A recent analysis by Vetsource, a service provider to veterinary practices, showed that prices in companion animal practices (measured July to July) increased 7% in 2022, 10% in 2023 and 8% in 2024 – all well above the US rate of inflation. One of the primary reasons was the increased cost of labor, the largest expense category for veterinary practices. Mean starting salaries for new DVM graduates in companion animal practices reached $137,727 in 2024, compared to just $97,000 in 2020. Salaries for non-veterinary team members were up significantly as well. Now price inflation is having the expected impact: driving down demand (although revenue growth is still in positive territory).
What does this bode for the future? We’ll have much more data to share at the Brakke Industry Overview at VMX and WVC, including the results of a comprehensive Workforce Study that we recently completed. It forecasts veterinarian workforce needs to 2035. Please join us at the Overview to learn more!
John Volk, Senior Consultant
Chicago
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