Pet care costs are climbing fast

Over half of American households own pets, and they have all seen veterinary care costs rise sharply in recent years.

But technology is only part of the story

Helaine Olen, managing editor at the American Economic Liberties Project, says big corporations and private equity have rushed into veterinary care. They know pet owners will pay almost any price to keep their animals healthy.

“Big corporations and private equity have seen all of this, know that people say they will do anything for their pets, know that they think of their pets as children, and they have rushed into the sector.”

Routine care costs hundreds yearly

Young pets cost several hundred dollars a year for vaccines, spay and neuter, and checkups. Tooth cleaning requires anesthesia and costs a minimum of one thousand dollars, more if teeth need removal.

Major procedures cost tens of thousands

Surgery for collapsed back legs or disc herniations easily exceeds ten thousand dollars. Overnight observation at a twenty-four-hour facility can cost four figures, with some quoted at thirty-five hundred dollars per night.

Mars owns around 2,500 US vet clinics

The largest owner of veterinary practices in the United States is Mars, the candy company behind Skittles. Mars operates clinics under the names VCA, Banfield, and Blue Pearl.

Corporate ownership has exploded

Between a third and fifty percent of vet clinics are now owned by corporations.A little over a decade ago, corporate ownership was ten percent or less.This shift happened in the past ten to fifteen years.

Prices rise routinely at corporate chains

Employees at larger vet chains told Olen that prices went up routinely every six months, every nine months, or once a year. Corporations and private equity saw veterinary care as low risk, high reward.

British investigation finds sixteen percent markup

The Competition and Markets Authority in Britain investigated corporate vet ownership.They found private equity and corporate ownership responsible for a billion pounds spent on pets over five years that otherwise would not have been spent.

Corporate vets charge significantly more

The British investigation determined that people paid about sixteen percent more at vets owned by large corporate outfits compared to independent vets. This price difference reflects corporate profit margins.

Pet insurance is expensive and unreliable

Pet insurance premiums rise at very high rates. Olen's own pet insurance increased thirty percent from last year to this year, despite her dog Barney Rubble being only two and a half years old with…

“My own pet insurance increased by 30 percent from last year to this year.”

Preexisting conditions trap pet owners

Unlike human health insurance, pet insurance has no preexisting conditions clause. Many pet owners discover too late that their insurer deemed something a preexisting condition and will not cover it.

Some drive to Mexico for cheaper care

Olen wrote about people in Los Angeles driving their pets to Tijuana because veterinary care is so much less expensive there. This reflects how unaffordable US vet care has become for many pet owners.

Unaffordable care leads to surrenders

When costs become too high, some pet owners run up debt or use buy now, pay later services.Others surrender their animals to shelters.Shelter workers say increased veterinary costs contribute to rising numbers of surrendered animals.