Veterinary Industry Summary: November 17–23, 2024
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
November 17–23, 2024
As veterinary industry visits continue to decline, a new survey has revealed that 81% of U.S. pet owners would rely on technology to reduce the need for routine veterinary visits and decrease pet care costs.
Conducted in November 2024, the HostingAdvice.com survey included the opinions of 500 U.S. pet owners aged 18 to 65+, with an average age range of 26–45.
Key takeaways from the study include:
- 80% of respondents said they’d spend $100 or more on pet technology products, including smart collars, health trackers, and pet cameras.
- 87% said technology improves a pet owner’s ability to care for their pet.
- 79% said they’d rely on technology to track their pet’s health and activities.
The survey’s authors cite the stress of visiting the vet and the increasing cost of care as factors in this migration toward pet tech and away from veterinary visits. But, they also claim that owners have grown more attached to their pets and are willing to spend more on them.
According to the survey’s authors, “With the available disposable income from the new generation of pet owners, the veterinarian shortage, and the workforce moving back in-office, the convenience and support from pet devices and tools add to pet parents’ arsenal for care.”
While pet owners are still willing to spend money on their pets, this survey is an indicator that they are increasingly embracing technology and are looking for new and more cost-effective ways to keep their pets healthy. The survey’s authors end by stressing the importance of regular veterinary checkups, regardless of an owner’s use of technology.
A note about the numbers:
This year, Thanksgiving fell on the week after last year’s, causing a significant spike in the day-to-day comparison. We expect to see the opposite effect in this upcoming Thursday’s numbers, effectively “canceling out” the increase. This type of variance is cleaned up and accounted for in the trendline, but not the bar chart.
Check out the Veterinary Industry Tracker for daily stats.
| +33.9% Revenue YoY (Last Week) |
+25.3% Visits YoY (Last Week) |
Due to Thanksgiving falling in a different week this year, year-over-year veterinary industry revenue shows a significant jump to 33.9%, with visits also soaring to 25.3%. Next week’s numbers will show the opposite effect and are accounted for in the trendline.
 +27.9%Heartworm YoY |
+31.4% Flea/Tick YoY |
| +35.7% Services YoY |
+27.6% Products YoY |
Due to the Thanksgiving holiday issue noted above, year-over-year parasiticide protection dispensed shows significant jumps: Heartworm is at 27.9% and flea/tick is at 31.4%, both up from -7.6% and -5.6% respectively. Year-over-year service revenue climbed to 35.7% from 2.0%, with products at 27.6% from -3.5%. Next week’s numbers will show the opposite effect and are accounted for in the trendline.
| +3.2% Revenue YoY (Last 12 Months) |
-2.4% Visits YoY (Last 12 Months) |
The rolling 14-day trendline has shown declines in revenue and visits since late October.
| 5,596 Practices |
2.2M Revenue per Practice (Last 12 Months) |
10.4K Visits per Practice (Last 12 Months) |
Colorado and Minnesota remained at the top last week for year-over-year revenue and visits respectively. Colorado’s year-over-year revenue held at 7.2% from the previous week, with Connecticut continuing in second at 5.8%. Minnesota’s year-over-year visits climbed slightly from the previous week at 0.5%, with Michigan staying in second place at -0.2%.
*Numbers are subject to change based on data availability and PIMS adjustments.
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