Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
November 23-29, 2025
Veterinary practice consolidation has been a hot topic for years. According to the 2025 AVMA Report on the Economic State of the Veterinary Profession [1], corporate groups now own roughly 30% of U.S. practices and generate more than half of companion-animal revenue. But, if you’ve spent any time at conferences or on LinkedIn lately, you’ve probably heard the same stories we have: fewer “out of the blue” corporate offers, less bidding-war frenzy, and more veterinarians wanting to buy a hospital themselves.
The data backs up that shift. The pace of corporate buying [2] has slowed dramatically from its peak. Consolidators acquired an estimated 1,000-1,200 practices in 2021, but that volume fell to roughly 300-500 deals in 2022 and about 500 in 2023. Meanwhile, several brokerage and advisory groups report that a growing share of recent transactions involve independent buyers, such as associates or local veterinarians.
What are you noticing in your circles? Are practice owners still fielding corporate calls regularly, or are more would-be independent buyers expressing interest?
Check out the Veterinary Industry Tracker [3] for daily stats.
| +0.4% Revenue YoY (Last Week) |
-4.9% Visits YoY (Last Week) |
Last week, veterinary industry revenue was flat at 0.4% year over year, a decline from the previous week’s 2.1%. Year-over-year visits were also down, falling from -2.9% the week prior to -4.9%.
 -10.1%Heartworm YoY |
-6.6% Flea/Tick YoY |
 +1.5%Services YoY |
-3.5% Products YoY |
Year-over-year parasiticide purchases fell further into negative territory last week. Heartworm was -10.1%, and flea/tick was -6.6%, changes from the previous week’s respective -7.4% and -4.0%. Service revenue dropped from 3.4% to 1.5% year over year, and product revenue fell from -2.5% to -3.5%.
| +2.3% Revenue YoY (Last 12 Months) |
-2.8% Visits YoY (Last 12 Months) |
The rolling 14-day trendline showed gradual declines in revenue and visits over the past month.
| 6,449 Practices |
2.2M Revenue per Practice (Last 12 Months) |
10.0K Visits per Practice (Last 12 Months) |
Maine and Connecticut enjoyed the highest year-over-year revenue growth again last week at 6.4% each, while Massachusetts and New York tied for third place at 4.4%. While no state experienced growth in year-over-year visits, Oregon and Maine saw the smallest declines at -0.2% and -1.1% respectively.
*Numbers are subject to change based on data availability and PIMS adjustments.
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