Veterinary Practices NAICS 541940

        Veterinary Practices

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Purchase Report

Industry Summary

The 26,300 veterinary practices in the US provide preventative, medical, and surgical care for a wide variety of animals. Most veterinary practices are small, independent operations – 86% have a single location, and 85% have fewer than 20 workers. Most practices are private practices and are owned by a licensed veterinarian. Some vets focus on large animals and livestock and work at the client's location.

High Capital Costs

Diagnostic equipment and full laboratory set-ups can require a significant investment.

Shortage of Food Animal Veterinarians

While the number of veterinary school graduates grows at a steady rate, a shrinking percentage of vets choose to specialize in the care of animals used as livestock.


Recent Developments

Oct 16, 2025 - Majority of Canine Masses Undiagnosed: HT Vista
  • A 2025 survey by veterinary imaging company HT Vista found that 62% of canine masses presented in US veterinary clinics go undiagnosed, with diagnostic rates declining as case volume increases, according to a report in DVM 360. General practitioners reported seeing 13.5 masses weekly, with 19% receiving review by pathologists. Many masses are assessed in-house without a review from a board-certified professional. Respondents in the survey said the belief that the mass is benign and does not require additional investigation is the cited reason for not performing aspiration, followed by cost concerns. According to the report, the “wait and see” approach risks delaying treatment for malignancies, which affect an estimated 15% of cases. Experts from HT Vista note that delayed diagnosis can reduce survival rates, limit treatment options, and erode client trust, potentially impacting both patient outcomes and clinic reputation.
  • Veterinary service providers should prepare for potential shifts in client spending behavior, as both consumer confidence and sentiment indexes remain at multi-year lows, with inflation and job concerns top of mind. In September 2025, the Consumer Confidence Index from the Conference Board fell to 94.2, with job optimism down (only 26.9% said jobs were “plentiful”) and inflation expectations high. Buying intentions dropped for cars and travel, while interest in homes and smartphones rose. Confidence declined across most age and income groups, especially among households earning $25,000–$35,000 and over $200,000. The consumer sentiment index held at 55 in October 2025 from the previous month, and was down 22% year-over-year, according to the University of Michigan Surveys of Consumers. Overall, the data signals cautious consumer sentiment, which could dampen spending heading into the holiday season.
  • Veterinary Practice News’ 2025 Economic Outlook Survey reveals that 86% of veterinary practices are seeing pet owners reduce spending, especially on non-essential and elective services. Rising costs and anticipated tariffs are reshaping purchasing behavior, with 63.8% of practices adjusting buying habits and 62.1% expecting lower profitability. Despite financial strain, over half of practices plan to continue capital investments, prioritizing diagnostic equipment, digital marketing, and staff training. According to the survey, veterinary professionals said they were motivated by patient care, the human-animal bond, and a supportive team environment, though concerns about affordability and access to preventive care persist. The data underscores the need for veterinary practices to balance financial sustainability with client accessibility. Strategic investment in technology, communication, and staff development will be needed to maintain service quality and client trust amid economic uncertainty.
  • Following a trend of consolidation in the industry, WGRZ reports that two Buffalo, New York-based veterinary clinics were recently sold to an investment fund. Ontario-based real estate fund Dorian Capital purchased Kenmore Animal Hospital and Buffalo City Vet in a combined $2.25 million deal. The vet practices will operate under the same leadership. According to Dorian’s website, the firm operates a geographically diversified portfolio of veterinary real estate across the US.

Industry Revenue

Veterinary Practices


Industry Structure

Industry size & Structure

A typical veterinary practice operates out of a single location, employs about 18 workers, and generates about $2 million in annual revenue.

    • The veterinary care industry consists of 26,300 practices that employ 467,000 workers and generate $59 billion annually.
    • Most veterinary practices are small, independent operations - 86% have a single location, and 85% have fewer than 20 workers. Most practices are private practices and owned by a licensed veterinarian.
    • About 70% of vets provide care primarily for companion animals; 5% operate a mixed practice; 4% care for food animals; and 4% care for horses.
    • Large companies include Mars Veterinary Health (VCA, Banfield Pet Hospitals, BluePearl), Gulf Coast Veterinary Specialists, and Antech.

                                  Industry Forecast

                                  Industry Forecast
                                  Veterinary Practices Industry Growth
                                  Source: Vertical IQ and Inforum

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