile

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).

The US and UK are among the biggest markets for veterinary services worldwide. The US has the highest average per capita spending on vet services at $162, according to Statista. China's average per capita spending is only $7 however, vet care demand is rising in the country as 8% of families living in Tier-1 and Tier-2 cities own a pet.

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.


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.

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