Pricier vet care: Fewer visits but still many $11,000 surgeries

It’s exceedingly expensive to own a pet, prompting owners to delay veterinary visits or reconsider adopting one in the first place. Yet, animal health companies’ earnings keep growing.

That’s down to the unwavering love between owners and their pets.

While some owners might extend the time between their pets’ annual wellness visits to save money, they’ll shell out when their darling is truly sick or hurt, and that care is often the most expensive — and lucrative.

Last year, Matthew Joseph, a 41-year-old New Yorker, spent $11,000 on lifesaving spleen surgery for his now 14-year-old pooch Frankie. “The amount that we spend on Frankie, you could probably buy a Hyundai, or finance one at least.”

Animal diagnostic testing and pharmaceutical companies like IDEXX Laboratories, Inc., Zoetis Inc. and Elanco Animal Health Inc., along with pet store companies like Petco Health & Wellness Co. and Chewy, Inc. are reaping the benefits. 

Pet-care costs have been rising faster than overall inflation. The consumer price index for all urban consumers increased 2.4% in February from ...