Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
July 27-August 2, 2025
A new veterinary industry report from Piper Sandler has revealed concerns across veterinary consolidators, with slowing visit volumes, tempered pricing optimism, and long-term uncertainty clouding the sector’s near-term outlook.
According to the Vet Consolidator Survey, industry growth is now projected at just 3% in 2025, below the historical average of 6%. Consolidators cited continued softness in client visits, with visit optimism for the current year dropping from 3.7/5 to 2.8/5. Forecasts for 2026 visits also fell, from 4.1/5 to 3.4/5.
Analysts point to a strained consumer base, with veterinary pricing consistently outpacing inflation in recent years. The gap between service pricing and client willingness to pay appears to be widening, resulting in a decrease in visit frequency and delaying care.
“Given that veterinary care is currently priced to reduce demand for the sake of equilibrium, and wages are sticky, we think it might take a couple more years for demand to catch up to current pricing dynamics,” the report notes.
Not all indicators were negative. Optimism around staffing, particularly for veterinarians and veterinary technicians, improved modestly. Nearly 82% of consolidators reported at least some optimism about hiring vets in 2026 — a potential tailwind for easing pricing pressure long-term.
Despite the current downturn, Piper Sandler remains confident in veterinary medicine’s long-term fundamentals, citing global pet humanization and population growth as drivers of demand. However, analysts caution that recovery may not materialize until late 2026 — or even 2027.
For industry leaders, the message is clear: Prepare for a slow climb. Practice growth in the near term may depend on creative pricing strategies, operational efficiency, and adapting to a more value-conscious pet owner.
“In sum, we think we’re going to see price increases on a fairly tapped-out consumer, which might lead to continued contraction of the market when it comes to visits,” the report states. “We’re lowering our optimism for 2026.”
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| +1.0% Revenue YoY (Last Week) |
-3.2% Visits YoY (Last Week) |
Veterinary industry revenue and visits dropped last week compared to the week prior. Year-over-year revenue fell from 1.6% to 1.0%, while visits declined from -2.8% to -3.2%.
 -10.3%Heartworm YoY |
-10.7% Flea/Tick YoY |
 +2.5%Services YoY |
-3.9% Products YoY |
Year-over-year parasiticide purchases moved in the wrong direction last week. Heartworm was -10.3%, and flea/tick was -10.7%, declines from the previous week’s respective -6.1% and -5.5%. Service revenue was 2.5%, a slight fall from 2.7% the week prior, and product revenue plummeted from -1.9% to -3.9% year over year.
| +2.1% Revenue YoY (Last 12 Months) |
-2.9% Visits YoY (Last 12 Months) |
The rolling 14-day trendline showed declines in revenue and visits since July 20.
| 6,184 Practices |
2.2M Revenue per Practice (Last 12 Months) |
10.1K Visits per Practice (Last 12 Months) |
Last week, Oregon was the only state to experience positive growth in year-over-year visits at 0.2%, while Iowa came in second place at -0.6%. Maine saw the most year-over-year revenue growth again at 6.0%, and Connecticut trailed closely behind at 5.5%.
*Numbers are subject to change based on data availability and PIMS adjustments.
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