Veterinary Industry Summary: November 12–18, 2023
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
November 12–18, 2023
The cost of veterinary care and the decline in veterinary visits go hand-in-hand.
A new Packaged Facts report revealed that the overall usage rate for veterinary services among cat- and dog-owning households is 71%, a decline from 85% during the COVID-19 pandemic and 77% in early 2019. And, according to the Bureau of Labor Statistics, veterinary services cost 7.5% more in September 2023 than one year prior.
Millennials and Gen Zers account for nearly half of dog or cat owners, and the Packaged Facts survey showed that they are more likely than pet-owning baby boomers to be strongly concerned about the prices of pet care. Among millennial and Gen Z pet owners surveyed:
- 53% are strongly concerned about the affordability of emergency pet care (compared to 43% of baby boomers)
- 42% are strongly concerned about the cost of prescription pet medications (compared to 27% of baby boomers)
- 39% are strongly concerned about the affordability of routine pet healthcare (compared to 31% of baby boomers)
These affordability concerns combined with a priority placed on convenience are driving younger pet owners to seek alternative care options, including telehealth and chain veterinary practices located inside retail stores, or forgo veterinary visits entirely.
Check out the Veterinary Industry Tracker for daily stats.
Revenue YoY (Last Week)
Visits YoY (Last Week)
Year-over-year revenue was up last week at 5.4%, a decline of 1.0% over the week prior. Year-over-year visits were flat, dropping to 0.0% from 0.6% the previous week.
Year-over-year months of heartworm protection dispensed fell to -5.1% from -3.2% the week prior, but flea/tick protection was 2.2%, a 1.5% improvement over the previous week. While revenue from services and revenue from products were up last week at 6.7% and 2.1% respectively, both declined slightly from the prior week’s numbers, which were 7.8% and 2.7% respectively.
Revenue YoY (Last 12 Months)
Visits YoY (Last 12 Months)
The rolling 14-day trendline shows year-over-year revenue and visits improving slightly to their highest points since early October.
Revenue per Practice
(Last 12 Months)
Visits per Practice
(Last 12 Months)
North Carolina experienced the highest growth in year-over-year revenue last week at 11.0%, while West Virginia saw the highest year-over-year visits growth at 2.4%.
For daily state-specific stats, see the Premium Veterinary Industry Tracker at VeterinaryAnalytics.com.
*Numbers are subject to change based on data availability and PIMS adjustments.
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