Veterinary services industry in the UK: industry profile

Veterinary services is a sizeable and growing sector in the UK, providing medical advice and treatment to small animals, livestock and equines, as well as supporting wider public health functions. Small animal care represents the largest segment, benefiting from high levels of pet ownership and rising demand for more sophisticated diagnostic and treatment options.

The sector generated £7.62 billion in turnover in 2024 according to data from the Office for National Statistics (ONS) Annual Business Survey, and comprised 3,605 enterprises. In terms of individual practices, the Royal College of Veterinary Surgeons (RCVS) recorded 6,522 registered veterinary premises in the UK the same year. Its figures also show there were 30,138 UK-practising veterinary surgeons and 23,540 registered veterinary nurses in 2024.

The sector’s considerable growth in recent years has been driven primarily by an increase in pet acquisition during Covid-19. ONS Index of Services data indicates that turnover has continued to rise beyond 2024 (differences in coverage and methodology mean these figures are not directly comparable with the above ONS series). Further growth is forecast by IBISWorld for the veterinary sector in the UK over the next five years.

The sector is undergoing a period of significant structural and regulatory change. Rapid consolidation over the past decade, particularly in small animal practice, has resulted in six large corporate groups now owning a sizeable share of practices.

Low public satisfaction with the cost of veterinary services prompted the Competition and Markets Authority (CMA) to launch an investigation into veterinary services for household pets in 2023. The CMA's final report, described as ‘the most extensive review of veterinary services in the UK in generations,’ was published in March 2026 and contains substantial remedies designed to increase competition and transparency within the market. In July 2026, the Department for Environment, Food & Rural Affairs (Defra) also published a White Paper setting out major reforms to the regulatory framework governing veterinary services in the UK.

This changing landscape is explored in more detail below, alongside other key challenges and opportunities for the sector.

Some of the ways the UK market is segmented include:

The UK veterinary industry is traditionally divided into three primary market segments relating to animal species, which correspond to traditional veterinary undergraduate teaching:

• Small animal – treatment of a wide range of animals, most commonly cats and dogs. It also includes rabbits, rodents, birds, small reptiles and amphibians.
• Farm animals – treatment of livestock
• Equine – treatment of horses and other equids.

Small animal care represents the largest segment. A RCVS survey of the profession showed that the proportion of vets working in small animal practice has continued to rise, increasing from 49% of respondents in 2010 to 58% in 2024. By contrast, the proportion working in mixed practice has declined, falling from 22% in 2010 to 10% in 2024.

The majority of vets work in private clinical practice. Other fields of work include charities (including clinical practice), government service, industry and commerce and universities/research institutions.

The market can also be segmented by product and service type. In Veterinary Evidence, Hill provides a useful framework for the small animal sector, although some product and service categories also overlap with farm, equine and mixed practice:

• Over-the-counter products - veterinary products related to animal health and nutrition, together with a range of auxiliary items. These include pet food, accessories, nutraceuticals and some less regulated medicines such as parasite or worming products.
• Prescription-only medicines - includes acute/short-term medicines and chronic/long-term medicines for ongoing conditions. Competition regulation has shaped this segment, a 2005 Order giving clients greater scope to buy medicines from alternative suppliers such as online pharmacies, although vets’ central role in prescribing many veterinary medicines was preserved.
• Clinical services - routine services cover vaccinations, neutering, wound repair and other straightforward procedures. Mid-range services include dentistry, imaging, lameness investigations and the management of more involved medical cases. Complex services require specialist staff, advanced diagnostic and surgical equipment and more intensive aftercare, such as overnight hospitalisation.

In addition to the above categories outlined by Hill, veterinary providers have broadened their product and service mix in recent years beyond traditional clinical work. Pet care plans are now widely offered by practices, involving a monthly or annual subscription fee which covers a package of routine medication and veterinary services. Pet cremation and end-of-life services are also offered by a number of practices.

Types of business in the veterinary services sector include:

• First-opinion practices – provide primary veterinary care and are usually the first point of contact for animal owners. They offer a broad range of products and services, including consultations, routine diagnostics, imaging, treatments, medicines and out-of-hours care. They may also arrange end-of-life services, including pet cremation.
• Emergency and out-of-hours providers – provide urgent care outside normal practice opening hours. Some first-opinion practices provide this themselves, whilst others outsource to dedicated out-of-hours providers.
• Referral centres and specialist practices – provide more advanced diagnostics, treatment and surgery for cases referred by first-opinion practices. Some are centres of excellence in particular specialisms.
• Veterinary hospitals – provide more extensive facilities than standard practices, including inpatient care, advanced diagnostics, surgery and overnight hospitalisation. Some hospitals also operate as referral centres, whilst others function as larger first-opinion facilities.

