Economic state of animal health industry remains strong, for now

AVMA’s report also forecasts growth in number of veterinarians graduating

The economic state of the veterinary profession has remained strong in recent years, thanks, in part, to the expanding economy.

This is according to the American Veterinary Medical Association’s (AVMA’s) 2019 Economic State of the Veterinary Profession Report, which analyzed the markets for veterinarians, veterinary education, and veterinary services.

“Economic forces influence every facet of our economy, and veterinarians are no exception,” says Matt Salois, PhD, AVMA’s chief economist and veterinary economics division director. “The key to success is understanding these forces and significant economic trends influencing the supply and demand for each of these three veterinary markets.”

Other findings outlined in the report include:

  • Pet owner demand for veterinary services is strong, with household expenditures at veterinary clinics increasing by eight percent to $28 billion from 2012 to 2016
  • Record unemployment rates challenge practice owners looking to fill open positions
  • The supply of veterinarians continues to increase as new schools open and the number of graduates continues to rise
  • Economic expansion in the U.S. will inevitably peak and begin to slow, and veterinarians should be prepared

AVMA members can download the report for free here, while nonmembers may purchase it in the AVMA store.

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