The AVMA has released the 2017 AVMA Report on Veterinary Markets, the first of four economic reports in the 2017 AVMA Economic Report Series.
The new report addresses key economic indicators relative to the markets for veterinary education, veterinarians, and veterinary services and reports on data related to the mental well-being of veterinarians. The report summarizes research presented at the annual AVMA Economic Summit in October 2016, discusses general U.S. economic conditions, and offers perspectives relative to the performance of veterinary practices in the United States.
Among the key findings in the report are the following:
- The total number of new veterinarians entering the profession in 2016 was 4,477, as represented by the number of test takers who passed the North American Veterinary Licensing Examination. This number remained about the same as the previous year.
- Mean debt acquired in veterinary college by 2016 graduates was $141,000. While 11.2 percent of students reported that they were graduating without college debt, 5 percent reported student debt totaling more than $300,000.
- When compared with the national labor market, the market for veterinarians was slower to react to the recession, has a smaller variation in the supply-demand ratio, and is considerably more volatile month to month.
- A veterinarian’s satisfaction with current employment and how well prepared a veterinarian felt for a career in veterinary medicine were associated with both gratification drawn from work and burnout in 2015 and 2016. The number of hours worked per week was also associated with burnout in both years.
- Following a trend seen in the robust market for veterinarians, veterinary practices’ revenue growth and earnings before interest, taxes, depreciation, and amortization have continued to show strong growth since 2013.
The 2017 AVMA Report on Veterinary Markets is available for free download by AVMA members at jav.ma/2017markets, and the report series is available for purchase by others at www.avma.org/products.
The upcoming economic reports will cover the market for veterinary education, market for veterinarians, and market for veterinary services.
Related JAVMA content:
Summit paints mixed economic picture for practitioners (Jan. 1, 2017)
Taking a multipronged approach to tackling educational debt (Jan. 1, 2017)