U.S. Veterinarians Market Size, Share & Trends Report

U.S. Veterinarians Market Size, Share & Trends Analysis Report By Sector (Public, Private (Food Animal Exclusive, Companion Animal Exclusive, Mixed Animal, Equine), Academics), And Segment Forecasts, 2021 - 2028

  • Published Date: May, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-431-1
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 70

Report Overview

The U.S. veterinarians market size was valued at USD 10.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.5% from 2021 to 2028. Growing animal population, pet adoption rate, and expenditure on the well-being of pets are key drivers of the market. The U.S. is among the major country across the globe, which highly support the healthcare of animals both in production and companion animal categories.

U.S. veterinarians market size, by sector, 2016 - 2028 (USD Billion)

The demand for veterinary professionals is expected to increase in the coming years as the retirement of existing ones is due. For instance, a survey conducted by the American Veterinary Medical Association (AVMA) in 2019 stated that around 20.0% of existing veterinarians are projected to retire in the following decade. At present 1 out of 3 professionals in this sector falls under the baby boomer category and around 60% of this class are veterinary practice owners. As this generation retires, a huge amount of the workforce will leave the profession and thereby impacting the business.

The COVID-19 pandemic has further increased the bond between pet owners and their pets. American Veterinary Medical Association is dedicated to supporting the veterinary community in the COVID-19 emergency by delivering resources during the pandemic. The association also applying its research and economic expertise to helps the veterinary businesses. Moreover, pet owners are considering pets as a vital part of the family. This is resulting in improved care of pets, thereby fueling the need for veterinarians in the country.

According to the Centers for Disease Control and Prevention, studies have shown that the bond between people and their companions can lessen stress, increase fitness, and bring happiness to their proprietors. Similarly, researchers recommend that having a companion can guard against developing asthma and allergies in children, while therapy dogs are used to aid veterans and others to cope with post-traumatic stress disorder. Moreover, the pet population is witnessing tremendous adoption in the country. According to the National Pet Owners 2019-2020 Survey directed by the American Pet Products Association (APPA), approximately 85 million U.S. families, own a pet.

Sector Insights

The private practice segment dominated the U.S. veterinarians market and accounted for the largest revenue share of over 63.0% in 2020. An estimated total of around 132,138 professionals was actively involved in the veterinary profession in the U.S.  Approximately 57% of the U.S. veterinarians employed in private practices in 2020. Such a huge number of practitioners in the private sector are contributing towards its dominance throughout the forecast period.

Moreover, encouraging initiatives undertaken by the government also support the growth of the market for veterinarians. For instance, The Veterinary Services Grant Program is intended to support education and additional activities and practice enhancement initiatives. Eventually, this program will strengthen the volume of private practitioners in designated rural veterinarian shortage situations.

U.S. veterinarians market share, by private sector, 2020 (%)

The companion animal exclusive segment in the private sector dominated the market for veterinarians and held the largest revenue share of over 66.0% in 2020. Around 49,730 veterinarians are involved in the treatment of cats, dogs, birds, and exotic animals. The demand for companion exclusive practices is expected to be on rise due to the high compensation rate for these practices compared to others. The average starting salary for a companion animal exclusive professional was USD 90,893 as of 2019.

Moreover, increasing pet owner’s visits for regular checkups, increasing awareness pertaining to pet health, and rising spending capacity are some of the factors attributing towards the dominant share held by companion exclusive practices. As per the American Pet Products Association's 2019-2020 National Pet Owners Survey, around 42.7 million families in the U.S. own a cat and 63.4 million families own a dog. This shows the high penetration rate for companions in the U.S. and thereby boosting the demand for companion exclusive practices in coming years.

During the pandemic, small practices that are largely dependent on routine wellness examinations for revenue generation were impacted the most. As about 30.0% of their revenues generated from wellness exams, the small practice owners need to implement innovative strategies to survive the crisis. Around the country, practices in the veterinary sector have made huge changes to provide essential veterinary care to their patients with the execution of new safety measures to stop the spread of the virus. The market for veterinarians is expected to maintain its growth curve post-Covid-19 situation as pet adoption is continuing on the rise.

U.S. Veterinarians Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 11.0 billion

Revenue forecast in 2028

USD 19.5 billion

Growth Rate

CAGR of 8.5% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Sector

Country scope

The U.S.

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


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 2016 to 2028. For the purpose of this study, Grand View Research has segmented the U.S. veterinarians market report on the basis of sector:

  • Sector Outlook (Revenue, USD Billion, 2016 - 2028)

    • Public

    • Private

      • Food animal exclusive

      • Food animal predominant

      • Mixed animal

      • Companion animal predominant

      • Companion animal exclusive

      • Equine

      • Others

    • Academics

    • Others (Non-profit organizations)

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