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Veterinarians Profiler 2017
Professionals Critical to the Health of Pets and the Happiness of Owners
Brought to you by Media Group Online, Inc.
© 2017 Media Group Online, Inc.
All rights reserved.
Slide2www.mediagrouponlineinc.com
Profiting from an Increasing Pet Population
Veterinary industry revenues totaled $39 billion for 2016, a 9.2% increase from 2015. There were 107,995 veterinarians in the US as of the end of 2016, a 2.5% increase.
According to the American Pet Products Association, pet owners spent $15.95 billion on veterinary care during 2016, a 3.4% increase from 2015, and are projected to spend $16.62 billion during 2017, increasing another 4.2%.
Two income groups drove higher veterinary expenditures during 2016: households earning more than $150,000 (+34.6%) and households earning $30,000 to $70,000 (+11.6%). Other income groups had flat or declining expenditures.
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Inside the Profession and Practice
As of the end of December 2016, most vets were in private practice: 74.5%, tended exclusively or mostly to companion animals; 6.7%, food animal care; 5.7%, equine; 6.1%, mixed animal; and 7.0%, other.
Of the veterinarians who are not in private practice, 41.5% work at colleges/universities, 20.8% in industry, 17.9% for the government and 15% at other practices/institutions.
According to a 2017 survey from the Veterinary Hospital Managers Association (VHMA), 77% of practice management professionals plan to raise fees during 2017 and 49% plan to raise them 4% to 6%.
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Pet Parents Are Willing to Spend
According to the American Pet Products Association’s 2017-2018 National Pet Owners Survey, 68% of US households, or 124.587, have pets. Of these, 48% have dogs; 38%, cats; 6%, birds; 5%, small animals; 4%, reptiles; and 2%, horses.
The largest group of pet owners by generation is Millennials at 35%, followed by Baby Boomers, 32%; Gen X, 27%; and Builders (the oldest group), 6%. Almost half (46%) of pet-owning households have multiple types of pets.
Horses are the pets with the highest veterinary bills, with $549 spent annually on routine care compared to $257 for dogs and $182 for cats. Pet health insurance covers almost 9 million dogs and 4.5 million cats.
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Focus on Preventive Care
According to 2017 survey data from the American Veterinary Medical Foundation (AVMF), 37% of veterinarians provided preventive care for fleas, ticks, and flea/tick-borne disease among dogs, but only 17% for heartworm and 10% for intestinal worms.
The largest category of preventive care from veterinarians for horses was vaccines, at 19%; followed by dental/mouth, 11%; injury, 6%; worms and lameness, 5% each; and abdominal pain/colic, 4%.
Research from Merck-Unfenced Pet Owners Path reported that vomiting or diarrhea more than once during 24 hours would generate the most-urgent response from dog owners, prompting them to take their pet to an emergency veterinarian.
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Evolving with a Changing Profession
Consolidation in the industry has created large corporate veterinary practices that squeeze the revenues and decision-making ability of the actual veterinarians who work there and create more competition for smaller independent practices.
Veterinary medicine is relatively unregulated compared to human health care, which suggests more regulation may be coming.
Traditionally, the vast majority of veterinarians have been and continue to be Caucasian Americans, but with a future of greater ethnic diversity in the US, the profession will have to find ways to appeal to and attract more students across the ethnic spectrum.
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Advertising Strategies
To attract new patients among Millennials, the largest generational group of pet owners, offer a free first checkup.
Offer grooming at your office to attract new patients and add a revenue stream.
Implement a bonus program: When customers buy food, flea/tick products, heartworm products, grooming or boarding services during each scheduled checkup, they receive a bonus point(s) redeemable for a free gift when they reach a points threshold.
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New Media Strategies
Share pet-specific tips on your Facebook page to add “likes” and followers who own that kind of pet.
Ask all customers to register for a free monthly e-newsletter with stories about rescued animals; animal charities; issues, such as excessive chewing, housetraining, etc.; and include monthly promotions of different services.
Create infographics on various topics and post them to social media sites and your Website.
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