The AVMA has released the 2016 Report on Veterinary Markets. The report is available for free download by all AVMA members and is the first of four in our 2016 economic reports series. All of the reports are being made available without charge to AVMA members; nonmembers may purchase the report series in either PDF or printed format through our online store.
This report focuses on veterinary markets and highlights some of the key data and information that was shared during the 2015 AVMA Economic Summit. Among the key findings in this report:
- Mean student debt for 2015 veterinary graduates was $141,000.
- Mean income for full-time employment for 2015 graduates was $70,117
- Most clinics see only 50% of their patients in any year.
- Demand for seats at the veterinary colleges is declining and may continue to do so for an extended period.
- The AVMA has developed the debt-to-income ratio as a key performance indicator for the veterinary education market, tying the cost of education to the demand for veterinary services. The ratio currently stands at just under 2:1, placing financial stress on some graduates.
- The market for veterinarians has been robust over the last two years, and both unemployment and underemployment are low for veterinarians. However, maldistribution is a problem in the profession.
- Practice owners should expect to see increased demand for veterinary services for the next 8-18 months.
Other reports still to come in the 2016 series will delve more deeply into the three interconnected veterinary markets: the market for veterinary education, the market for veterinarians, and the market for veterinary services. To be notified when future reports become available, sign up to receive our email alerts on veterinary economics. We’ll send you an email each time one of the reports in this series is released and also keep you updated on other key developments related to veterinary economics.
Other economics initiatives
Economics issues are among the highest-priority matters facing the veterinary profession. That’s why the AVMA has partnered with the Association of American Veterinary Medical Colleges (AAVMC) and Michigan State University to host the Fix the Debt Summit April 20-22. The summit will bring together some 150 students, recent graduates and economic experts at Michigan State to tackle student debt and other financial issues that impact young veterinary professionals.