2025 economic state of the veterinary profession: Trends and opportunities for your Practice

Each week, The Bird Bath scrapes the surface of the news you need to know, and the American Veterinary Medical Association’s latest economic report is packed with insights worth paying attention to.¹ Let’s look at the data from the previous year and break down what some of these trends mean for your practice.

So, let’s get into it.

Student debt is growing – corporate hiring power is, too

After a brief decline, student debt was back on the rise last year, with more new graduates carrying over $300,000 in DVM loans. That means corporate groups, with their ability to offer hefty sign-on bonuses, may regain the upper hand in hiring.

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However, private practices aren’t out of the running—they just need to play to their strengths. While money matters, multiple studies show that workplace culture is just as important to job seekers. So, how can you stand out?

Define and market your employer value proposition. What makes your practice a great place to work? If you don’t know, start figuring it out—because nearly half of practices don’t have a mission, vision or value statement, and 83.5% lack an employee wellness plan.¹ Fix that, and you’ll already be ahead of the curve.

Relief veterinarians are on the rise—with one concerning trend

In 2022, a VIN survey showed¹ that 45% of veterinarians were either planning to switch to relief work or considering it.² Now, 2 years later, we’re seeing that movement materialize – the percentage of relief vets in private practice has increased from 6% in 2023 to 9.1% in 2024.^1,3

What does this mean for you? It’s been said before, but it bears repeating, retention is key. Full-time veterinarians aren’t leaving just for the flexibility of relief work—they’re often driven away by workplace factors like administration, culture, and leadership.⁴ If you want to keep your team intact, make sure you’re not giving them a reason to look elsewhere.

At the same time, there’s a growing concern: relief veterinarians are the only group whose burnout has increased since the pandemic. They are also the least satisfied with the profession.¹ What’s fueling the stress and dissatisfaction? These are critical questions worth investigating—especially for practices that rely on relief vets to fill staffing gaps. As the workforce shifts, the conversation around retention will likely need to shift, too.

Tech gaps, telehealth declines, and the push for efficiency

The report repeatedly emphasizes one critical takeaway: veterinary practices need to prioritize efficiency and make better use of technology. More clinics are adopting digital tools, but there’s still a significant gap. Shockingly, 23.5% of practices still don’t use a practice management system, leaving them without a central hub to manage appointments, records, and client communication. That’s not just an inconvenience—it’s a competitive disadvantage.

There’s also been a sharp decline in telehealth from 38% in 2023 to 29.2% in 2024, but online appointment scheduling is growing.^1,3 Meanwhile, software innovations are exploding—just look at the new tools showcased at VMX and WVC 2025. Artificial intelligence scribes, inventory automation, virtual assistants—it’s all there to save time and money. If you’re not using these tools yet, why not? Most have free trials, so there’s no excuse not to explore what’s out there.

More practices, longer hours

New veterinary practices are opening at a steady clip: total numbers grew from 32,634 in 2021 to 34,000 in 2022, with an 18.5% growth rate since 2009.¹ Larger hospitals (20+ employees) are becoming more common, while sole proprietorships are shrinking. This likely points to more corporate ownership but could also mean more independent vets are incorporating for legal or tax benefits. Either way, the trend points to a move away from small, solo-doctor models toward larger, more structured veterinary businesses.

Clinic hours are stretching longer, too. In 2024, the average practice was open 10 hours on weekdays, compared to 9 hours in 2023.^1,3 Extended hours and bigger teams suggest the industry is adapting to meet rising pet care needs – but here’s the catch: the number of available appointment slots hasn’t budged. A full-time veterinarian in companion and mixed animal practice is still averaging 13 to 14 appointment slots per weekday. So, what’s driving the longer hours? Could general practices be extending their hours to keep up with the booming urgent care market and attract pet owners after work, or simply offset declining revenue by maximizing service hours?

Revenue on the move

All practice types except companion animal predominant saw a slight decrease in gross revenue last year. However, when companion animal exclusive and companion animal predominant practices are grouped together, the overall revenue trends align more closely across the board. Not surprisingly, but certainly worth noting, is the substantial gap in median revenue: small animal veterinarians generate over $600,000, significantly outpacing all other practice types.¹ Even with the highest ratio of full-time equivalent non-veterinarian staff per veterinarian, companion animal doctors are far ahead of their counterparts in revenue generation.

Here’s an interesting one: revenue for 100% brick-and-mortar practices took the biggest hit, while mobile practices experienced the most significant growth, highlighting a change in how and where pet owners are choosing to access care. Could mobile services be pulling clients away from traditional clinics? Definitely something to watch.

Holes in the narrative

No survey is without gaps, and understanding the respondent pool helps put the results in perspective. Of the 524 practices surveyed, most were independently owned (93.9%) and 100% brick-and-mortar (56.6%). Meanwhile, the Mission Veterinary Partners and Southern Veterinary Partners merger just brought over 420 practices under one corporate umbrella. With groups estimated to own around 30% of US veterinary practices—and generating more than half of companion animal revenue—it’s fair to wonder if these numbers tell the whole story.

References

1. 2025 AVMA Report on the Economic State of the Veterinary Profession. https://ebusiness.avma.org/ProductCatalog/product.aspx?ID=2215
2. Kogan LR, Rishniw M. Relief and mobile veterinary careers may offer a path towards improved quality of life. Javma-journal of The American Veterinary Medical Association. Published online November 1, 2023:1-7. doi:https://doi.org/10.2460/javma.23.07.0422
3. 2024 AVMA Economic State of the Profession. https://ebusiness.avma.org/ProductCatalog/product.aspx?ID=2157
4. Wogan L. Veterinary relief practice is having a moment. Veterinary Information Network. Published August 1, 2022. Accessed March 31, 2025. https://news.vin.com/default.aspx?pid=210&Id=11050604&f5=1