Veterinary Industry Summary: June 2–8, 2024

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Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA

June 2–8, 2024

LAST WEEK

According to a new report from Meticulous Research, the direct-to-consumer pet food market is projected to reach $13.06 billion by 2031 — a compound annual growth rate of nearly 20% from 2024 to 2031.

The report cites several factors contributing to the rapid growth of the direct-to-consumer pet food market, including increasing:

  • Adoption of digital channels
  • Pet population and food expenditure
  • Demand for premium pet food products
  • Incidences of zoonotic diseases
  • Number of direct-to-consumer pet brands
  • E-commerce

Trending in the direct-to-consumer pet food market are the demand for customized pet food and the humanization of pets, while quality issues and pet food recalls can hinder the growth of this market.

 

Check out the Veterinary Industry Tracker for daily stats.

Revenue per Practice

A bar graph showing revenue per practice for last week, compared to the previous year.

 

 

+2.9%
Revenue YoY (Last Week)
-1.3%
Visits YoY (Last Week)

 

 

Last week, year-over-year veterinary industry revenue was up 2.9%, a jump from the previous week’s 1.4%. And, while still in negative territory, year-over-year visits improved from -4.4% to -1.3%.


LAST WEEK
Months of Parasiticide Protection Dispensed

 

-4.8%
Heartworm YoY
-4.0%
Flea/Tick YoY

 

Service vs Product Revenue Breakdown

 

+4.3%
Services YoY
-0.7%
Products YoY

 

 

Last week, year-over-year heartworm protection was -4.8%, and flea/tick protection was -4.0%, significant improvements from the previous week’s -13.6% and -12.8% respectively. Year-over-year services revenue improved from 3.9% the week prior to 4.3% last week, while revenue from products jumped to -0.7% from -5.4%.


LAST 12 MONTHS
Growth in Revenue and Visits
A line graph showing revenue and visits per practice, for a 14 day rolling period.

 

 

+4.6%
Revenue YoY (Last 12 Months)
-2.1%
Visits YoY (Last 12 Months)

 

 

The rolling 14-day trendline shows revenue and visits holding fairly steady since the end of May.


LAST 12 MONTHS
Revenue Growth by State
A U.S. map, using color shades to show revenue growth by state.

 

Patient Demographics

 

5,579
Practices
2.1M
Revenue per Practice
(Last 12 Months)
10.5K
Visits per Practice
(Last 12 Months)

 

 

New Mexico again enjoyed the highest growth in year-over-year revenue last week at 10.5%, with New Hampshire coming in second at 7.6%. While no states saw positive growth in year-over-year visits, three states — Minnesota, New Mexico, and North Carolina — came in at 0.0%.



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


Need additional stats? You got it.

The Premium Veterinary Industry Tracker lets you drill into revenue categories, visit types, date ranges, states, and more.

 

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