Veterinary Industry Summary: August 20–26, 2023
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
August 20–26, 2023
Inflation and the workforce shortage continued to dominate veterinary industry conversations.
While national inflation slowed to 3.2% in July, pet industry inflation was still up 8.7%. In fact, total pet prices have increased 22.7% since 2019, forcing many pet owners to prioritize their spending and many veterinary practices to reconsider price increases.
On the workforce front, the University of Arizona College of Veterinary Medicine graduated its inaugural class last week. UA’s expedited three-year program produced 106 new veterinarians.
Meanwhile, in Utah, 32 first-year students began veterinary school at Utah State University’s new College of Veterinary Medicine. The class will graduate in 2027.
Check out the Veterinary Industry Tracker for daily stats.
Revenue YoY (Last Week)
Visits YoY (Last Week)
Year-over-year revenue held fairly steady, up 3.6% last week compared to 3.5% the week prior. Visits continued to decline, however, with year-over-year numbers falling to -2.9%.
Parasiticide protection dispensed continued to decline last week. Heartworm fell to -5.6% and flea/tick fell to -4.1%, declines of 2.3% and 1% respectively over the past three weeks. Revenue from services held steady last week, but revenue from products fell to 0.2% from 0.5% the week prior.
Revenue YoY (Last 12 Months)
Visits YoY (Last 12 Months)
The rolling 14-day trendline shows year-over-year revenue at its lowest since January 2023 and visits declining over the past month after a slight spike in July.
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 and visits for the past 12 months. California and Kansas experienced the lowest average revenue growth at 3.9% and 3.8% respectively, as well as the biggest average declines in year-over-year visits at -5.4% and -4.5% respectively.
For daily state-specific stats, 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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