Veterinary industry grows, but debt and productivity pressures mount

The U.S. veterinary industry is still growing, but the latest economic data show a more complicated picture beneath the surface. In its 2025 Economic State of the Veterinary Profession report, published in January 2025 and cited by Today’s Veterinary Business in its February/March 2026 coverage, the American Veterinary Medical Association said the job market for veterinarians remained robust, with 93.9% of 2024 graduates reporting an employment or advanced education offer before graduation and 60.4% already in full-time roles. At the same time, AVMA flagged rising student debt, softer inflation-adjusted earnings for established veterinarians, lower reported gross revenue and some productivity metrics in 2024 versus 2023 for several practice types, and uneven enthusiasm for new technology adoption among practice leaders. (ebusiness.avma.org)

Why it matters: For veterinary professionals, the report reinforces that demand for care and hiring remains strong, but growth is getting harder to translate into margin, retention, and sustainability. AVMA found the share of graduates with more than $300,000 in DVM debt is increasing, while wellbeing remains a central profession-wide issue and burnout trends vary by role, with relief veterinarians trending upward after 2021. Practice leaders are also being pushed to get more efficient: only 40.8% of practice owners said they were enthusiastic about new technology, even as AVMA points to tools such as online scheduling, automated reminders, and practice-directed pharmacy as ways to improve productivity. Broader market data from Vetsource and AVMA have also shown declining visits and modest revenue growth that appears to be driven largely by pricing, not volume. (ebusiness.avma.org)

What to watch: Expect closer attention on debt, staffing models, and whether practices can use technology and team redesign to offset slower visit growth through 2026. (ebusiness.avma.org)