Veterinary Summit Market Analysis and Reports | USA Conference Series

Market Analysis - Veterinary Summit 2017

Market Analysis

The scope of veterinary is wide, covering all animal species, both domesticated and wild, with a wide range of conditions which can affect different species. Veterinary field is one of the fastest growing in the United States. Demand for new treatments such as hip replacements, blood transfusions and cancer treatments are helping to drive the increase. While the veterinary care industry is growing, it’s the technician and technologist positions that are projected to have the largest increase in the next two years. Job growth for veterinary technologists and technicians is expected to increase by 41% in 2016. The US Bureau of Labor Statistics says this is because pet owners are becoming more affluent while the number of pets continues to grow, so technologists and technicians able to provide specialized services will continue to be in demand. Veterinarian job growth is expected to increase 27.6% in 2016.

The ability to provide veterinary services begins in the market for veterinary education, the source of labor in the veterinary markets’ supply chain. Veterinary education is provided by U.S. accredited domestic and foreign schools as well as non-U.S. accredited foreign schools. These schools are both non-profit and for-profit institutions. For the 28 U.S. veterinary colleges the average fees have increased from $10,549 to $25,017 between 1999 and 2014. In 2014, an estimated 100,137 veterinarians were actively practicing veterinary medicine in the United States. The market for veterinarians is comprised of multiple, horizontally related markets. Veterinarians have numerous employment options upon graduation, including private practice (e.g. companion animal, food animal, mixed animal, equine), public practice (e.g. university, government, uniformed services), industry and non-profits.

In 2014, an estimated 100,137 veterinarians were actively practicing veterinary medicine in the United States. The largest share of veterinarians was employed in companion animal medicine (66.5 percent). The remaining share of veterinarians practice in university and colleges (6.3 percent), food animal medicine (6.1 percent), equine medicine (4.4 percent) and mixed animal medicine (3.9 percent).

Figure 1: Funding in Veterinary Research

Research using animals has made an important contribution to advances in medicine and surgery, which have brought major improvements in the health of human beings and animals.Much basic research on physiological, pathological and therapeutic processes still requires the use of animals in experiments. Such research has provided and continues to provide the essential foundation for improvements in medical and veterinary knowledge, education and practice.Research using animals will continue to be essential for the conquest of many unsolved medical problems, such as cardiovascular disease, stroke, AIDS, other infectious diseases and cancer; and genetic, developmental, neurological and psychiatric conditions.

The cost of veterinary education is forecast to rise faster than the rate of increase in veterinary compensation, so at some point the higher priced seats will likely be left vacant. This will result in constant class sizes of new veterinarians from 2018-2025. On the other hand, the market for veterinarians is not in equilibrium. The level of compensation offered to new veterinarians is not sufficient to provide a positive return on educational investment despite low unemployment, a negative underemployment rate, and an increasing proportion of veterinary practices working at full capacity. With constant class sizes forecast for 2018-2025 and a growing number of pets over the same period, the forecast for excess capacity in the market for veterinary services will decline, reaching a low of 6 percent.

Funding Agencies in USA:

  • American Veterinary Medical Foundation
  • Morris Animal Foundation
  • National Association of Animal Breeders
  • National Institutes of Health
  • National Science Foundation
  • Ohio Animal Health Foundation
  • Pharmaceutical Research and Manufacturers of America Foundation, Inc.
  • Sandler Family Supporting Foundation
  • US Department of Agriculture
  • Whitaker Foundation
  • Alpaca Research Foundation
  • Alternatives Research and Development Foundation
  • American College of Veterinary Internal Medicine Foundation

Scope and Importance:

Veterinary research includes research on prevention, control, diagnosis, and treatment of diseases of animals and on the basic biology, welfare, and care of animals. Veterinary research transcends species boundaries and includes the study of spontaneously occurring and experimentally induced models of both human and animal disease and research at human-animal interfaces, such as food safety, wildlife and ecosystem health, zoonotic diseases, and public policy. Veterinary research has the potential to immensely impact the fields of comparative medicine, public health and food safety, and animal health; but its ability to reach its potential relies on adequate infrastructural, financial, and human resources.

