Trends in Veterinary Industry

By First Financial Bank
Jan 20, 2021
The pandemic has turned the world upside down – and the veterinary industry has not been immune. So what veterinary trends have been affected? What might be here to stay – and which ones will fade as we recover?

Here are 5 trends being reported.

More Interest in the Profession

The Association of American Veterinary Medical Colleges (AAVMC) reports that though they’ve seen steady growth in the number of applicants over the past few years, 2020-21 academic year saw a 19% year-over-year growth from last year – triple the increase of prior years’ growth.

Better Than Average Job Opportunities

The pandemic has skewered many an estimation for job opportunities in the market, but with increases in pet adoption, the planned retirements for baby boomer practitioners and the existing openings for associates, the U.S. Bureau of Labor Statistics job outlook for veterinarians still holds some good news.

Pet Tech Popularity

People aren’t just buying digital tech for themselves, they’re investing in it for their pets, too. Market research firm Packaged Facts reports that unlike many other sectors of the industry, this one has grown. This includes veterinary practice-specific technology to enable telemedicine.

With struggles come opportunities.

Telehealth and Telemedicine Become Standard Offerings

Telehealth and telemedicine existed prior to the pandemic, but the rules and practices varied greatly from one state to another. According to Bash Halow, LVT, CVPM in the November 12, 2020 article on DVM360, with COVID-19, the challenges of delivering curbside care paired with human telehealth becoming more common has created opportunities to establish a consistent offering that fits with the modern world’s view of life in general.

Pet Owners Plan to Do More

Banfield’s study of pet owners during the pandemic reports that “20 percent are committed to taking their pets to the veterinarian for preventive care check-ups more often after the pandemic than before”. Ten percent of them also plan to get their dog or cat a companion animal for when they have to return to the office.

What will be trending as we move into recovery? Hard to tell, but – hopefully – we will all be finding out soon.

Planning to make some changes and buy, build or expand your practice? Check out our loan calculator to estimate your payments for funding your growth. Ready to chat?

Business Loan Payment Calculator: Estimate the Payments for Your Veterinary Practice/Clinic Loan

Been thinking about building, buying or refinancing a loan for your veterinary practice?

Planning to Buy a Veterinary Practice?

Looking to buy an existing veterinary practice?

Veterinary Practices for Sale: 5 Questions to Ask Before You Commit

It’s time. You’ve been working for someone else – and now you are ready to be your own boss, with your own practice. You might have even checked out a veterinary clinic for sale. But before you start imagining your name on the sign above the door, there are some answers you need. Here are five of the big questions to ask – and the answers you, your partners and your lenders need to know.

Follow Us on Social

Confirm

The link you clicked is provided as a courtesy. We don’t endorse or control the content of the site you’re about to visit.

You will be redirected to

Click the link above to continue or CANCEL