Press Release - May 2026

• Veterinary clinics generated revenue of €2.09 billion in 2025, up 6.7% year-over-year, extending the sustained growth trend seen in recent years.

• While the sector is characterised by marked fragmentation, the leading clinic networks have been increasing their market share, mainly via the acquisition of independent sites and the reorganisation of their corporate structures.

• INFORMA's DBK Sectoral Observatory recently published these insights in the 'Veterinary Clinics' Special Basic Report.

Madrid, 28 May 2026.- According to INFORMA's (Cesce's subsidiary) DBK Sectoral Observatory—a leading provider of business, financial, sectoral, and marketing information in Spain and Portugal—turnover generated by veterinary activities has shown an expansionary trend in recent years. In 2025, it reached €2.09 billion, representing growth of 6.7% from the previous fiscal year. While this rate was lower than that recorded in 2024, it remained notable, confirming the sector's resilience.

Market growth was driven mainly by an increase in the patient base and higher average revenue per procedure, supported both by price adjustments and a greater share of more complex services. This effect sustained revenue growth despite a lower average number of visits per patient.

By segment, the treatment of livestock animals continued to account for most sector revenue. However, the companion animal segment maintained a more dynamic trend and continued to gain ground, now accounting for around 35% of the total, supported by an expanding animal base and growing demand for specialised services.

At the beginning of 2025, a total of 10,186 companies were registered to carry out veterinary activities, a figure similar to that of the previous year. The sector continued to be characterised by high fragmentation, with a clear predominance of small companies.

Thus, around 94% of entities have five or fewer employees or have no salaried staff, reflecting the fragmentation of the business fabric. Sector employment now exceeds 31,000 workers, with a slight decline in the last fiscal year.

Nevertheless, larger operators are progressively gaining ground, linked to the development of multi-site networks and the intensification of acquisition processes and mergers by absorption, aimed at corporate simplification, improved operational efficiency and the professionalisation of management.

The top ten companies in the sector held a combined market share of just 8%, while the top twenty accounted for slightly over 10% of sector revenue.

Data Synthesis

(a) data as of 1 January.