Corporate Greed (Part 4): The $45 billion vet med buyout (#467)

Rick LeCouteur
Dec 6, 2025
3 min read

Veterinary medicine, once a calling driven by compassion, community, and a deep sense of duty to animal welfare, is facing a quiet but growing crisis.

A crisis rooted in corporate greed.

Over the past two decades, a wave of consolidation has transformed the profession.

Small, independently owned veterinary clinics are being swallowed up by private equity firms and large corporations. The consequences, for pets, their owners, and the professionals who care for them, are becoming harder to ignore.

At the heart of this issue is the rapid acquisition of independent practices by private equity firms. While these firms promise improved efficiency and better resources, many in the field fear that what’s being delivered is increased cost, reduced quality of care, and a seismic shift in priorities from animal welfare to profit maximization.

Private equity has found gold in the veterinary sector.

Corporate Takeovers and Consolidation

Between 2017 and 2022 alone, private equity firms invested approximately $45 billion in acquiring veterinary practices. [Note. That figure refers to global/US-focused private-equity investment in veterinary practices].

These firms typically roll small, community-based clinics into larger chains, focusing on streamlining operations and increasing profitability.

The scale of consolidation is staggering:

In 2013, only about 10% of veterinary practices

were owned by six large corporations.

As of 2023, that number has ballooned to 60%.

[Note. These figures come from the UK Competition and Markets Authority (CMA) and are UK-specific].

Potential Negative Impacts

Increased Costs

Corporate-owned clinics often raise fees to meet financial targets set by investors.

Many pet owners now find themselves facing estimates that feel more like human hospital bills than a visit to the local vet.

Reduced Quality of Care

There are growing concerns that corporate structures incentivize aggressive or unnecessary treatments, not because they’re in the best interest of the animal, but because they boost revenue.

Decline in Animal Welfare

The soul of veterinary medicine has always been a devotion to animal well-being.

When decisions are filtered through a spreadsheet, that devotion risks being diluted.

The Human Cost: Impact on Veterinarians

Veterinarians enter the profession with a deep desire to help animals. But under corporate management, many face pressure to hit revenue quotas or upsell services, like routine dental cleanings or diagnostics, whether they’re truly needed or not.

This pressure leads to burnout, moral distress, and declining job satisfaction. For a profession already grappling with one of the highest suicide rates in healthcare, the stakes couldn’t be higher.

Counterpoints: Is It All Bad?

Not everyone views corporate ownership as a villain.

Some veterinarians appreciate the job security, paid sick leave, maternity leave, and pension contributions that large corporations can offer.

Corporate clinics may also provide access to advanced technology and specialists that small practices can’t afford.

But these benefits come with a cost. When profits become the dominant motive, something vital is lost - trust, transparency, and often, the time and care our animals deserve.

The Political Spotlight

Even U.S. lawmakers are taking notice.

Senators Elizabeth Warren and Ed Markey have sounded the alarm about the corporate takeover of veterinary practices. In 2024, they introduced the Corporate Crimes Against Health Care Act, aiming to root out private equity abuse and protect both human and animal health from unchecked profiteering.

What Can Pet Owners Do?