Forget that adorable puppy in the window for a moment and consider this: fueled by the love of billions of pets worldwide, the veterinary industry is now a multi-faceted behemoth—from a global market valued at over $41 billion and soaring, to millions of high-tech treatments and a profound shift in how we care for our animal companions.
Key Takeaways
- The global veterinary services market size was valued at USD 41.49 billion in 2022 and is expected to grow at a CAGR of 8.2% from 2023 to 2030
- In the US, the veterinary services industry revenue reached $62.5 billion in 2023
- The US companion animal veterinary market is projected to reach $24.6 billion by 2025
- There were 115,468 private practice veterinarians in the US in 2023
- US veterinary workforce totals 127,000 veterinarians in 2022
- 32% of US vets are in small animal exclusive practice as of 2023
- 67 million US households own pets in 2023
- 86.9 million US pet dogs owned in 2023, up 2% YoY
- 66.5 million US pet cats in 2023
- US vet visits for dogs average 2.1 per year per dog 2023
- 70% of US dogs receive annual wellness exams
- Core canine vaccines administered to 85% of US dogs in 2023
- US pet owners spent $36.3 billion on vet care in 2023
- Average vet bill per US dog visit $132 in 2023
- 42% US pet owners have pet insurance covering $1.5 billion claims 2023
The veterinary industry is experiencing rapid global growth driven by rising pet ownership and expanding services.
Employment and Workforce
- There were 115,468 private practice veterinarians in the US in 2023
- US veterinary workforce totals 127,000 veterinarians in 2022
- 32% of US vets are in small animal exclusive practice as of 2023
- Average US vet salary $151,000 in 2023, up 8% from prior year
- 12,500 new US vets graduated in 2023 from 33 colleges
- 28% of US vets work in mixed animal practice
- Veterinary technician employment in US 114,000 in 2022, projected 20% growth by 2032
- 41% of US vets are female as of 2023, up from 27% in 2008
- Global veterinarian shortage estimated at 500,000 by 2030
- UK has 18,500 registered vets in 2023
- US vet assistant jobs 102,000 in 2022, 19% growth projected
- 15% of US vets employed by corporates in 2023, up from 8% in 2018
- Australia 12,000 vets in 2023, density 4.5 per 10,000 people
- Canada 15,200 vets in 2022
- 9.2% unemployment rate among new US vet grads in 2023
- Veterinary practice manager average salary US $75,000 in 2023
- India 65,000 vets for 1.4 billion people in 2023
- 25% of US vets over age 60 in 2023, retirement wave incoming
- Brazil 40,000 vets, mostly urban
- EU vets total 170,000 in 2022
- US receptionist in vet clinics average wage $18/hour in 2023
- 70% of US vets report burnout in 2023 survey
- South Africa 4,500 vets in 2023
- Veterinary radiologist shortage US 20% vacancies in 2023
- Global vet tech programs graduated 10,000 annually
- New Zealand 2,800 vets in 2023
- US corporate vet employment 22,000 vets in 2023
- 52% of US female vets work part-time vs 28% males in 2023
- Veterinary nurse salary UK £28,000 average in 2023
- Mexico 15,000 vets in 2023
- 65 US vet schools planned expansions in 2023 for workforce
- 76% of US 2023 vet grads have student debt averaging $180,000
- Veterinary surgeon employment Australia 8,500 full-time equivalents 2023
Employment and Workforce Interpretation
While the veterinary workforce is growing, diversifying, and even getting a modest pay bump, the industry finds itself in a paradoxical scramble to fill a half-million global shortage, all while trying to stanch the burnout bleeding from its current practitioners and absorb a tidal wave of new graduates saddled with eye-watering debt.
