$65.9bn
$X.Xbn
452k
48,932
$XX.Xbn
Veterinarians experienced a surge in demand during the pandemic due to more people adopting pets and having more time and attention to care for their existing ones. Increased spending on premium food products and per capita meat consumption benefitted veterinarians treating livestock. While the revenue surge evaporated in 2022 when growth turned negative, this one-year dip in revenue growth did not impact overall growth. Industry revenue is projected to climb at a CAGR of 3.2% through 2023, reaching $65.9 billion in 2024, with revenue growth at 1.3% alone.
Industry revenue has grown at a CAGR of 3.2 % over the past five years, to reach an estimated $65.9bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Vca Inc. | 3,753.8 | 730.6 | 19.5 |
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Industry revenue is measured across several distinct product and services lines, including Pet grooming services , Routine examinations and Surgical treatments. Pet grooming services is the largest segment of the Veterinary Services in the US.
Pet owners' preference to nonsurgical treatments has been increasing
The Veterinary Services industry includes establishments of licensed veterinary practitioners who provide medical, dental, or surgical treatment for animals. It also includes establishments that provide laboratory and diagnostic testing services for licensed veterinary practitioners.
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NAICS 54194 - Veterinary Services in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Innovations bolster growth for veterinarians. Refinements in surgeries and diagnostic practices enabled services comparable to human medicine at a higher price tag.
Learn about an industry's products and services, markets and trends in international trade.
Laboratory diagnostic testing is becoming routine and a consistent source of growth. Veterinarians diagnose and monitor illnesses and conditions by detecting substances in ur...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Locating near large populations is crucial for veterinarians. Most businesses are single-site, sole-practitioner facilities that provide services on a local level.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Location and hours of operation are crucial for animal hospitals. Veterinarians must be located near large populations and be open for extended hours to compete with other bu...
Learn about the performance of the top companies in the industry.
Only one company has amassed over 5.0% of the market by acquiring smaller companies. VCA has a network of more than 1,000 small hospitals.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Veterinarians must comply with federal and state regulations. To practice, veterinarians must acquire a graduate degree from one of 33 veterinary colleges and be registered i...
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Advancements in technology bolstered profit. An increasing number of veterinarians offering more specialized services like surgery and dentistry has bolstered profit.
Including values and annual change:
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Key data sources in the US include:
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These sources include:
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The market size of the Veterinary Services in the US industry in United States is $65.9bn in 2024.
There are 48,932 businesses in the Veterinary Services in the US industry in United States, which has declined at a CAGR of 0.4 % between 2019 and 2024.
The market size of the Veterinary Services in the US industry in United States has been growing at a CAGR of 3.2 % between 2019 and 2024.
Over the next five years, the Veterinary Services in the US industry in United States is expected to grow.
The biggest company operating in the Veterinary Services market in United States is Vca Inc.
Operating animal hospitals and Animal disease testing are part of the Veterinary Services in the US industry.
The company holding the most market share in United States is Vca Inc..
The level of competition is moderate and increasing in the Veterinary Services in the US industry in United States.