Veterinary research has the potential to immensely impact the fields of comparative medicine, public health and food safety, and animal health; but its ability to reach its potential relies on adequate infrastructural, financial, and human resources. Veterinary research has evolved to address societal changes. Companion animals play a central role in the quality of life of an increasing proportion of the public; the beneficial psychosocial effects of the human-animal bond are widely accepted. Companion animals are also important sentinels for human disease and toxicant exposure, and companion-animal research improves our understanding of zoonotic diseases and how to address them; diagnostic and therapeutic data from companion animals can often be translated to human medicine. Because the health, well-being, and longevity of companion animals are a growing concern for a substantial portion of society, demand for research on companion animal health and disease has increased; indeed, it is crucial for improving the health and welfare of these animals, which serve not only as companions, but as aides, detectives, and soldiers.

In addition to the health of food and companion animals, the health of wildlife and ecosystems is of special importance to an increasingly urban and affluent society. The countryside is increasingly affected by urban development and industrial agriculture. There is growing concern about wildlife preservation and endangered species and growing recognition of the value of wildlife as sentinels for environmental health generally.

Societies and Associations:

  • Human Society Veterinary Medical Association
  • New York state veterinary medical society
  • Canadian veterinary medical association
  •  Indian Society for Veterinary Medicine
  • World Veterinary Association
  • Veterinary Botanical Medicine Association
  • American Animal Hospital Association
  • American Association of Bovine Practitioners
  • American Association of Equine Practitioners
  • American Association of Feline Practitioners
  • American Association of Food Safety Veterinarians
  • American Association of Avian Pathologists
  • American Association of Corporate and Public Practice Veterinarians
  • American Association of Small Ruminant Practitioners
  • American Association of Veterinary Clinicians
  • American Academy of Veterinary Acupuncture
  • American Holistic Veterinary Medical Association
  • American Society of Laboratory Animal Practitioners
  • Association of Avian Veterinarians
  • National Association of Federal Veterinarians

Companies:

  • Abbot Laboratories Animal Health
  • ACell Vet Inc.
  • Addison Biological Laboratory, Inc.
  • B.E.T. Labs / B.E.T. Pharm
  • Pedigree Petfoods
  • Banfield
  • Boehringer Ingelheim Vetmedica GmbH
  • Boehringer Ingelheim Vetmedica Ltd.
  • Buck Mountain Botanicals, Inc
  • CEVA Sante Animale
  • Delmont Laboratories, Inc.
  • Dr. Shipp`s Laboratories / Netvet Supply
  • Dunlop`s Veterinary Supplies
  • EQUI PHARM S.R.L.
  • Figuerola Laboratories
  • Monument Pharmacy
  • Nestlé Purina PetCare
  • ChemNutra
  • Del Monte Foods
  • Elanco Animal Health
  • Aratana Therapeutics, Inc.
  • Phoenix Pharmaceutical
  • Zoetis
  • Ranbaxy
  • Veterinary Pharmacies of America

Universities:

  • University of California
  • University of Florida
  • Colorado State University
  • Texas A & M University
  • Washington State University
  • Cornell University
  • University of Wisconsin-Madison
  • University of Minnesota
  • University of Pennsylvania
  • Ohio State University
  • University of Florida
  • North Carolina State University
  • Iowa State University
  • Tufts University
  • University of Georgia
  • Virginia-Maryland Regional College
  • Purdue University-Main Campus
  • University of Missouri-Columbia
  • Louisiana State University and Agricultural & Mechanical College (LSU)

Projections:

The veterinary education market is at or very near equilibrium. The outlook for both the near and long term is improving for the veterinary profession, as the recession that began in December of 2007 continues to fade and the U.S. economy begins to return to the longer-term growth trend. Better information on veterinary markets will enhance the profession’s ability to develop strategies to improve the efficiency of the markets and assist in attempts to reach desired market outcomes. Modern veterinary research has markedly improved the quality of life of animals and humans, as indicated by numerous historical achievements. The demands on veterinary research have not diminished but rather have increased, with such emerging threats as bioterrorism and emerging infectious diseases. Veterinary and comparative medicine research is becoming a more pressing need than ever before. The ability of veterinary researchers to address the threats of animal disease and to meet societal needs depends largely on the nation's research capacity. Because research resources are finite, it is important to set a research agenda that will address high-priority issues and anticipate future needs and that can be executed effectively.