Veterinary Industry Summary: October 1–7, 2023
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
October 1–7, 2023
According to the Pet Business Professor, numbers from U.S. Bureau of Labor Statistics consumer expenditure surveys revealed that overall spending on pets was up 2.7% in 2022 after record increases in 2021. But not every segment of pet spending grew last year.
Pet owners spent $38.69 billion on pet food and treats in 2022, an increase of $4.29 billion (+12.5%) over 2021. Veterinary spending, however, went in the opposite direction, with $29.71 billion being spent on veterinary care, a decrease of $2.95 billion (-9.0%).
As busy consumers continue to value convenience and more pet owners view their pets as family members, veterinary practices should meet pet owners where they are and choose to compete in the pet food and supplement space.
Check out the Veterinary Industry Tracker for daily stats.
Revenue YoY (Last Week)
Visits YoY (Last Week)
Year-over-year revenue and visits dropped last week. While revenue was still up 3.6%, it fell from 6.2% the week prior, and visits declined to -1.6% from -0.5% the previous week.
Months of parasiticide protection dispensed held fairly steady last week. Year-over-year heartworm was down -7.2%, falling from -6.3% the week prior, and flea/tick was down -2.9%, a slight improvement from -3.3% the previous week. Revenue from services and products was on the decline, however, with year-over-year services revenue up 5.0%, falling from 8.2% the previous week, and year-over-year products revenue up 0.3%, falling from 1.4% the week prior.
Revenue YoY (Last 12 Months)
Visits YoY (Last 12 Months)
The rolling 14-day trendline shows year-over-year revenue and visits rebounding to the highest points they’ve been since mid-August.
Revenue per Practice
(Last 12 Months)
Visits per Practice
(Last 12 Months)
Massachusetts enjoyed the highest year-over-year revenue growth last week at 12.0%, while Tennessee’s growth in year-over-year visits was higher than any other state at 2.5%.
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.
Need additional stats? You got it.
The Premium Veterinary Industry Tracker lets you drill into revenue categories, visit types, date ranges, states, and more.
|LEARN MORE »|