Veterinary Industry Summary: October 13–19, 2024

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Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA

October 13–19, 2024

LAST WEEK

Brakke Consulting recently published a report based on an analysis commissioned by the AVMA, which found that there will not be a shortage of companion animal veterinarians in the next 10 years.

The analysis explored trends in veterinary care demand and pet-owning households, pet spending, and the number of veterinary graduates. It resulted in the “Forecasting Supply and Demand Indicators for US Veterinarians 2024–2035” report.

John Volk, Brakke Consulting senior analyst, provided an overview of the report at the 2024 AVMA Veterinary Business and Economic Forum earlier this month.

Some highlights of the report include:

  • An approximate 2% annual growth in pet ownership is anticipated through 2035.
  • Two new veterinary schools will graduate their first class in 2028, six in 2029, and five in 2030.
  • Anticipated numbers of new veterinary graduates are based on the assumptions that all schools will start with class sizes of 100 and will grow 2% annually, and that 80% of new graduates will choose to practice companion-animal medicine.

According to the AVMA, “Based on this information, it appears that the number of companion animal veterinarians will likely increase faster than the number of pets and pet-owning households over the forecast period.”

However, a 2023 report based on research from the University of Florida and commissioned by Mars Veterinary Health offered a different view. The report, titled “Pet Healthcare in the U.S.: Another Look at the Veterinarian Workforce,” forecasted that the U.S. will need as many as 55,000 additional veterinarians by 2030 to meet the increasing demand for companion animal veterinary care.

Whether there will be a shortage of companion animal veterinarians in the future may be up for debate, but many practices are feeling the staffing-shortage pinch now. Experts recommend leveraging technology to improve efficiency and creating positive and flexible environments to retain team members.

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.

 

 

+1.7%
Revenue YoY (Last Week)
-2.8%
Visits YoY (Last Week)

 

Veterinary industry year-over-year revenue was 1.7% last week, up from the previous week’s 0.8%. Year-over-year visits remained in negative territory at -2.8%, a slight improvement compared to -3.5% the week prior.


LAST WEEK
Months of Parasiticide Protection Dispensed

 

-4.6%
Heartworm YoY
-2.9%
Flea/Tick YoY

 

Service vs Product Revenue Breakdown

 

+2.6%
Services YoY
-1.0%
Products YoY

 

While still down, year-over-year parasiticide purchases improved slightly last week compared to the previous week. Heartworm protection was -4.6%, and flea/tick protection was -2.9%, changes from -6.6% and -3.8% respectively the week prior. Year-over-year service revenue jumped from 1.8% to 2.6% last week, while product revenue improved from -1.8% to -1.0%.


LAST 12 MONTHS
Growth in Revenue and Visits

A line graph showing revenue and visits per practice, for a 14 day rolling period.

 

 

+3.3%
Revenue YoY (Last 12 Months)
-2.5%
Visits YoY (Last 12 Months)

 

The rolling 14-day trendline showed sharp gains in revenue and visits over the past two weeks.


LAST 12 MONTHS
Revenue Growth by State

A U.S. map, using color shades to show revenue growth by state.

 

Patient Demographics

 

5,544
Practices
2.1M
Revenue per Practice
(Last 12 Months)
10.4K
Visits per Practice
(Last 12 Months)

 

Colorado and Connecticut again saw the highest year-over-year revenue growth last week at 7.1% and 6.0% respectively. Minnesota enjoyed positive growth in year-over-year visits at 0.1%, with Washington trailing closely behind at -0.6%.

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


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