Veterinary Industry Summary: July 14–20, 2024
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
July 14–20, 2024
Year-over-year pet prices were up 2.0% last month, a 0.3% increase compared to May, according to the Pet Business Professor. Four segments are included in overall pet prices: pet food, pet supplies, pet services, and veterinary services.
Of those segments, veterinary services prices saw the biggest decline in June’s prices compared to May’s prices at -0.5%. However, the veterinary services segment experienced more inflation than any other segment between June 2019 and June 2024, with prices up 38.6%. To put that into perspective, the national inflation rate (Consumer Price Index, or CPI) for the same time period was 22.7%.
Between June 2019 and June 2024:
- Total CPI increased 22.7%.
- Pet food prices increased 23.7%.
- Pet supplies prices increased 11.8%.
- Pet services prices increased 28.8%.
- Veterinary services prices increased 38.6%.
- Total pet prices were up 25.8%.
Has veterinary care become too expensive? That’s the question being posed by some as the data shows veterinary prices outpacing the national inflation rate, and journalists from the New York Times and other national outlets increasingly cover stories about the cost of veterinary diagnostics and treatments.
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| +1.5% Revenue YoY (Last Week) |
-3.3% Visits YoY (Last Week) |
Year-over-year veterinary industry revenue and visits experienced slight improvements last week compared to the week prior. Revenue was 1.5% (up from 0.9%) and visits were -3.3% (up from -3.5%).
 -9.3%Heartworm YoY |
-10.3% Flea/Tick YoY |
 +3.2%Services YoY |
-3.4% Products YoY |
Year-over-year parasiticide protection remained in negative territory last week, with heartworm at -9.3% and flea/tick at -10.3%, changes from -10.0% and -10.1% respectively the previous week. Services revenue gained ground, improving from 2.3% the week prior to 3.2% last week, but product revenue dropped to -3.4% from -3.3%.
| +4.3% Revenue YoY (Last 12 Months) |
-2.2% Visits YoY (Last 12 Months) |
The rolling 14-day trendline showed rebounds in revenue and visits since early July.
| 5,551 Practices |
2.1M Revenue per Practice (Last 12 Months) |
10.4K Visits per Practice (Last 12 Months) |
Last week, New York saw the most year-over-year revenue growth at 7.5%, while Colorado trailed closely behind at 7.3%. Minnesota and West Virginia were the only states to see positive growth in year-over-year visits at 0.1% each.
*Numbers are subject to change based on data availability and PIMS adjustments.
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