How many potential clients and pets live in your local area? How many of those pets do you treat at your practice?
If you’re not sure, then we have good news. AVMA members now have access to a tool that makes it easy to estimate the potential size of your local veterinary market and what share of that market you serve. Regardless what kind of companion animals you treat – dogs, cats, or companion birds or horses – the new AVMA Market Share Estimator tool gives you important insight you can use to support your business planning.
Here's how it works
The Market Share Estimator is a downloadable worksheet that walks you through five easy steps to calculate market share and the potential veterinary business in your area. Using simple formulas provided in the worksheet, you’ll be able to estimate the number of households, pets, and veterinary revenue in your local market. Your results will be customized to your targeted location and the specific animal species you treat.
Armed with this information, you can then assess your individual practice’s current share of the market – and identify areas where you might be under-performing or over-performing. That insight can help you build a more informed and actionable plan to capture additional business. Whether your community is more inclined to adore dogs, cats, birds, or horses, this tool will help you identify opportunities to grow your practice.
Informed by AVMA research data
The Market Share Estimator tool was developed based on the AVMA's extensive research on pet ownership patterns, including the spending habits of pet owners – the same research that informs our well-known Pet Ownership and Demographics Sourcebook. The AVMA has for years been a trusted source of comprehensive economic data and analysis for the veterinary marketplace. Our research is relied on by the media, industry leaders, and a wide range of organizations serving our profession. Equally important, we use it to build practical tools like the Market Share Estimator to help AVMA members succeed financially.
The Market Share Estimator is just the newest of these tools. Others include the Veterinary Salary Estimator and Personal Financial Planning Tool. Access to these resources is an important benefit of AVMA membership, and we encourage all AVMA members to take full advantage of them. You can find them all in the Economics & Finance section of avma.org.