Logan Reid
The veterinary industry in the US is a growing market, with Americans spending around $17 billion on veterinary care in hospitals, clinics, and food. There are approximately 48,487 veterinary services businesses in the US, with over 126,000 practicing veterinarians. The number of veterinary services businesses has been increasing year on year, with a projected growth of 0.9% from 2023 to 2024. This growth is driven by the rising adoption of companion pets, with an increasing number of pet owners accepting pets as family members. The average age of a veterinarian in the US is 43, and females make up the majority of the profession, with 60-63% of vets being female.
| Characteristics | Values |
|---|---|
| Number of veterinary services/practices in the US | Between 28,000 and 48,932 |
| Number of employed vets in the US | 46,084 (2024) to 126,138 (2022) |
| Number of veterinary visits per year | 202.4 million |
| Average age of a veterinarian in the US | 43 |
| Percentage of female vets in the US | 60% to 62.9% |
| Average student loan debt for veterinarians | $183,302 |
| Average cost of a veterinary degree | $200,000 |
| Number of US counties underserved by active veterinary services (2019) | Over 500 |
| Number of shelter animals adopted in the US annually | 3.2 million |
| Amount spent on veterinary care in the US annually | $17 billion |
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What You'll Learn
- There are 48,487 veterinary services businesses in the US, with 126,138 vets
- ,349 vets work in private practice, with 40% employed by corporate groups
- The US veterinary market is projected to grow to $151.26 billion by 2026
- The average vet holds $183,302 in student loan debt, with total education costing over $200,000
- % of vets are female, yet males earn $16,000 more per year
There are 48,487 veterinary services businesses in the US, with 126,138 vets
The veterinary industry in the US is thriving, with a vast network of veterinary services businesses and practitioners catering to the needs of animal companions and their owners. As of 2023, there are approximately 48,487 veterinary services businesses scattered across the country, reflecting a steady growth in the industry. This number is expected to increase further in 2024, with projections estimating a total of 48,932 veterinary services businesses.
Behind these businesses are dedicated professionals who have made it their life's work to care for animals. The United States boasts an impressive roster of approximately 126,138 practicing veterinarians, with 75,349 of them working in private practice. This large workforce is essential in ensuring that the nation's beloved pets and companion animals receive the best possible care. The majority of veterinarians are female, with women making up nearly 60% to 62.9% of the profession.
The veterinary industry in the US is experiencing dynamic trends. One notable development is the increasing corporatization of veterinary practices. While corporate groups currently employ approximately 40% of practicing veterinarians, they own less than 40% of veterinary clinics. This disparity is attributed to the larger size of clinics belonging to consolidation groups compared to the average private practice. The trend towards consolidation is projected to continue, with predictions that 25% of veterinary practices will be part of a corporate group by 2023.
The demand for veterinary services in the US is high and continues to grow. With the unprecedented rise in pet ownership, particularly among millennials, veterinary practices are in a prime position. Over half a million animals are checked by veterinarians every day, resulting in approximately 202.4 million vet visits per year. This demand has contributed to a projected increase in prices for veterinary care, with a 7% rise estimated by December 2022.
Despite the overall positive outlook, challenges exist within the industry. One pressing issue is the veterinarian shortage in rural areas, with over 500 US counties being underserved by active veterinary services in 2019. This shortfall is attributed to lower pay and longer working hours in rural areas compared to big cities. Additionally, the high cost of veterinary education, with an average student loan debt of $183,302, and the problem of burnout among veterinarians, resulting in a significant loss of revenue, are issues that the industry needs to address.
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75,349 vets work in private practice, with 40% employed by corporate groups
There are about 126,000 practicing veterinarians in the US. Out of these, 75,349 work in private practice, with corporate groups employing around 40% of these veterinarians. This amounts to about 30,000 veterinarians.
The number of veterinarians working in private practice is expected to decrease over time. This is due to the increasing consolidation of veterinary practices into corporate groups. While fewer than 40% of all veterinary clinics are corporate-owned, Brakke Consulting predicts that 25% of veterinary practices will be part of a corporate group by 2023. This is because clinics that belong to consolidation groups tend to be larger than the average private practice, and so corporate clinics employ a disproportionately large number of veterinarians.
The corporatization of veterinary practices is driven by the safe and lucrative investment opportunities that they offer to large corporations. Private equity firms view veterinary practices as a relatively safe investment with respectable returns. This has led to the formation of several national and regional chains, such as Banfield Pet Hospital, BluePearl, and Heartland Veterinary Partners. There are now over 60 veterinary consolidators, with most CEOs of these consolidators not being veterinarians.
The increasing demand for veterinary services has also contributed to the trend of corporate consolidation. During the pandemic, about 30% of the US adopted at least one pet, with millennials being the largest pet-owning demographic. This has resulted in a sharp increase in prices for veterinary care, with projections of a 7% increase in prices by December 2022. As a result, many veterinarians are raising their prices and strategically identifying services where rate increases will have less impact on clients.
