Look, this isn’t my usual area of interest. I’m a vet, not a finance guy. But some numbers came across my desk recently that were too interesting not to share — even if talking about market projections and IPOs makes me feel like I should be wearing a suit and carrying a briefcase instead of a stethoscope and a bag of liver treats.
So bear with me here. A company called the IMARC Group — they’re a market research outfit that analyses industries and publishes reports on where things are heading (imagine doing that for a living 💀) — reckons the Australian veterinary market reached USD 2.1 billion in 2025 and is projected to grow to USD 4.9 billion by 2034, at something called a compound annual growth rate of 9.60% (IMARC Group, 2025). So… like my waistline?
Now, if you’re anything like me, you just read that, completely switched off, and started thinking about what’s for dinner. So let me bring you back. First — because for some reason the report uses American dollars — in Aussie money that’s roughly AUD 3 billion in 2025, heading towards about AUD 6.9 billion by 2034. Basically, the amount of money flowing through vet care in Australia is set to more than double in the next decade. That’s a lot. Like, a lot a lot. And apparently, that rate of growth makes it one of the fastest-growing healthcare segments in the country.
Cool. So why should you — someone who just wants their dog to stop eating socks — care about any of this? Honestly, I’m not sure yet either. Keep reading and we’ll find out together.
Why Is the Industry Growing?
A few big things are apparently driving this, and honestly, most of them weren’t exactly shocking.
More pets, more love. Australians are adopting more pets than ever, and we’re treating them like family. That shift — sometimes called “pet humanisation” — means owners are spending more on preventive care, advanced treatments, and regular check-ups. It’s not just about fixing problems anymore. It’s about keeping pets well. I mean… yeah. That’s literally been my entire career. Nice of everyone to catch on.
Pet insurance is making care more accessible. As more insurers offer comprehensive plans covering chronic conditions, surgeries, and wellness visits, pet owners are less likely to delay or avoid vet care due to cost. Look, pet insurance isn’t perfect right now — but the more people who sign up, the better it’ll get. If it means fewer owners have to choose between their pet’s health and their mortgage repayment, that’s a win in my book. Trust me, that dilemma hits close to home over here too.
Technology is changing the game. AI-assisted diagnostics, telemedicine, digital imaging, and even wearable health monitors are becoming part of the veterinary toolkit. An AI platform called Heidi Health is now being used across more than 140 general practices and 24 specialty hospitals in Australia to automatically generate clinical records during consultations — saving vets time and improving the flow of care (Vet Practice Magazine, 2025). Welcome to the party, Greencross. AI has improved the accuracy of my clinical notes tenfold — I’ve been using it for a while now and honestly, it’s been a game-changer for a solo vet drowning in admin. Now show me where to sign up for the AI that handles expense receipts and tax returns.
I do love a good toy though. My video otoscope, my Bluetooth wireless stethoscope — brilliant bits of kit. When they work. If you’ve had a visit from me lately, you’ve probably watched me spend five minutes muttering and cursing to myself trying to get the darn things to connect before I ditch them and grab the good old tried-and-true old school stethoscope. Technology is great in theory, but if it’s not reliable, it ends up lost in the back of the Subaru.
The Corporate Side of Things
Now this is where it gets properly out of my depth — but it’s kind of fascinating even for someone who couldn’t be less interested in the big end of town.
Greencross — you’ve probably seen their clinics around, they’re the biggest pet care company in Australia — was gearing up for something called an IPO. That stands for Initial Public Offering, which I also had to look up. Basically, it means they were planning to re-list on the stock exchange so people could buy shares in them. The target valuation? Around $4 billion, with plans to raise roughly $700 million from investors (Australian Financial Review, 2026).
To put that in perspective — and again, I had to have this explained to me — a company called TPG Capital bought Greencross back in 2019 for A$675 million and took them off the stock exchange (Reuters, 2019). Now they’re trying to put them back on at roughly six times what they paid. In under seven years. I’m not telling you how my valuation has changed in seven years. 😅
The IPO has since been put on hold because apparently the stock market’s been a bit wobbly (The Australian, 2026). But the fact they even attempted it tells you something: people with a lot of money think the vet industry is a very good place to put it right now.
So What Does This Mean for Your Pet?
Industry growth is great on paper. More investment can mean better facilities, more research, and wider access to care. But growth driven by corporate expansion and investor returns doesn’t automatically translate to better experiences for your pet in the consult room.
A $4 billion company still runs on KPIs, appointment quotas, and throughput targets. That’s not a criticism — it’s just how large-scale business works. Those words are basically blasphemy at PMV though. 🤮
So here at little old PMV, not much is set to change. No waiting rooms. No time limits. No rushing. Just your pet, in their home, at their pace. Same old, same old — apart from the occasional novel, tax-deductible toy that gets used once and then lost somewhere in the back of the Outback. If you find a Bluetooth stethoscope under your couch, it’s probably mine.
The Bigger Picture
The Australian vet industry is clearly heading in a direction of more investment, more technology, and more options for pet owners. That’s a positive trend overall. But as the industry grows, it’s worth remembering that the quality of care your pet receives isn’t measured in billions.
It’s measured in patience, attention, and trust.
🎤⬇️
If you’d like to learn more about calm, at-home veterinary care for your pet, visit Personalised Mobile Vet.
References
Australian Financial Review (2026) ‘TPG dealmakers race toward $4b Greencross IPO, eye $700m raise’, Australian Financial Review, 11 January. Available at: https://www.afr.com/street-talk/tpg-dealmakers-pedal-to-metal-for-4b-greencross-ipo-eye-700m-raise-20260111-p5nt6p (Accessed: 8 March 2026).
IMARC Group (2025) Australia Veterinary Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2026–2034. Available at: https://www.imarcgroup.com/australia-veterinary-market (Accessed: 8 March 2026).
Reuters (2019) ‘NZ’s EBOS dumps $2.4 bln Greencross buyout’, Reuters, 21 November. Available at: https://www.reuters.com/markets/deals/nzs-ebos-dumps-24-billion-greencross-buyout-2023-11-21/ (Accessed: 8 March 2026).
The Australian (2026) ‘Greencross IPO on hold as TPG Capital hits brakes on major float’, The Australian. Available at: https://www.theaustralian.com.au/business/dataroom/greencross-ipo-on-hold-as-tpg-capital-hits-brakes-on-major-float/ (Accessed: 8 March 2026).
Vet Practice Magazine (2025) ‘Heidi Health AI integration with Greencross Vets’, Vet Practice Magazine, September. Available at: https://www.vetpracticemag.com.au (Accessed: 8 March 2026).
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