Expenditures and Economics
- US pet owners spent $36.3 billion on vet care in 2023
- Average vet bill per US dog visit $132 in 2023
- 42% US pet owners have pet insurance covering $1.5 billion claims 2023
- Vet care inflation US 8.5% in 2023
- Corporate vet acquisitions 120 practices US 2023, $2.5 billion value
- Average US vet clinic revenue $1.2 million annually 2023
- Pet Rx spending US $7.3 billion in 2023
- 28% US pet owners skipped vet care due to cost 2023
- Wellness plan revenue $4 billion US vets 2023
- Emergency vet visit average cost $1,500 US 2023
- Livestock vet expenditures US farms $3.2 billion 2023
- Pet dental procedure average $800-1,200 US 2023
- Vet debt US clinics average $500,000 per practice 2023
- Insurance reimbursements average 80% of claims US 2023
- Boarding/kennel revenue $2.1 billion US 2023
- Supply costs 25% of vet clinic expenses US 2023
- TPLO surgery average $3,500-$7,000 US 2023
- Annual pet insurance premiums average $600 US 2023
- Vet payroll 55% of practice expenses US 2023
- OTC pet meds sales $2.8 billion US 2023
- Facility rent 8-12% of revenue US vet clinics 2023
- Cancer treatment average $4,000-$10,000 per pet US 2023
- Credit card usage 60% of vet payments US 2023
- Lab fees 10% of total expenditures US vets 2023
- Spay surgery average $350 dogs US 2023
- Marketing spend 2-5% revenue US clinics 2023
- MRI/CT average $2,000-$3,000 per scan US 2023
- Food/treat sales $1.5 billion in vet clinics US 2023
Expenditures and Economics Interpretation
We've become a nation that happily finances our pets' health like luxury cars, treating them to MRIs and credit card-funded TPLO surgeries, while vets themselves struggle under a mountain of debt just to keep the clinic lights on.
Market Size and Growth
- The global veterinary services market size was valued at USD 41.49 billion in 2022 and is expected to grow at a CAGR of 8.2% from 2023 to 2030
- In the US, the veterinary services industry revenue reached $62.5 billion in 2023
- The US companion animal veterinary market is projected to reach $24.6 billion by 2025
- Veterinary diagnostics market globally was $3.8 billion in 2021, growing at 9.5% CAGR to 2028
- Europe veterinary medicine market size was EUR 6.2 billion in 2022
- US veterinary equipment market valued at $1.9 billion in 2023, expected to hit $2.8 billion by 2030
- Global veterinary telemedicine market to grow from $1.2 billion in 2022 to $4.5 billion by 2030 at 14% CAGR
- Indian veterinary services market expected to reach INR 25,000 crore by 2025
- US livestock veterinary services revenue $15.4 billion in 2023
- Global animal health market size $49.5 billion in 2022, projected $78.2 billion by 2030
- Veterinary software market worldwide $1.65 billion in 2023, CAGR 10.8% to 2030
- Australia veterinary services market $3.2 billion AUD in 2023
- China veterinary medicine market $12.1 billion in 2022
- US emergency veterinary services segment growing at 7.5% annually
- Global veterinary vaccines market $9.2 billion in 2023, to $14.8 billion by 2030
- Brazil veterinary market size $2.8 billion in 2022, CAGR 6.8%
- UK veterinary services turnover £5.6 billion in 2023
- Veterinary robotics market global $200 million in 2023, to $1.2 billion by 2032
- Canada veterinary services industry $4.1 billion CAD in 2023
- Asia-Pacific veterinary diagnostics market $1.1 billion in 2022, CAGR 8.9%
- US vet services inflation-adjusted revenue up 4.2% in 2022
- Global pet vet care market $28.5 billion in 2023
- Veterinary pharmaceuticals market $28 billion in 2022, to $43 billion by 2030
- South Korea vet market $1.9 billion in 2023
- Veterinary hospital construction market US $1.2 billion annually
- Middle East vet services market growing at 7.1% CAGR to 2028
- US small animal practice revenue average $1.8 million per clinic in 2023
- Global vet reference lab market $2.3 billion in 2023
- Veterinary staffing market US $10.5 billion in 2023
- World veterinary artificial intelligence market $0.4 billion in 2023, to $2.1 billion by 2030
Market Size and Growth Interpretation
While the global veterinary industry—fueled by everything from AI-driven diagnostics to a surge in emergency care—now commands a multi-billion dollar price tag, its true value is measured in the quiet comfort of a healthy pet and the secured livelihood of a farmer, not just in its impressive financial prognosis.
