Veterinary Industry Summary: December 3–9, 2023
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
December 3–9, 2023
The veterinary industry grew rapidly immediately following the COVID-19 pandemic. However, during the recent 2023 AVMA Veterinary Business and Economic Forum, Economic Futurist Andrew Busch warned that the veterinary industry needs to adapt to the evolving economy.
During his keynote presentation, Busch said the industry cannot expect the unprecedented growth rates to continue, blaming the current economic uncertainty on:
- A decrease in disposable income due to inflation
- The depletion of stimulus money savings
- An increase in credit card debt
- An increase in student loan debt, and the resuming of student loan payments in October
- The rapid increase in interest rates over the past 14 months, from 2.5% in July 2022 to 5.5% one year later
- An increase in labor costs
- Supply chain issues
Busch also pointed out U.S. census data on migration habits, which indicated that people are moving away from expensive states, like California, New York, and Illinois, and moving to more affordable states, like Florida, Texas, and North Carolina.
Busch stressed the importance of practices collecting and tracking their data, and using it to inform their business decisions going forward.
Check out the Veterinary Industry Tracker for daily stats.
| +4.8% Revenue YoY (Last Week) |
-0.5% Visits YoY (Last Week) |
Year-over-year revenue and visits were flat last week, with revenue improving by 0.2% and visits improving by 0.7% compared to the previous week.
 -5.3%Heartworm YoY |
-1.8% Flea/Tick YoY |
 +6.2%Services YoY |
+0.6% Products YoY |
While year-over-year parasiticide protection dispensed was still in negative territory last week, it gained ground compared to the previous week. Heartworm protection improved to -5.3% from -11.0%, and flea/tick protection was -1.8%, a 6.1% improvement compared to the week prior. Revenue from services dropped from 6.6% to 6.2%, and revenue from products improved to 0.6% from -1.2% the previous week.
| +6.2% Revenue YoY (Last 12 Months) |
-1.5% Visits YoY (Last 12 Months) |
The rolling 14-day trendline shows year-over-year revenue and visits holding fairly steady after dropping slightly in late November.
| 5,146 Practices |
2.1M Revenue per Practice (Last 12 Months) |
10.5K Visits per Practice (Last 12 Months) |
North Carolina and West Virginia continued to dominate year-over-year revenue and visits growth last week, with North Carolina’s revenue growth at 11.0% and West Virginia’s visits growth at 2.7%. Tennessee followed closely behind, with revenue at 9.3% and visits at 1.9%.
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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