U.S. Veterinarians Market Size, Share & Trends Analysis Report By Sector (Public, Private (Food Animal Exclusive, Companion Animal Exclusive, Mixed Animal, Equine, Others), Academics), And Segment- Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

The U.S. veterinarians market size was estimated at USD 13.71 billion in 2022 and is expected to surpass around USD 31.86 billion by 2032 and poised to grow at a compound annual growth rate (CAGR) of 8.8% during the forecast period 2023 to 2032.

Key Takeaways:

• By Sector, the U.S. veterinarians market was valued at USD 13.9 Billion in 2022 and expected to witness growth at a CAGR of 8.8% from 2023 to 2032.
• By sector, the private segment held the largest share of over 62% of the U.S. Veterinarians market in 2022.
• Factors such as increasing consumption of meat, growing pet adoption rate, and rising pet expenditure are expected to boost demand for veterinary medicine and expertise, which in turn, will fuel the demand for veterinarians
• The private segment emerged as the largest revenue-generating segment of the U.S. veterinarians market in 2022
• Increased private practitioners across the country due to high compensation rate, as compared to public practices or academic profession, is a key contributor for the segment dominance during the forecast period
• The companion animal exclusive practice amongst the private sector dominated the market in 2021. Increasing spending on pets ranging from food to veterinary care, along with surging adoption is expected to positively influence market growth
• According to the Center for Regional Analysis, George Mason University and APPA analysis, the U.S. pet industry supports over 1.9 million jobs in the U.S. and pays around USD 61 billion in salaries, wages, and benefits
• The industry generates more than USD 222 billion in direct, indirect, and induced economic impact annually. The pet industry’s impact proves that taking compassionate care of pets is also good for business

U.S. Veterinarians Market Report Scope

The rising cases of zoonotic and chronic diseases, increasing animal health expenditure, and growing pet health concerns are the key factors driving the market. An estimated total of around 132,138 professionals were actively involved in the veterinary profession in the U.S. Approximately 57% of the U.S. veterinarians were employed in private practices in 2020. This number is estimated to increase in the coming years, owing to a rise in demand for veterinary services.

Although the COVID-19 pandemic presented several challenges to the animal health industry, it highlighted the need to secure the health of pets as well as food animals. With containment measures such as lockdowns & movement restrictions, manufacturing companies and veterinary service providers were significantly affected. Animal disease surveillance and reporting activities, such as outbreak investigation & disease reporting, were also disrupted due to logistical issues. This included restrictions & constraints on access to farms & transport of samples and veterinary equipment & PPE kits during the pandemic.

However, companies manufacturing products or providing services that helped ease the pandemic burden, such as COVID-19 tests and veterinary telehealth services, were positively impacted. Veterinary visits too plunged due to the pandemic. However, the numbers soon recovered as veterinary services were recognized as an essential service. The U.S. government also announced several financial stimulus packages, flexible norms, and guidelines to ensure business continuity.

The Coronavirus Response and Relief Supplemental Appropriations Act & the Coronavirus Aid, Relief, and Economic Security (CARES) Act came into force to provide rapid & direct economic assistance to workers, families, & small businesses, and to preserve jobs in the U.S. Among other provisions, this included the Paycheck Protection Program to assist small businesses. C4, or the fourth COVID-19 relief bill, passed by the U.S. Congress in December 2020, included additional relief measures. Key provisions of C4 included a simplified loan waiver of up to USD 150,000, applicable to most veterinary practices.

With the growing number of pet parents in the U.S. and adoption of pet insurance, demand for animal health services is rising amongst people. In 2020, about 3.45 million pets had insurance coverage across North America, as per the North American Pet Health Insurance Association. Out of these, 3.1 million pets were insured in the U.S. alone. The highest percentage of insured pets were found to reside in California, New York, and Florida.

Dogs were the most frequently insured pets as compared to cats.Among the many available career paths, a notable number of U.S. veterinarians pursue teaching and/or research careers as faculty, thus contributing to the significant revenue share of the academics segment. New graduates are also inclined to enter internships and residencies at private veterinary practices or veterinary medicine colleges.

Sector Insights

By sector, the private segment held the largest share of over 62% of the U.S. Veterinarians market in 2022. This is owing to a large number of veterinarians engaged in private clinical practice, driven by high demand and ROI. Private practitioners, however, must be licensed by respective states to practice and are mainly involved in the diagnosis & treatment of diseases, disorders, or injuries in animals. They also provide preventive medicine to help animals avoid diseases and maintain health.

Private veterinarians typically work with technicians, technologists, assistants, and laboratory animal caretakers to diagnose, examine, & treat animals. They work in veterinarians’ offices & clinics, animal hospitals, and veterinary testing laboratories. Over 90% of patients at companion animal exclusive veterinary practices are pets. This contributed to the dominant share of the companion animal exclusive segment in the private sector in 2021.

The demand for quality & affordable pet care is anticipated to increase over time, owing to rise in prevalence of chronic diseases, awareness about pet health, adoption of pet insurance, and expenditure on pet diagnostics & treatments. For instance, Banfield Pet Hospital registered a spike in barfy, itchy, anxious, and overweight pets in 2020, as compared to 2019. The hospital also registered a 58.7% increase in pet skin allergies, 25% increase in fear/anxiety, and 11.4% increase in visits related to vomiting. In addition, in 2020, there was a 20.4% increase in hospital visits for kittens and 14.3% for puppies. Veterinarians are also increasingly adopting telehealth to increase their practice revenue.

Around 49,730 veterinarians are involved in treatment of cats, dogs, birds, and exotic animals. The demand for companion animal exclusive practices is expected to be on the rise due to high compensation rate for these practices as compared to others. The average starting salary for a companion animal exclusive professional was estimated to be USD 90,893 in 2019. Moreover, increasing pet owner visits for regular checkups, increasing awareness pertinent to the pet health, and rising spending capacity are some of the factors attributed to the dominant share held by companion animal exclusive practices.

The others segment comprising of veterinarians working with nonprofit organizations as care providers, researchers, or consultants is anticipated to grow at the fastest rate in the near future. Nonprofit organizations include humane organizations, professional societies, charitable organizations, missionaries, zoos or aquariums, and wildlife services.

Rise in the number of charities and nonprofit organizations in the U.S. is estimated to fuel the segment growth. The U.S. has around 45,857 animal health organizations. These include around 724 organizations supporting an animal nonprofit, 25,079 animal shelters, 11,360 wildlife protection organizations, and 228 zoos.

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the U.S. Veterinarians market.

By Sector 

• Public
• Private
  • Food Animal Exclusive
  • Food Animal Predominant
  • Mixed Animal
  • Companion Animal Predominant
  • Companion Animal Exclusive
  • Equine
  • Others
• Academics
• Others