Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA

November 30-December 6, 2025

In last week’s Industry Summary, we discussed the slowing of corporate buying. And, a recent Today’s Veterinary Business article dug into the veterinary industry’s 2025 capital landscape, calling it “The Great Compression, Year 3.”

Key takeaways from the article include:

• There was a dramatic shift in 2025, as swift acquisition growth gave way to financial discipline, closures, and regulatory scrutiny.
• After years of rapid consolidation, investors and corporate groups are now prioritizing operational efficiency over expansion.
• While early movers like Thrive Pet Healthcare secured fresh financing to stabilize operations and rebuild margins, not every growth story stuck the landing. Several high-profile players, including at-home care startup The Vets and My Pets Wellness, ceased operations amid debt pressure and uneven demand.
• One of the most consequential deals of the year was the long-anticipated merger of Southern Veterinary Partners and Mission Veterinary Partners, creating a network of more than 750 hospitals under the Mission Pet Health brand.
• National Veterinary Associates (NVA) bolstered its leadership with executive hires that signal readiness for future public market possibilities.
• Capital still flowed to innovation-oriented models. Membership-driven and digital-first groups, like Small Door Veterinary and Modern Animal, attracted significant funding, underscoring investor belief that efficiency, not sheer scale, is the next growth frontier.
• Regulators stepped into the spotlight. Proposed legislation in New York and moves by UK authorities to increase price and ownership transparency highlight rising oversight that could shape transactions in 2026.

The takeaway for independent practices? Resilience will come from operational strength and adaptability, not from reliance on industry roll-ups.

 

Check out the Veterinary Industry Tracker for daily stats.

 

 

-0.5% Revenue YoY (Last Week)

-4.9% Visits YoY (Last Week)

 

Veterinary industry revenue took a hit last week, with inclement weather in much of the midwestern and eastern states a likely contributing factor. Year-over-year revenue was -0.5%, a drop from the previous week’s 0.4%. Meanwhile, year-over-year visits remained at -4.9%.

 

-12.3% Heartworm YoY

-9.0% Flea/Tick YoY

 

 

+0.6% Services YoY

-4.5% Products YoY

 

Parasiticide purchases continued to fall last week. Year-over-year heartworm was -12.3%, and flea/tick was -9.0%, declines from -10.1% and -6.6% respectively the week prior. Service revenue dropped from 1.5% to 0.6% year over year, and product revenue slipped from -3.5% to -4.5%.

 

 

+2.4% Revenue YoY (Last 12 Months)

-2.8% Visits YoY (Last 12 Months)

 

The rolling 14-day trendline showed steep drops in revenue and visits over the past month.

 

 

6,451 Practices

2.2M Revenue per Practice (Last 12 Months)

9.9K Visits per Practice (Last 12 Months)

 

Last week, Connecticut experienced the most year-over-year revenue growth at 6.4%, while Maine trailed closely behind at 6.2%. At a respective -0.1% and -0.8%, Oregon and New Mexico saw the smallest declines in year-over-year visits.

 

*Numbers are subject to change based on data availability and PIMS adjustments.

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