Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA

July 13-19, 2025

At the 2025 VetPartners Mid-Year Conference in Washington, D.C., AVMA economists Katelyn McCullock and Christopher Doherty, DVM, CBV, MBA, presented a cautious economic outlook for the veterinary profession. Despite economists forecasting a recession for the past three years, one has yet to materialize — though warning signs persist.

According to McCullock and Dr. Doherty, the U.S. consumer price index rose 2.7% in May 2025, while veterinary service prices jumped 5.7%. Veterinary visits declined 3% year-over-year, although revenue remained stable, growing at 2.2% — suggesting rising prices are offsetting the decline in visits. Meanwhile, the profession continues to feel pressure from broader economic indicators, such as an inverted yield curve (occurs when short-term interest rates are higher than long-term interest rates on government bonds) and declining home prices.

Pet ownership remains strong, with 89.7 million dogs and 73.8 million cats in the U.S., and nearly 70% of pet owners visited a veterinarian in 2024. However, veterinary incomes have stagnated when adjusted for inflation, and work hours are returning to pre-pandemic norms.

New graduate data is encouraging: 60.4% of 2024 veterinary graduates entered full-time practice, and the debt-to-income ratio held steady at 1.4. Profession-wide, satisfaction remains relatively high, with over 70% of veterinarians reporting satisfaction with their jobs, lifestyle, and compensation.

While pet population growth provides long-term optimism, the session’s key message was clear: Economic headwinds are building, and veterinary leaders should prepare for continued uncertainty.

 

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+1.7% Revenue YoY (Last Week)

-2.1% Visits YoY (Last Week)

 

Year-over-year veterinary industry revenue and visits dropped last week compared to the week prior. Revenue was 1.7%, a decline from the previous week’s 2.3%, while visits fell from -1.7% to -2.1%.

 

-6.2% Heartworm YoY

-4.8% Flea/Tick YoY

 

 

+2.6% Services YoY

-1.2% Products YoY

 

Last week, parasiticide purchases continued to fall. Year-over-year heartworm was -6.2%, and flea/tick was -4.8%, changes from -4.9% and -4.4% respectively the week prior. Year-over-year service revenue was 2.6%, a slight drop from the previous week’s 3.1%, and product revenue fell from -0.4% to -1.2%.

 

 

+2.0% Revenue YoY (Last 12 Months)

-3.1% Visits YoY (Last 12 Months)

 

The rolling 14-day trendline showed a steady climb in revenue and visits since early July.

 

 

6,170 Practices

2.2M Revenue per Practice (Last 12 Months)

10.2K Visits per Practice (Last 12 Months)

 

Maine again saw the highest year-over-year revenue growth last week at 6.2%, while Maryland was a distant second at 5.0%. Oregon and Iowa experienced the smallest declines in year-over-year visits at -0.1% and -0.6% respectively.

*Numbers are subject to change based on data availability and PIMS adjustments.

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