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Trends in the Veterinary Industry

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.

 

Sourced & Written By:
First Financial Bank
https://blog.ffb1.com/trends-in-veterinary-industry/