The article explores how increasing household pet status has influenced pet healthcare expenses, particularly during the COVID-19 pandemic. The author's personal experience with their ailing dog, Katie, highlights the financial burdens pet owners face. With private equity investing over $51.6 billion in veterinary care between 2017 and 2023, the sector has attracted significant attention as it yields high returns. New pet healthcare practices and owner commitments to their pets' well-being are fuelling this financial growth, marking a dramatic shift in how people approach pet health.
As household pets have risen in status—from mere animals to bona fide family members—so, too, has owners' willingness to spend money to ensure their well-being.
Private equity poured $51.6 billion into the veterinary sector from 2017 to 2023, and another $9.3 billion in the first four months of this year.
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