The Pet Business Is Booming And Veterinarians Are Winning

The pet business is booming and we think veterinarians are going to benefit from record spending in coming years. A new report from the APPA says that US pet parents are expected to spend $62.75 billion on their pets this year, up 4% from 2015. How does this affect veterinarians? You’re getting roughly 25% of all of it! Of the $62.75 billion spent, $15.42 billion was spent on veterinary care. What does this mean? Your piece of the giant pie is waiting for you but it’s time to take your business to the next level. If you’re reading this, you understand that thousands of other veterinarians know this and are working hard to upgrade their websites, increase marketing, offer more at their clinics, and do whatever it takes to get these pet parents in the door.

Speaking of pet parents and the pet business, the numbers are staggering! In the US alone, there are currently 312.1 million domesticated pets living in 129.8 million households. Cats and dogs are the most popular – 75% of pet-owning households have at least a car or a dog. However, cats and dogs are each outnumbered by fish, which account for 105 million pets or more than a third of all pets in the country.

It’s been said to our team far too often that veterinarians aren’t good business people but we usually disagree. You are part of a $15.42 billion industry this year alone and it’s expected to continue to grow, as it has seventeen straight years. What causes growth? Innovation. Veterinarians need to start focusing on the things that matter in 2016 – technology, bigger and better offerings, and better customer service. If trends hold steady, the veterinary industry could be bringing in over $16 billion in 2017. Are you prepared to get your piece of the pie? Your competitors may be ready.

2017 is going to be a huge year for the pet business and veterinarians are going to benefit in a big way.