Veterinary Industry Summary: May 26–June 1, 2024
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
May 26–June 1, 2024
Pet industry inflation (“petflation”) — has fallen below the national inflation rate for the first time since November 2022, according to Pet Business Professor’s April 2024 report.
Pet industry prices can be broken down into four categories: pet food, pet supplies, pet services, and veterinary services. In April, prices fell in all pet categories except for the veterinary services category.
When comparing April 2024’s petflation rates to March 2024’s rates:
- Total pet inflation was down -0.2%.
- Pet food prices were -0.5%.
- Pet services prices were -0.1%.
- Pet supplies prices were -1.2%.
- Veterinary services prices were up 0.8%.
At 1.7%, April’s petflation was 50% less than the national consumer price index (CPI), “a big change from +52% in January,” the Pet Business Professor said.
Check out the Veterinary Industry Tracker for daily stats.
| +1.4% Revenue YoY (Last Week) |
-4.4% Visits YoY (Last Week) |
Year-over-year veterinary industry revenue was 1.4% last week, a drop from the previous week’s 2.1%. And, year-over-year visits fell to -4.4% from -3.4% the week prior.
Wondering why the bar chart shows such low numbers on Monday, May 27? That was Memorial Day, and many practices were closed. Because Memorial Day fell during the same week last year, the holiday had no impact on last week’s year-over-year data.
 -13.6%Heartworm YoY |
-12.8% Flea/Tick YoY |
 +3.9%Services YoY |
-5.4% Products YoY |
Parasiticide protection plunged deeper into negative territory last week, with year-over-year heartworm protection falling to -13.6% and flea/tick protection declining to -12.8% (compared to -8.3% and -8.2% respectively the previous week). Year-over-year revenue from services improved slightly from 3.8% the week prior to 3.9% last week, but revenue from products fell sharply, dropping to -5.4% from -2.9% the previous week.
| +4.6% Revenue YoY (Last 12 Months) |
-2.2% Visits YoY (Last 12 Months) |
The rolling 14-day trendline shows revenue and visits continuing to decline since mid-May.
| 5,579 Practices |
2.1M Revenue per Practice (Last 12 Months) |
10.5K Visits per Practice (Last 12 Months) |
Last week, New Mexico enjoyed the highest growth in year-over-year revenue at 10.4%, while New Hampshire and Colorado came in second and third at 7.6% and 7.5% respectively. No states saw positive growth in year-over-year visits, but three states — Minnesota, North Carolina, and Iowa — came in at 0.0%, and New Mexico trailed closely behind at -0.1%.
Wondering why New Mexico was dark green last week but had no color the week prior? States with fewer than 30 practices reporting data are not color-coded on the map. Their data is included in the Industry Tracker’s overall numbers, but to accurately determine a specific state’s year-over-year revenue and visits, we must have data from a minimum of 30 practices in that state. Last week, new practices were added in New Mexico, bringing the state’s total number of reporting practices to 32.
*Numbers are subject to change based on data availability and PIMS adjustments.
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