The wider veterinary services supply chain also includes:

• Diagnostic laboratories
• Pet crematoria and end-of-life service providers
• Online veterinary pharmacies

The UK veterinary sector has undergone rapid consolidation over the past decade, particularly in small animal practice. It has seen significant growth of six large veterinary groups: CVS, IVC Evidensia, Linnaeus, Medivet, Pets at Home/Vets4Pets and VetPartners. Ownership models vary across the large groups, with three owned by private equity investors, two operating as listed companies and one owned by Mars Petcare (see also Notable Players section).

Over 60% of veterinary practices are now owned in whole or in part by these, compared to just 10% of vet practices owned by large groups in 2013 according to the CMA. This shift has been driven largely by the acquisition of independent practices.

Consolidation within veterinary care can provide advantages of scale, with larger groups able to centralise functions such as procurement, finance and HR and invest in technology, specialist facilities and more advanced diagnostic and treatment options. It has also seen some groups operating across the wider veterinary supply chain, owning diagnostic laboratories, referral centres, online pharmacies and crematoria.

The growth of the large corporate groups, however, has attracted regulatory scrutiny. During its investigation, the CMA found average prices across five large groups were, collectively, 18.3% higher than at independent practices for consultations, treatments and medicines between January 2023 and July 2024. It also found that four large groups generated profits materially above their cost of capital over a sustained period.

Consolidation is encouraging alternative models among independent practices. The XLVets network allows independently owned practices to collaborate and leverage the advantages of scale and process management available to larger groups, whilst retaining ownership and operational autonomy.

Employee ownership is also a small but emerging trend. Some independent practices have transferred ownership to employee ownership trusts, providing existing owners with a succession route and enabling practices to retain their independence.

The CMA's final report on its market investigation into UK veterinary services for household pets concluded that competition and transparency were not working well for consumers. It outlined remedies for veterinary businesses covering six areas:

• clearer information on practice ownership, prices and services
• greater transparency around treatment options and policies
• measures to increase competition in the supply of medicines and a cap of £21 for prescription fees
• restrictions on contract terms for third party out-of-hours suppliers to make it easier for first-opinion practices to switch
• clearer information on cremation options and prices
• stronger complaints-handling processes.

As Fieldfisher notes, ‘whilst the remedies stop short of price controls or structural break-ups, they impose meaningful obligations designed to rebalance the market in favour of informed consumer choice.’ IBISWorld expects the reforms to reduce some of the larger groups’ pricing power, increasing competition and putting pressure on profitability in 2026–27.

A funding Order was published in August 2026 requiring relevant veterinary businesses to pay a levy to fund the RCVS’s expanded role in monitoring compliance with the CMA’s remedies. A separate remedies Order is expected to come into force by 23 September 2026, after which most requirements will need to be implemented within three to 12 months. Compliance deadlines will vary by remedy and business size, with larger businesses generally expected to comply sooner than smaller ones. Non-compliance could result in CMA directions and financial penalties.

The remedies present a significant compliance challenge for veterinary businesses, with Bird & Bird emphasising the importance of early preparation. The British Veterinary Association (BVA) has warned that the requirements could place a disproportionate administrative and cost burden on smaller independent practices, potentially forcing some to increase fees. Scott Bailey suggests, however, that greater transparency may also help well-run independent practices compete more effectively against larger operators, particularly given CMA analysis shows pricing at independent practices is generally lower.

Mergers, acquisitions and investment within the sector are also likely to be affected by the remedies, as buyers place greater emphasis on compliance risks during due diligence. As Fieldfisher points out, increased scrutiny by the CMA of consolidation and local market effects could also affect deal structuring and valuations.

Following the CMA investigation, and in what the BVA has described as a ‘pivotal’ moment for the profession, Defra published a White Paper in July 2026 setting out major changes to the regulation of UK veterinary services. As well as reflecting the CMA’s recommendations on pricing, transparency and consumer protection, it includes proposals for stronger redress arrangements, including consideration of a new veterinary ombudsman to help resolve complaints and award binding remedies.

