NAICS 541940 Quarterly Industry Report
Veterinary Services
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 541940Sector: Professional, Scientific, and Technical Services (54)Updated: Q1 2026
About This Report
This Fair Market Value report for NAICS 541940 analyzes the veterinary services industry using data from the Census Bureau[5], Bureau of Labor Statistics, and Small Business Administration. Coverage includes employment figures, industry revenue statistics, and business count data. Fair Market Value assessments for veterinary practices typically employ income, market, and asset approaches to determine enterprise worth for acquisition, financing, and partnership transactions.
Industry Snapshot
Key metrics for the veterinary services industry.
NAICS Sector
54
Professional, Scientific, and Technical Services
Industry Definition & Overview
Veterinary Services (NAICS 541940) encompasses establishments of licensed veterinary practitioners primarily engaged in the practice of veterinary medicine, dentistry, or surgery for animals, as well as facilities providing testing services for veterinary practitioners. Per Census Bureau[5] data, the industry includes animal hospitals, veterinary clinics, mobile veterinary services, and specialized testing laboratories that serve companion animals, livestock, and exotic pets. Roughly 34,380 active establishments employ about 357,000 workers nationwide.
Market data indicates the U.S. veterinary services industry generates over $72.6 billion in annual revenue, with individual practices typically employing 14-15 staff members and generating roughly $1.7 million in annual revenue. Employment of veterinarians is projected to grow 10 percent from 2024 to 2034, outpacing the average for all occupations. Bureau of Labor Statistics[6] data confirms strong demand for veterinary professionals.
Companion animal services account for the largest market segment, representing 62.68 percent of industry revenue. Female veterinarians now outnumber males, reflecting significant demographic shifts in the profession. Growing pet ownership, increased spending on pet healthcare, and emerging specialty services continue to drive industry expansion and create opportunities for practitioners offering advanced diagnostic and surgical capabilities. Corporate consolidation has accelerated in recent years, with private equity firms acquiring independent practices and forming multi-location veterinary networks. Telemedicine consultations have also gained traction, providing pet owners with remote access to veterinary guidance.
What's Included in This Industry
- Animal hospitals and veterinary clinics providing medical care
- Veterinarians' private offices offering surgical and diagnostic services
- Emergency and after-hours animal care facilities
- Mobile veterinary services providing on-site treatment
- Veterinary dental practices and oral surgery services
- Specialty veterinary practices including oncology and orthopedics
- Exotic animal and wildlife veterinary services
- Veterinary testing laboratories and diagnostic facilities
- Livestock and equine veterinary practices
- Preventive medicine and vaccination clinics
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Professional, Scientific, and Technical Services | 54 |
| Subsector | Professional, Scientific, and Technical Services | 541 |
| Industry Group | Other Professional, Scientific, and Technical Services | 5419 |
| NAICS Industry | Veterinary Services | 54194 |
| National Industry | Veterinary Services | 541940 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 812910 | Pet Care (except Veterinary) Services | Pet Care (except Veterinary) Services includes non-medical pet services like boarding, grooming, and training that complement but are distinct from medical services provided by veterinarians. |
| 115210 | Support Activities for Animal Production | Support Activities for Animal Production covers breeding services and non-medical animal husbandry support for livestock operations, excluding veterinary medical care services. |
| 541713 | Research and Development in Nanotechnology | Research and Development in Nanotechnology includes biomedical research and experimental development activities distinct from direct patient care services in veterinary practices. |
| 541715 | Research and Development in the Physical, Engineering, and Life Sciences (except Nanotechnology and Biotechnology) | Research and Development in Physical, Engineering, and Life Sciences encompasses veterinary research that exceeds the scope of direct veterinary medical practice and testing services. |
