State of the Veterinary Industry: Updates Every Marketer Should Know3 min readReading Time: 2 minutes
Planning your fourth-quarter marketing deliverables? Diving into your veterinary marketing strategy for next year? You’ll need these updates on the state of the veterinary industry.
Veterinary Practices a Rare Economic Bright Spot
We’re all home and spending more time with our pets (and realizing how essential they are to our social network). Maybe we’re also seeing a cough or a limp that would go unnoticed if we were away for 8-10 hours a day. Whatever the reason, veterinary visits are up across the United States.
Here’s the key data from The New York Times that every veterinary industry marketer should be aware of:
- Much of the increase in pet visits has been for wellness appointments and vaccinations.
- VetSuccess estimates that revenue in July 2020 was up 18% over July 2019 revenue.
- Pet adoption is booming.
- Curbside procedures are increasing appointment length (30 minutes vs 15 minutes in some cases).
VetSuccess Tracks Industry Impact of COVID-19
VetSuccess, provider of data-driven veterinary practice management software, has been tracking the impact of COVID-19 on veterinary practices across the country. Its interactive industry impact tracker tool enables you to evaluate daily revenue and daily invoices per practice by custom date ranges, individual states, metro areas, and practice sizes. If you’re doing any geotargeting, this tool is a must-see.
VetSuccess also curates a weekly summary of key takeaways, including:
- Year-over-year daily average revenue analysis
- Analysis of large practice performance vs small practices
- Key findings at the state-level
You can sign up to have weekly summaries of this data emailed directly to you.
$55 Billion Pet Products Market Proving Recession-Defiant
In June, Packaged Facts released an updated market research study on the outlook for the US pet market.
Here are a few key takeaways:
- Pet product sales are projected to grow 8% over 2019 in 2020
- 5% of US adults adopted a dog in a 3-month period corresponding with the COVID-19 outbreak in the US
- Households with children under 18 are a key demographic adopting pets in 2020
US Pet Market Responding to the COVID-19 Crisis
Curious how the pet market has responded? See the current and expected impact of the COVID-19 pandemic across all areas of the pet market, including projections of retail sales and trends.
Here are a few key takeaways:
- Nonmedical pet care sectors (eg, boarding, daycare) are predicted to see an economic downturn
- Pet product purchases are projected to move away from brick-and-mortar stores in favor of internet or curbside delivery
- Adoption of telehealth is projected to increase for pet care
- A private label surge is projected, as money becomes tight for pet owners
ASPCA Estimates Number of Pets Living in Poverty with Their Owners Could Exceed 24.4 Million
The American Society for the Prevention of Cruelty to Animals (ASPCA) released new data showing that more than 4.2 million pets are likely to be impacted by poverty over the next 6 months as a result of the spike in unemployment caused by the COVID-19 crisis. With a projected unemployment rate of 10%, pets could experience a 21% increase in poverty rate.
Looking for More Insights?
The Brief Media team conducted an in-depth survey of industry veterinarians that we’re happy to share with you. The report contains information about their education preferences, what they need from the veterinary industry and its partners, plans for the first quarter of 2021, and much more. Contact us today to schedule a mid-year review call.