A central proposal is to replace the Veterinary Surgeons Act 1966 with a modernised framework that better reflects the current structure of the sector. Defra’s White Paper proposes extending regulation beyond individual veterinary surgeons to veterinary businesses, with a mandatory licensing system, inspections, named responsible persons and published compliance reports. As outlined by Lester Aldridge, the proposed reforms could introduce significant new compliance, licensing and governance challenges for veterinary businesses, placing regulatory risk management much higher on the strategic agenda for veterinary businesses in the years ahead.

With regulatory expectations clearly increasing across the sector, businesses that engage early may be better placed to manage risk, demonstrate good governance and maintain public trust.

Pet ownership is widespread in the UK, with UK Pet Food’s 2026 Pet Population Survey estimating that 62% of households own one of the UK’s 36.5 million pets. Dogs are the most common pet, with an estimated 15.5 million living in UK households, up from 12 million in 2021. Cats remain the second most common at estimated population of 13.1 million, followed by indoor birds at 1.4 million, with data showing both populations have remained relatively stable over the last five years.

Covid-19 was associated with a marked increase in pet acquisition. UK Pet Food reported in 2021 that 3.2 million UK households had acquired a pet since the start of the pandemic, with new ownership particularly concentrated among younger adults and families. PDSA data from 2022 also revealed changing acquisition patterns, reporting that 24% of owners had acquired their pet in the previous two years, with an increase in first-time ownership.

Alongside a large small-animal population, demand for veterinary services is also being driven by changing attitudes towards pet ownership. With pets increasingly regarded as family members, the CMA notes that owners are placing greater expectations on veterinary practices, including access to advanced diagnostics and treatments, immediate appointments and out-of-hours services.

Affordability of veterinary services, however, is a key issue. In a RCVS survey, 46% of respondents said that affordability was one of the top challenges to the profession in 2024, a substantial increase from 30% in 2019. The CMA found that average prices for veterinary services rose by 63% between 2016 and 2023, well above general inflation, with the ongoing cost-of-living crisis intensifying pressures. PDSA’s 2025 PAW Report found that 51% of pet owners were worried about being able to afford veterinary care for their pet, with the BBC reporting that more pets are being put down due to rising costs.

Pet insurance can help owners manage the cost of treatment should their pet need it. Research by CRIF, however, found that 36% of UK pet-insurance policyholders had experienced sharp increases in the cost of cover over the previous three years, whilst 39% said costs were the highest they had ever been. Rising veterinary fees, inflationary pressures and higher claims costs have contributed to rising premiums, with ABI members paying a record £1.23 billion in pet-insurance claims in 2024, up 4% on 2023.

Veterinary practices face financial pressures of their own. Veterinary bodies have highlighted rising costs in delivering care, including investment in skilled staff, premises, medical equipment, medicines and out-of-hours cover. The CMA has acknowledged that veterinary businesses need to make a reasonable profit to continue providing good-quality care and investing in new treatments. Whilst its reforms are intended to strengthen competition and help drive down prices for consumers, they could also change where some costs are recovered. In particular, the CMA recognises that medicine revenues contribute to practices’ wider operating costs and that, as these revenues fall, some practices may need to recover more of their costs through other veterinary fees.

Balancing financial sustainability with client affordability is therefore a key challenge for the sector.

Despite strong demand for veterinary services, staffing remains a persistent constraint for the sector. Brexit has had a significant impact on the UK veterinary workforce, which historically has relied heavily on EU-qualified vets. RCVS data (as reported by the British Veterinary Association) show that the number of EU-qualified registrants coming to the UK fell by 68% between 2019 and 2021. Recruitment pressures have also been exacerbated by increased demand for small animal veterinary services following Covid-19, and by changing working patterns, with more vets seeking part-time or flexible roles compared to previous generations.

The recruitment picture appears to have now stabilised, according to an Environment, Food and Rural Affairs Committee report published in 2026. Significant and persistent gaps remain for vets in some areas however, including public sector roles and mixed and geographically isolated practices. The sector remains reliant on international recruitment to fill critical roles, particularly in public health and official veterinary services. Recent changes to visa thresholds and the phasing out of the mutual-recognition arrangements for EU veterinary qualifications may add further pressures.

