Veterinary Industry Summary: January 15-21, 2023
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
January 15-21, 2023
Top 3 takeaways from VMX 2023:
- Staffing shortages are still a major concern for practices, (although slight improvements were noted), contributing to the decline in visits as well as staff burnout. According to a Brakke survey, over half of practices surveyed have a vacancy for a veterinarian or technician.
- Pet owner spending could be affected by a slow economy and concerns about a recession. While manufacturers and veterinary practices are still optimistic for 2023, backup business plans are being considered should negative trends continue, such as increasing prices, reducing debt, preserving cash on hand, and close supervision of expenses.
- Access to care continues to be a focus, with collaborative efforts between veterinarians, associations, charities, and nonprofits to address the factors that impact the accessibility of veterinary care. While the most significant barrier is the cost of care, accessibility barriers also include language, geography, and transportation. Providing a spectrum of care and a range of viable healthcare options to clients using evidence-based medicine can make veterinary services more accessible and affordable for pet owners.
Last week: U.S. veterinary practices saw year-over-year revenue growth of 10.5% and 2.3% growth in visits.
You can see more details below and check out the Veterinary Industry Tracker for daily stats.
Revenue YoY (Last Week)
Visits YoY (Last Week)
Revenue growth was up this past week at 10.5% year over year, significantly higher than the week prior. Visits are up at 2.3% year over year this past week, significantly higher than the week prior and marking the first positive growth in 2023.
Heartworm and flea/tick protection doses year over year saw positive numbers for the first time this year, and significantly higher compared to the week prior. Revenue from services was up 12%, more than the week before, and revenue from products was 5.6%, markedly higher than the week prior.
Revenue YoY (Last 12 Months)
Visits YoY (Last 12 Months)
The rolling 14-day trendline for revenue and visits growth year over year for the past 12 months remains consistent, with no change in revenue growth or visits compared to the week prior.
Revenue per Practice
(Last 12 Months)
Visits per Practice
(Last 12 Months)
Maine remains the top state for year-over-year revenue growth on average for the past 12 months, holding steady with 10% growth. For daily state-specific stats, please see the Premium Veterinary Industry Tracker on VeterinaryAnalytics.com.
*Numbers are subject to change based on data availability and PIMS adjustments.
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