Pandemic Pet Boom | Veterinary Industry Statistics (2022)
Did you know that the veterinary industry is undergoing an economic boom at this time? It’s true! There is more demand than ever for veterinarians and their services, leading many to ask questions about the industry and its prospects. With the prospect of an economic recession potentially in the cards, many people are looking for the types of work that can provide them with a steady and stable income. It takes an incredible amount of work to become a veterinarian, but this may be the industry that some want to get involved in today.
We will look at some veterinary industry statistics to help you understand the important factors driving the industry today.
Healthy Median Pay
All veterinarians should reach out to a veterinary contract lawyer before signing a contract to go and work for any company. The reason? Because they need to ensure that they are receiving adequate pay for their services. Veterinarians can sometimes get locked into lengthy contracts with employers, and it needs to be crystal clear that they are receiving compensation in line with the talent they bring to the table.
The median pay for veterinarians breached the $100,000 per year mark in 2021 by hitting $100,370 annually, per the U.S. Bureau of Labor Statistics.
Veterinarian Medicine is a 32 Billion Dollar Industry
The veterinarian medicine industry is a 32 billion dollar juggernaut. Pet owners are seemingly willing to spend a significant amount of their money to keep their pets happy and healthy, and that is certainly commendable.
Dogs are the Most Frequent Vet Visitors
They say that dogs are man’s best friend, and it certainly seems that humans are keen on keeping their dogs healthy and up to date on their health needs, even more so than other pets they may have. The average number of vet visitors per year by pet type breaks down as follows:
- Dogs: 1.5
- Cats: 0.7
- Birds: 0.1
- Exotic pets: 0.02
It seems that dogs have more veterinarian needs, but also that people are more willing to bring their dog to the vet when he or she needs care.
Suicide Prevention is Taken Very Seriously
A dark problem in the veterinary industry is the issue of suicide. It is believed that veterinarians are approximately two to three times more likely than the average person to die by suicide. This is why critically important organizations exist that are meant to assist those who might be experiencing self-harming thoughts.
All veterinarian schools across the country now have classes and programs in place that are meant to inform students about the heightened risk of self-harming behaviors within the profession and what they can do to help prevent this in themselves or others.
Tens of Thousands of Veterinarians are Needed
The profession shows no signs of slowing down. In fact, there is a need for approximately 89,200 jobs to be filled by veterinarians across the country for every clinic to have the staff that it needs. Additionally, that number appears to just continue growing with each passing year.
COVID-19 Lockdowns Led to a “Pet Boom”
You surely remember the time around mid-March of 2020 when the entire world seemingly locked down overnight. The spread of the novel coronavirus (COVID-19) led most governments worldwide to issue “stay-at-home” orders. With rampant disease spread and no vaccine available at the time, many people looked for ways to keep themselves entertained as they waited things out. Plenty of those individuals adopted pets during that time to keep themselves company.
The pandemic “pet boom” has meant that veterinarians have more work than ever. Many of the pets that were first adopted during that period are now hitting an age where they may need to see a vet more frequently. As such, the profession is slammed with work and in desperate need of more veterinarians at this time.
Work Hours May be Different Than Most
Many veterinarians work odd hours to help their clients when their pets are in need. After all, a pet emergency can strike at literally any time, and it is nice to know that a veterinarian may be available even when other people are sleeping.
Veterinarians typically work more than forty hours per week as they are expected to go the extra mile for their clients. Depending on the specific work schedule between themselves and their employer, some veterinarians may even work on an on-call basis after hours to address client needs.
Most Vets are Satisfied with Their Jobs
When surveyed, veterinarians report a higher level of job satisfaction than most other professions. They reported an average score of 3.55 on job satisfaction (against an average of 3.30 for all professions) in an AVMA study. This put them nearly in line with other jobs that involve self-sacrifices, such as teachers (3.61) and clergy (3.79).
It seems that veterinarians are highly satisfied with the type of work that they do, even if there are some drawbacks to the industry itself.
Student Debt Remains a Big Concern
A high percentage of veterinarian students find themselves in a position where they have to borrow money to attend their school of choice. Naturally, this can be very frustrating for many, and they aren’t always thrilled with the prospect of having to put so much on the line to attain their degree. However, the average total cost for an in-state student attending vet school is approximately $200,000 when it is all completed. That number jumps to $275,000 for out-of-state students. Thus, student loans, and the burdens that come with them, are a reality for most students pursuing a career in vet medicine.
Now that you have some veterinary industry statistics in mind, you can decide for yourself if you would like to pursue a career in this field. Many people find themselves eager to take on the challenge even though they know it will be difficult. The burdens they have to go through are worthwhile because they want to help pets and their owners.
Veterinary Contract Lawyer
If you are considering signing a contract to work as a veterinarian, please contact us at Chelle Law for help reviewing your contract to ensure that you are being compensated enough for your hard work.