Over the longer term, RCVS workforce modelling points to a more positive picture in most areas of veterinary practice, helped in part by the opening of new veterinary schools in the UK. The supply of vets in clinical practice is projected to rise from 91% of total demand in 2023 to almost 99% by 2035, whilst veterinary nursing is expected to see a surplus of 28%. However, government service remains an exception, with the supply of vets forecast to meet only 78% of total demand by 2035.

Retention remains a central workforce challenge. According to the RCVS Workforce Action Plan, factors commonly associated with staff leaving the profession include lack of flexible working, dissatisfaction with pay, poor work-life balance, high-stress environments and unsupportive workplace cultures. A RCVS survey also highlights bullying and harassment from both clients and colleagues as issues affecting veterinary surgeons and veterinary nurses.

A recent report from Zoetis suggests that improving retention among veterinary staff will require the profession to rethink traditional practice structures and better align them with the expectations of a modern workforce. This includes more flexible working models, a greater role for veterinary nurses, more supportive workplace cultures and wider access routes to attract diverse talent into the profession.

Reforms proposed in Defra’s White Paper aim to support a more sustainable and flexible veterinary workforce. These include expanding the role of veterinary nurses and other allied veterinary professionals, which could help ease workforce pressures in the future.

Advances in technology are expanding the range of veterinary services, with an extensive range of diagnostic tests and imaging techniques such as MRI scans now available. AI is a significant trend, providing opportunities for practices to further enhance clinical care, particularly around diagnostics and interpreting data. As well as supporting more timely and informed decision making, AI tools can streamline routine processes and increase administrative efficiency, helping to reduce workload pressures.

Data from the BVA from 2025 shows that 1 in 5 vets surveyed working in clinical practice are currently using AI tools. The most commonly reported use was for radiography diagnostics and reporting (44%), followed by laboratory diagnostics and reporting (27%). Smaller proportions of vets reported using AI in communications with clients (11%) or to assist with administrative work (7%).

Telemedicine is widely regarded as a growth area for veterinary practice, helping to improve access to veterinary care, particularly for those in remote and rural areas. In a survey by the Federation of Veterinarians of Europe in 2023, UK respondents were among the most optimistic about demand for telemedicine over the next five years.

Its development is constrained, however, by professional regulation. Following a temporary relaxation of the rules during Covid-19, the RCVS introduced permanent guidance in 2023 permitting certain forms of remote consultation and prescribing. The move was opposed by the BVA however, which believes remote prescribing is only safe where a vet-client-patient relationship has been established. Debate within the profession continues.

The CMA has questioned whether the current regulatory framework unduly favours traditional practices over innovative models like telemedicine. Defra’s White Paper proposes defining ‘veterinary business’ broadly enough so that the definition can be flexed in future to capture emerging models such as telemedicine, which may create more scope for technology-led services to develop.

Other challenges for the sector associated with increased use of new technologies include risks related to AI. Currently there is no regulation of AI technologies specifically related to the veterinary sector. According to one industry source, a lack of transparency from companies providing AI solutions makes it difficult for vets to make informed decisions about their use. The BVA highlights concerns around results being interpreted without context, incorrect use of tools and a lack of data protection. The RCVS also emphasises that tools need to be used ethically, transparently and appropriately.

The outlook for farm animal veterinary services is mixed. Declining livestock numbers may reduce demand for some clinical work. According to figures from Defra, the number of cattle and sheep in England fell in 2025, continuing the overall downward trend seen in recent years. Pig numbers remained stable, however, with poultry numbers increasing in 2025.

Emphasis is growing on the One Health approach, which recognises that human, animal and environmental health are closely linked and interdependent. Vets play a key role, helping prevent the spread of disease through vaccination programmes, biosecurity advice and the responsible use of medicines, including antimicrobrial stewardship.

This is creating opportunities for farm vets to expand their role in preventive care and advisory services. Herd health planning has formed part of farm veterinary practice and assurance schemes for a number of years, but recent government policy is supporting its take-up. Defra’s Animal Health and Welfare Pathway, launched in 2023, funds veterinary visits, diagnostic testing and biosecurity advice. In 2026, Defra consulted on making annual veterinary reviews mandatory for cattle, sheep and pig farms, which could further increase demand for veterinary services. There is growing demand for herd health planning amongst more business-focused farmers, with opportunities for vets to add value through data analysis, monitoring and advice. The BVA notes the particular potential for AI technologies to improve disease surveillance and the management of herd health.

