Ben Madilynn
Americans are paying more – a lot more – to keep their pets healthy these days, sometimes to the point of incurring heavy financial debt.
Increases in pet care have induced sticker shock for some owners and forced some to make difficult financial decisions, USA TODAY reported in April.
While those costs encompass pet food and supplies, they also include veterinary care, which increased 7.6% from August 2023 to August 2024, according to the Bureau of Labor Statistics.
By comparison, the cost of all items and services used by Americans over the same period increased 2.5%.
One reason is the trend of companies buying up vet clinics and charging higher prices, Forbes reports. Some veterinarians don’t like that, either.
How much do Americans spend on their pets?
How much do Americans spend on vet care?
Pet owners will spend an estimated $39 billion in 2024, about 26% of all pet expenditures, the American Pet Products Association says.
What do dog owners say about pet costs?
Why are veterinary costs rising?
There are a variety of reasons, according to different sources.
◾ Equipment: Vet clinics have diagnostic machines for faster analysis, says VCA animal hospitals. That equipment, especially for radiology, is expensive to purchase and maintain.
◾ Education: Veterinary schools can cost between $160,000 and $400,000, reports money.com, which notes that “vets often enter practice under the heavy weight of student loan debt.”
◾ Start-up costs: The price for setting up a veterinary practice averages $1 million, states the Independent Veterinary Practitioners Association.
◾ Private equity: Corporations and private equity funds have been buying up independent vet clinics and chains and charging more, according to The Atlantic.
Rising costs of medicine, vaccines and other supplies contribute to price increases.
What do veterinarians say?
A company will purchase a vet clinic because it offers “a safe, lucrative investment for corporations looking to diversify and make a profit,” says the American Veterinary Medical Association in a report published in August 2023.
Despite more benefits offered by corporate practice, 55% of survey respondents said they’d rather work for a private practice, compared to 12% who preferred a corporate clinic, the AVMA survey said.
Source: USA TODAY Network reporting and research; Reuters; Bureau of Labor Statistics; American Pet Products Association; American Veterinary Medical Association
