Portland, OR—iVET360’s 2023 Veterinary Industry Benchmark Report (VIBR) has been published and offers an in-depth exploration of the veterinary sector’s financial and operational well-being. Our analysts have poured over 2022 data from over 1000 small and large practices nationwide. This free-to-download report reveals an industry navigating new challenges and evolving market dynamics. Amidst staffing shortages and burnout, the industry focused on valuing its people and their well-being. Transactions may have decreased, but revenue per transaction increased, demonstrating adaptability.
This year’s noteworthy findings reveal a more human side of the veterinary industry:
- Revenue growth continues to be positive at 6.3%, albeit slower than the 13.4% we saw the previous year, as hospitals grapple with resource allocation.
- Transactions declined by -3.3% across the country, however, Average Transaction Charge (ATC) increased from 8.0% to 10.6% YoY.
- New Clients averages dropped by -3.5%, however, the Average New Client Spend rose 4.9% over 2021.
- Marketing strategies pivoted towards career-focused campaigns and long-term hiring for sustained success.
Oliver Roller, CTO of iVET360, says, “In 2022, the veterinary world navigated a new normal, juggling inflation, wage pressures, and the aftermath of the pet adoption boom-turned-shelter surge. Despite the challenges, the veterinary community proved its resilience, adapting to the evolving needs of pets and owners alike.”
This year’s report captures the transformative year, highlighting long-term demand shifts, labor shortages, and more. Designed for easy comparison, it helps you prepare for a rapidly changing future. Dive into the changing market and what these implications mean for the ever-evolving veterinary world.
Available for download in three formats: a consolidated version for big-picture analysis, a report customized for smaller practices under $2 million in annual revenue, and another report for larger hospitals with revenue of $2 million or more.
Established in 2013 and headquartered in Portland, Oregon, iVET360 is a practice management services company that provides critical support to veterinary hospitals across the nation. Their specialists educate and assist veterinary practices with marketing, HR & team development, and business analytics to ensure the complete implementation of proven business strategies into the daily activities of the hospital.