Current economic trends affecting the veterinary medical profession.
This article explores the economic trends affecting the future of the veterinary medical profession. Key aspects of demand and supply are considered, as are several broad-based institutional factors. Demand for veterinarians and veterinary medical services is demonstrating a definitive upward trend across the profession, led by a remarkable in-crease in consumers' willingness to spend on animal health care.Supply is also expanding through increased enrollments at colleges and schools of veterinary medicine and increased productivity and efficiency in private practice. Veterinarians' incomes are increasing, and some sectors of the profession offer outstanding financial opportunities. Provided that critical needs are met for 1) increased diversity and 2) continued improvement in the nontechnical capabilites of veterinarians, the outlook for the economic future of the veterinary medical profession is strong.
Lloyd
James W
JW
Office of Strategy and Innovation, College of Veterinary Medicine, Michigan State University, A110 Veterinary Medical Center, East Lansing, MI 48824, USA. lloydj@cvm.msu.edu
D000818:Animals; D005544:Forecasting; D006801:Humans; D012456:Salaries and Fringe Benefits; D014481:United States; D018634:Veterinarians / Q000191:economics / Q000600:supply & distribution; D014730:Veterinary Medicine / Q000191:economics* / Q000639:trends*