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Economic Impact Study 2024 Update
March 21, 2025
In 2023 the Canadian Veterinary Medical Association (CVMA) engaged MNP, a business advisory firm, to undertake a comprehensive economic impact assessment of the veterinary profession across Canada. In 2024, CVMA engaged MNP to update the economic impact estimates contained in the 2023 study, by province and nationally.
Data used for the update of the economic impacts were obtained from:
- Provincial veterinary associations
- The CVMA’s 2022 economic survey of veterinary practices
Key Takeaways:
- In 2023-24, there were a total of 15,278 actively practicing veterinarians in Canada, an increase of 1,120 (or 7.9 per cent) compared to 2022-23.
- In 2023-24 there were 4,328 accredited veterinary practice facilities in Canada.
- In 2023-24, the veterinary medical sector increased its economic contribution. Compared to 2022-23:
- Total economic output increased by $1.1 billion (or 7.4 per cent)
- GDP increased by $664 million (or 7.5 per cent)
- Full-time equivalent employment increased by 5,130 (or 6.7 per cent)
- Tax revenue increased by $119 million (or 7.0 per cent)
Access the full report here.