As discussed above, however, recruitment remains challenging for mixed practices and those in geographically isolated rural areas. The Environment, Food and Rural Affairs Committee has also noted that the CMA’s reforms could have unintended consequences for mixed practices. In some rural businesses, more profitable small-animal work helps support farm and large-animal veterinary services. Additional compliance costs or lower income from areas such as medicines could therefore place further pressure on the viability of these services.

The size and diversity of the UK veterinary services sector means that any list of notable players will not be fully representative or comprehensive. That said, some examples of noteworthy players are set out below.

• CVS Group - one of the UK’s six largest veterinary groups and a FTSE 250-listed company, CVS operates across small-animal, equine and farm practices, specialist referral hospitals and a range of related veterinary businesses. The group expanded internationally in 2023 with entry into the Australian market.
• Hello Vet - innovative, venture-backed veterinary practice founded in 2022 that is expanding a network of modern small-animal clinics centred around transparent pricing, digital communication and a strong focus on the employee and customer experience.
• IVC Evidensia - UK’s largest corporate veterinary group, with more than 1000 first-opinion practices alongside referral, specialist hospitals and other veterinary businesses. Backed by private equity investors, the group operates across 20 European and North American countries.
• Joii Pet Care - digital veterinary provider for dog and cat owners offering an AI-enabled symptom checker and 24/7 video and chat consultations with RCVS-registered vets, with suitable cases treated remotely and others referred for in-person care.
• Linnaeus – one of the six largest UK veterinary groups, Linnaeus specialises in small animal practice with a particular presence in primary care and specialist referral. Part of the global Mars Veterinary Health Group.
• LLM Farm Vets - established in 1999 as one of the earliest specialist farm-only veterinary practices. Now part of VetPartners.
• Medivet - a private equity backed large veterinary group with more than 350 small animal practices in the UK, as well practices in Germany and Spain. Its partnership model allows vets to become equity partners in their practice with Medivet.
• Moray Coast Vet Group - one of Scotland’s largest independent mixed veterinary groups, operating at four sites and treating pets, livestock and horses. It became employee-owned in 2026 and is also a member of the XL Vets network.
• Newmarket Equine Hospital (NEH) - a large, independent specialist equine hospital providing first-opinion and referral services, with close links with Newmarket’s racing and Thoroughbred breeding industries.
• PDSA - the UK's largest veterinary charity, operating more than 40 pet hospitals and clinics providing free and low-cost veterinary treatment.
• The Pet Vet - South Yorkshire based veterinary practice which has grown to become one of the largest independent veterinary groups with sites across the UK.
• Rossdales Veterinary Surgeons - the UK’s largest dedicated equine veterinary practice, providing first-opinion, referral and emergency services from sites including Newmarket, Hertfordshire and Lambourn. It is now part of VetPartners.
• Synergy Farm Health - a large, independently owned specialist farm-animal practice in South West England which provides clinical veterinary services, health planning, research and consultancy.
• Vets4Pets - one of the UK’s six largest veterinary groups and part of Pets at Home Group plc. It operates through a mix of models which include company-managed practices and joint ventures with veterinary partners.
• VetPartners - one of the UK’s six largest veterinary groups with more than 500 small-animal, farm, equine, mixed and referral practices together with related veterinary businesses. The group is private-equity-owned and also has a growing network of practices in Europe.

ICAEW’s Library & Information Service can provide information on UK and Irish participants in the veterinary services industry via its wide range of company information services. This includes:

• Information on company acquisitions in the sector
• Private company transaction multiples
• Company data
• Beta values for companies and the sector
• P/E ratios for companies and the sector

For more information, please contact our enquiry team on +44 (0)20 7920 8620 or at library@icaew.com to discuss your requirements.

The websites of trade bodies and other organisations in this sector are a useful source of industry overviews, contacts and statistics.

UK

• British Small Animal Veterinary Association (BSAVA)
• British Veterinary Association (BVA)
• British Veterinary Nurses Association (BVNA)
• British Equine Veterinary Association (BEVA)
• Federation for Independent Vet Practices (FIVP)
• National Office of Animal Health (NOAH)
• Progressive Veterinary Association (PVA)
• Royal College of Veterinary Surgeons (RCVS)
• Society of Practising Veterinary Surgeons (SPVS)
• Veterinary Management Group (VMG)

Europe

• Federation of Veterinarians of Europe (FVE)