Pet Ownership and Demographics
- 67 million US households own pets in 2023
- 86.9 million US pet dogs owned in 2023, up 2% YoY
- 66.5 million US pet cats in 2023
- 11% of US households own fish as pets in 2023, total 11.5 million households
- Millennials own 33% of US pets, 70 million pet parents
- 45.4 million US bird-owning households? No, 6 million households with birds
- UK pet dog ownership 12.6 million dogs in 13 million households 2023
- 24% of US households have dogs, highest ownership rate
- Baby boomers own 27% of US pets
- Europe 90 million pet dogs, 110 million cats in 2023
- 3.2 million US pet rabbits in 2023
- Gen Z pet ownership US 36% of their households
- Australia 29 million pets, 69% households own pets 2023
- India pet dog population 31 million in 2023
- 38% of US pet owners are single
- Brazil 60 million pet dogs, 25 million cats 2023
- 20 million US freshwater fish pets in 2023
- Rural US households 55% pet ownership vs 59% urban 2023
- China urban pet dogs 27 million, cats 19 million 2023
- Hispanic US pet owners 49 million pets in 2023
- Canada 27.9 million cats and dogs combined 2023
- 15% of US households own reptiles, 9.8 million
- UK 12 million pet cats in 2023
- Empty nesters US own 18% more pets than average
- Japan pet dogs 6.8 million, cats 9.4 million 2023
- 62% US pet-owning households have dogs only
- South Korea pet dogs 6 million 2023
- Multi-pet households US 43% have both dog and cat
- France 7.4 million dogs, 14.9 million cats 2023
Pet Ownership and Demographics Interpretation
The numbers don't lie: humanity is fervently outsourcing its need for emotional connection and household chaos to a vast, multi-species support network that now spans the globe, proving that the universal language isn't love, but the rustle of a food bag.
Services and Procedures
- US vet visits for dogs average 2.1 per year per dog 2023
- 70% of US dogs receive annual wellness exams
- Core canine vaccines administered to 85% of US dogs in 2023
- US cat spay/neuter rate 90% lifetime
- Dental cleanings for US pets 2.5 million procedures annually
- Orthopedic surgeries US vets perform 500,000 yearly
- Telemedicine consults US vets 15 million in 2023
- Flea/tick preventives given to 75% US dogs monthly
- Emergency vet visits US 12% of all visits, 4 million cases yearly
- Heartworm testing US dogs 60% compliance rate 2023
- Surgical sterilizations 6 million US cats/dogs annually
- Ultrasound imaging in vet clinics up 25% since 2020
- Rabies vaccinations US 95% coverage in dogs
- Chemotherapy treatments for pets 100,000 cases US yearly
- Routine bloodwork panels 40 million US pets annually
- Physical therapy sessions for pets 1.5 million in US 2023
- Endoscopy procedures 250,000 yearly US vets
- Laser therapy treatments 5 million sessions US 2023
- Microchipping 8 million US pets in 2023
- MRI scans for pets 50,000 annually US
- Acupuncture for animals 2 million treatments US yearly
- CT scans veterinary US 75,000 in 2023
- Hospice care plans for pets 300,000 US cases yearly
- Behavior consults 1 million US pets 2023
- Herd health visits for livestock 2.5 million farms US
- Nutrition consults 4 million pet cases annually
- Ophthalmology surgeries 150,000 US pets yearly
- Dermatology visits 20% of all US pet appointments 2023
- Stem cell therapies 10,000 veterinary cases US 2023
- Reproductive services AI 500,000 cattle US yearly
- Wellness plans subscribed by 45% US pet owners 2023
- Euthanasia procedures 500,000 US pets yearly due to age
Services and Procedures Interpretation
While America’s dogs are dutifully checking in for their vaccines and twice-yearly visits, and cats are overwhelmingly fixed, we’re also a nation aggressively extending, investigating, and specializing our pets' lives with millions of scans, therapies, and consults, yet still grappling with the stark math of preventive care compliance and the sobering half-million goodbyes.
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