The first of four economic reports in the 2017 AVMA Economic Report series is now available for free download by all AVMA members and purchase by other interested parties.
The 2017 AVMA Report on Veterinary Markets sets the stage for the year’s economic reporting by the AVMA, addressing key economic indicators relative to all three vertically integrated veterinary markets — the markets for veterinary education, veterinarians, and veterinary services — and introducing topics to be explored further in the 2017 series. It also reports on data related to the mental well-being of veterinarians, examining factors associated with compassion satisfaction and compassion fatigue.
The report summarizes research presented at the annual AVMA Economic Summit held in the autumn of 2016, discusses general U.S. economic conditions, and offers perspectives relative to the performance of veterinary practices in the United States. It also presents valuable background on AVMA economics initiatives.
Among the key findings presented in the report:
- The total number of new veterinarians entering the profession in 2016 was 4,477, as represented by the number of test takers who passed the North American Veterinary Licensing Exam. This number remained about the same as the previous year.
- Mean debt acquired in veterinary college by 2016 graduates was $141,000. While 11.2 percent of students reported that they were graduating without college debt, 5.0 percent reported student debt totaling more than $300,000.
- When compared to the national labor market, the market for veterinarians was slower to react to the recession, has a smaller variation in the supply/demand ratio, and is considerably more volatile month to month.
- Our second year collecting data related to compassion satisfaction and burnout in veterinarians showed several factors that were associated with these issues in both years. A veterinarian’s satisfaction with current employment, and how well prepared he or she felt for a career in veterinary medicine, were associated with both compassion satisfaction and burnout in both 2015 and 2016. Additionally, the number of hours worked per week was associated with burnout in both years.
- Following a trend seen in the robust market for veterinarians, veterinary practices’ revenue growth and earnings before interest, taxes, depreciation and amortization has continued to show strong growth since 2013.
We strongly encourage all AVMA members to download and read their free copy of this report. The full series of reports – which will also include the upcoming 2017 AVMA Report on the Market for Veterinary Education, 2017 AVMA Report on the Market for Veterinarians, and 2017 AVMA Report on the Market for Veterinary Services – is available for purchase by those who are not AVMA members.