Veterinary Industry Summary: July 7–13, 2024
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
July 7–13, 2024
A mid-year update from the Pet Business Professor has revealed that non-veterinary pet services spending was $12.77 billion for the first half of 2023. That’s $1.9 billion (17.5%) more than spending in the same segment for the first half of 2022.
The non-veterinary pet services segment is the smallest industry segment. It’s also the most discretionary in the industry and is more strongly skewed toward higher-income households.
The Pet Business Professor cited three “surprise” demographics that spent less during the first half of 2023 than they spent during the first half of 2022: self-employed individuals (-$0.14 billion), those with a bachelor’s degree (-$0.11 billion), and baby boomers (-$0.09 billion).
According to the update, much of the growth in pet services spending has been driven by higher-income households, which are less negatively affected by inflation. For this reason, spending growth on non-veterinary pet services will likely continue in 2024 and beyond.
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| +0.9% Revenue YoY (Last Week) |
-3.5% Visits YoY (Last Week) |
Veterinary industry year-over-year revenue was flat last week at 0.9%, a 2.0% drop from the previous week. Year-over-year visits also declined, falling to -3.5% from 1.7% the week prior.
 -10.0%Heartworm YoY |
-10.1% Flea/Tick YoY |
 +2.3%Services YoY |
-3.3% Products YoY |
Last week, year-over-year heartworm and flea/tick protection plummeted to -10.0% and -10.1% respectively, dropping from -6.4% and -5.5% the previous week. Year-over-year services revenue fell from 3.7% the week prior to 2.3% last week, and product revenue was back in negative territory at -3.3%, a decline from 0.8% the previous week.
| +4.3% Revenue YoY (Last 12 Months) |
-2.2% Visits YoY (Last 12 Months) |
The rolling 14-day trendline continued to show a consistent and sharp decline in revenue and visits over the past month.
| 5,551 Practices |
2.1M Revenue per Practice (Last 12 Months) |
10.4K Visits per Practice (Last 12 Months) |
New Mexico saw the highest year-over-year revenue growth at 9.7% last week, while New York came in second at 7.5%. West Virginia was the only state to see positive growth in year-over-year visits at 0.1%, with Minnesota close behind at 0.0%.
*Numbers are subject to change based on data availability and PIMS adjustments.
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