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The US veterinary market is projected to grow to $151.26 billion by 2026
Pet ownership has been on the rise in the US, with about 70% of American families owning at least one pet in 2021, according to the American Pet Products Association (APPA). This trend has been particularly pronounced among millennials, who often view pets as family members and are willing to invest in their health and well-being. The COVID-19 pandemic also contributed to the increase in pet ownership, with about 30% of Americans adopting at least one pet during this period.
As a result of higher pet ownership, there is a greater demand for veterinary services. The US veterinary market is expected to expand due to increased awareness of animal health and health-related issues, rising expenditure on veterinary care, and the availability of advanced care services. The adoption of pet insurance has also played a role in boosting the market, as it enables owners to provide their pets with high-quality care and reduces their out-of-pocket costs.
The veterinary services market in the US is highly competitive, with a large number of veterinary services businesses. As of 2023, there were 48,487 veterinary services businesses in the US, with an average annual growth rate of 1.1% between 2018 and 2023. The market is dominated by general services, including routine checkups, vaccinations, and pet care services, which was valued at USD 46.9 billion in 2023.
To meet the growing demand for veterinary services, the employment market for veterinarians has changed significantly. There are about 126,138 practicing veterinarians in the US, with 75,349 working in private practice. However, the profession faces challenges, such as student loan debt, which averages $183,302, and burnout, resulting in a potential shortage of skilled veterinary professionals. To address this shortage and improve treatment, many veterinary care providers are turning to big data technologies for faster diagnosis and assessment of diseases.
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The average vet holds $183,302 in student loan debt, with total education costing over $200,000
The cost of becoming a veterinarian in the US is high. The average vet holds $183,302 in student loan debt, with total education costing over $200,000. This figure has increased over the years, with the class of 2019 graduating with an average debt of $183,302, a slight increase from the previous year's average of $183,014. This represents a 10% jump from the average debt of the class of 2017.
The cost of veterinary school varies depending on several factors. For instance, in-state tuition rates are lower than out-of-state rates, with the latter costing upwards of $275,000. Private veterinary schools also tend to charge higher tuition fees. Additionally, the cost of living and room and board can significantly impact the overall cost of veterinary education.
The high cost of veterinary school is reflected in the significant student debt carried by graduates. While the average debt for a bachelor's degree among the class of 2021 was $29,400, veterinary school debt far exceeds this amount. The average debt among veterinary school graduates who took out student loans is $179,505, with monthly payments exceeding $2,000 on a standard 10-year repayment plan.
Managing debt can be challenging for veterinarians, especially considering they earn less than other professionals in the medical field. However, there are strategies to address this financial burden, such as income-driven repayment plans, loan forgiveness programs, and refinancing options. Loan repayment programs, like the USDA's Veterinary Medicine Loan Repayment Program, offer financial assistance to vets working in underserved areas. Additionally, veterinarians employed by nonprofit or government entities may qualify for loan forgiveness after a certain period.
The financial burden of veterinary school debt is a notable challenge for veterinarians in the US. With the increasing demand for veterinary services and the critical role they play in animal care, addressing this financial aspect is crucial for the long-term sustainability of the profession.
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62.9% of vets are female, yet males earn $16,000 more per year
In the US, there were 48,487 veterinary services businesses in 2023, with an increase to 48,932 in 2024. The number of veterinary services businesses has been growing, with an average increase of 1.1% per year between 2018 and 2023. However, between 2019 and 2024, the average number of veterinary services businesses declined by 0.4% per year.
Despite this growth in the number of veterinary services, there is a notable gender disparity in the field. According to statistics, 62.9% of vets in the US are female. However, male vets earn approximately $16,000 more per year than their female counterparts. This disparity is even more striking when considering that it takes 8 years to complete a veterinary degree, including a 4-year undergraduate course and a final 4-year vet degree course.
The gender pay gap in the veterinary field is significant, with male vets earning a median annual wage of $74,113, while female vets earn an average wage of $63,591. This disparity is not due to different levels of qualification or specialty niches, as one might expect. Instead, it reflects a deeper issue within the industry. For example, female specialists in private practice, where income is based on production, make 25% to 29% less than their male counterparts. Similarly, in academia, where positions are salaried, female veterinarians earn 8% to 10% less than males.
The pay gap widens even further when comparing the top earners in the field. Female veterinarians in the top quarter of earners make an average of $100,000 less than their male counterparts. This disparity in wages between male and female veterinarians is a concerning trend that persists despite the increasing number of female vets in the industry.
While the demand for veterinarian jobs is high, with a projected 20% growth in employed veterinarians across the US by 2032, the gender pay gap remains a pressing issue that needs to be addressed. With the increasing cost of veterinary care and student loan debt for veterinarians, the financial disparity between male and female vets is a critical issue that requires attention and resolution.
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Frequently asked questions
There are about 48,487 veterinary services businesses in the US as of 2023.
There are about 126,138 practicing veterinarians in the US, with 75,349 working in private practice.
California has the most veterinary hospitals in the US.
There were over 105,000 veterinarians in the US in 2019.
