Veterinary Industry Summary: August 13–19, 2023
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
August 13–19, 2023
A new Forbes Advisor survey of 2,000 dog and cat owners has revealed inflation’s impact on pet owner behaviors:
- 63% of pet owners said inflation has made it more difficult to pay a surprise veterinary bill
- 42% said a veterinary bill of $999 or less would cause them to go into debt
- 28% said a veterinary bill of $499 or less would cause them to go into debt
- 38% said they have cut back on the amount of money they spend monthly on their pet due to inflation
- 63% said they spent the same or more on their pets this year
Over the past 12 months, veterinary practices have increased prices by 9.87% on average, which is a higher percentage increase than the previous two periods. Revenue growth, however, was only up 7.9% on average — a result of declining patients and visits.
Practices are focusing on addressing declining visits by reducing inventory and labor costs and improving efficiencies. There is also an increased interest in pet insurance and wellness plans.
Check out the Veterinary Industry Tracker for daily stats.
Revenue YoY (Last Week)
Visits YoY (Last Week)
Year-over-year revenue was still up 3.5% last week, but it fell 2.2% over the past three weeks. Visits also declined, falling to -2.5% from -1.8% the previous week.
Parasiticide protection dispensed declined last week. Heartworm fell from -3.3% the week prior to -4.5% last week, and flea/tick fell from -3.1% the previous week to -3.4% last week. While revenue from products and services was still up year over year, it also declined compared to the previous week.
Revenue YoY (Last 12 Months)
Visits YoY (Last 12 Months)
The rolling 14-day trendline continues to show revenue and visits growth year over year trending slightly higher in 2023 than in 2022. Year-over-year revenue increased slightly at 6.7%, and the decline in visits held steady at -1.9%.
Revenue per Practice
(Last 12 Months)
Visits per Practice
(Last 12 Months)
North Carolina and Tennessee continued to experience the highest average growth in year-over-year revenue (11.4% for North Carolina and 11.1% for Tennessee) and visits (2.6% for Tennessee and 1.8% for North Carolina) for the past 12 months.
For daily state-specific stats, please see the Premium Veterinary Industry Tracker at VeterinaryAnalytics.com.
*Numbers are subject to change based on data availability and PIMS adjustments.
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