A new report from the American Veterinary Medical Association (AVMA) analyzes the markets for veterinarians, veterinary education and veterinary services, bringing together the three major economic markets comprising the veterinary profession in a first-of-its kind, easy-to-digest report.
Colorful charts, tables and infographics make it easy for veterinarians, veterinary students and educational and business leaders to see where the veterinary profession is today and its future path within the context of economic trends and practice profitability.
"Economic forces influence every facet of our economy, and veterinarians are no exception,' said AVMA Chief Economist and Veterinary Economics Division Director Matt Salois, PhD. 'The key to success is understanding these forces and significant economic trends influencing the supply and demand for each of these three veterinary markets."
Among the key findings:
- The economic state of the veterinary profession is strong, thanks to the expanding economy.
- Pet owner demand for veterinary services is strong, with household expenditures at veterinary clinics increasing by 8% from 2012-2016 to $28 billion.
- 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 increase.
- Economic resiliency: The longest U.S. economic expansion in history will inevitably peak and begin to slow, and veterinarians need to be prepared.
AVMA members can download a free PDF from the AVMA’s website. Nonmembers may purchase the report in the AVMA store.