| 621511 | Medical Laboratories | Medical Laboratories comprises human diagnostic testing services, which parallels but is structurally separate from veterinary laboratory and diagnostic testing services included in NAICS 541940. |
| 541990 | All Other Professional, Scientific, and Technical Services | All Other Professional, Scientific, and Technical Services is the broader category that includes specialized professional services not classified elsewhere in the professional services sector. |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | California | 9.9% | 3,379 |
| 2 | Texas | 8.1% | 2,762 |
| 3 | Florida | 7.6% | 2,574 |
| 4 | New York | 4.3% | 1,451 |
| 5 | Pennsylvania | 3.7% | 1,260 |
| 6 | North Carolina | 3.6% | 1,209 |
| 7 | Ohio | 3.5% | 1,206 |
| 8 | Illinois | 3.3% | 1,137 |
| 9 | Georgia | 3.1% | 1,050 |
| 10 | Michigan | 2.9% | 999 |
% Of Establishments
0%
10%
Source: County Business Patterns, U.S. Census Bureau[3]
SBA Lending Summary
2,760
Total SBA Loans
$3.5B
Total Loan Volume
$1.3M
Average Loan Size
16 yrs
Average Loan Term
8.90%
Average Interest Rate
30,968
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[4]
Key Insight: Per SBA size standards[7], NAICS 541940 businesses qualify as small with average annual receipts of $10 million or less over five fiscal years. This threshold covers over 34,000 establishments employing roughly 357,000 workers, ranging from solo practitioners to multi-location animal healthcare networks. Eligible businesses can access SBA 7(a) loans[8] for working capital, equipment, and acquisition financing, while 504 loans[9] support major fixed-asset purchases including real estate and heavy machinery.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Live Oak Banking Company | 808 | $1.9B | $2.4M |
| 2 | Fifth Third Bank | 248 | $461.7M | $1.9M |
| 3 | The Huntington National Bank | 192 | $144.2M | $751K |
| 4 | Wells Fargo Bank National Association | 80 | $120.0M | $1.5M |
| 5 | Bank of America, National Association | 120 | $99.9M | $833K |
Frequently Asked Questions
Common questions about this industry.
What is the difference between NAICS 541940 and NAICS 812910?
NAICS 541940 covers medical, surgical, and dental care provided by licensed veterinary practitioners. NAICS 812910[10] (Pet Care except Veterinary Services) includes non-medical pet care such as boarding, grooming, training, and pet sitting.
Are veterinary testing laboratories included?
Yes, establishments providing testing services for licensed veterinary practitioners are classified under NAICS 541940. Per Census Bureau[10] definitions, this includes diagnostic laboratories and pathology services conducted in support of veterinary practice.
What is the SBA size standard for veterinary services?
Per SBA standards[7], NAICS 541940 has a threshold of $10 million in average annual receipts over five fiscal years. Most veterinary practices qualify as small businesses under this standard.
How many veterinary establishments operate in the U.S.?
Roughly 34,380 companies are active in NAICS 541940, employing about 357,000 people. This reflects significant growth in the veterinary services sector over the past decade driven by increased pet ownership and healthcare spending.
What types of animals are covered?
Services cover companion animals (dogs, cats, birds), livestock (cattle, sheep, goats), equine animals (horses), and exotic pets (reptiles, small mammals). Mobile veterinary services for on-site treatment at homes and farms are also included.
What is the employment growth outlook?
Per BLS projections[6], veterinarian employment is expected to grow 10 percent from 2024 to 2034, much faster than average for all occupations. Roughly 3,000 job openings are anticipated annually.
What is the average revenue for a veterinary practice?
Industry data shows the average single veterinary practice employs 14-15 staff members and generates roughly $1.7 million in annual revenue. Revenue varies widely based on location, specialization, practice size, and service offerings.
How does veterinary care differ from animal production support?
NAICS 541940 covers medical care by licensed veterinarians. NAICS 115210 (Support Activities for Animal Production) covers non-medical activities such as breeding services, farrier services, and animal boarding without veterinary medicine.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [5]Census Bureau data.census.gov
- [6]Bureau of Labor Statistics bls.gov
- [7]SBA size standards sba.gov
- [8]SBA 7(a) loans sba.gov
- [9]504 loans sba.gov
- [10]NAICS 812910 census.gov
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