Veterinary Industry Summary: August 27–September 2, 2023
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
August 27–September 2, 2023
MarketWatch, a subsidiary of Dow Jones & Company, released the results of a recent study analyzing data across 11 metrics to discover the cost of owning a dog in every U.S. state.
Because costs vary by breed, the MarketWatch team focused on average costs for a Labrador retriever — the most popular dog breed in the U.S., according to the American Kennel Club. Metrics included average costs for vaccines, general supplies, spay/neuter, preventative medicine, pet insurance, pet food, annual veterinary visits, toys and treats, boarding costs, emergency veterinary visits, and grooming. The cost of purchasing or adopting a dog was not included in the data.
Key findings from the study include:
- The average U.S. dog owner spends about $28,800 on a dog over the pet’s lifetime.
- Dog ownership is most expensive in California ($35,452) and New York ($34,248).
- Dog ownership is least expensive in Oklahoma ($24,855) and Mississippi ($25,104).
Check out the Veterinary Industry Tracker for daily stats.
| +1.2% Revenue YoY (Last Week) |
-4.4% Visits YoY (Last Week) |
Year-over-year revenue and visits experienced steep declines last week. While revenue was still up 1.2%, it fell 2.4% from the previous week, and visits fell from -2.9% the week prior to -4.4% last week.
 -10.6%Heartworm YoY |
-8.5% Flea/Tick YoY |
 +2.8%Services YoY |
-2.4% Products YoY |
The decline in year-over-year parasiticide protection dispensed nearly doubled last week compared to the previous week. Heartworm fell from -5.6% to -10.6%, and flea/tick fell from -4.1% to -8.5%. Revenue from services was still up 2.8%, but it fell from 4.9% the week prior. Revenue from products was down to -2.4%, a more than 2% drop from the previous week.
| +6.5% Revenue YoY (Last 12 Months) |
-1.9% Visits YoY (Last 12 Months) |
The rolling 14-day trendline shows year-over-year revenue and visits continuing to trend downward, with revenue at its lowest since January 2023 and visits declining over the past month after a slight spike in July.
| 5,058 Practices |
2.0M Revenue per Practice (Last 12 Months) |
10.5K Visits per Practice (Last 12 Months) |
Massachusetts and North Carolina experienced the highest average growth in year-over-year revenue for the past 12 months, at 11.5% and 11.4% respectively. Tennessee enjoyed the highest average growth in year-over-year visits at 2.4%.
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.
Need additional stats? You got it.
The Premium Veterinary Industry Tracker lets you drill into revenue categories, visit types, date ranges, states, and more.
| LEARN MORE » |