The eBook contains insights from over 240 veterinary industry professionals and here’s my quick summary although I strongly recommend you read the entire eBook.
What’s it all about?
In 2023, over 240 veterinary industry participants from Australia (62%), NZ (22%) and the UK (16%), took part in a survey asking about their biggest challenges, where veterinary budgets are being spent, the daily challenges faced, and most importantly, what opportunities are available to solve these problems.
Of those 240 participants:
- 30% were marketing managers, administrators, clinic coordinators, veterinary nurses and technicians
- 25% were practice owners
- 24% were practice managers
- 21% were veterinarians
What were the biggest challenges for 2024?
- Economic conditions and the cost of living
- The global veterinary shortage and staff recruitment/retention
- staff burnout and mental health
Secondary challenges include:
- Financial flexibility and payments
- Client loyalty and retention
- Attracting new clients
- Learning and development
- Having the right technology
What are the solutions?
An optimistic lens and capitalising on the opportunities available to us seem to be the only way to tackle the headwinds.
Top Veterinary Industry Trends to Watch in 2024 and Beyond
1. Making use of AI to lighten the load particularly in marketing and client communication
2. Take advantage of opportunities for growth including:
- Population growth
- Expansion in services being offered
- New initiatives focusing on pet wellness rather than crisis care
- Reducing costs through controlled measures, including inventory control, pet-health plans, etc.
3. Tech-enabled conveniences
“Over 80% of participants confirmed they are looking to make their practices more efficient by optimising their technology” including:
- Telemedicine and telehealth platforms
- Advanced diagnostic imaging tools
- AI-driven diagnostic and treatment planning tools
4. Practice Management Systems that are comprehensive digital platforms that encompass the following:
- Online appointment and management systems
- Client education platforms
- Stock management or inventory control
- Client communication tools
What were the key areas of investment in 2024?
51% of respondents listed allocating resources to learning and development.
The fact that 51% of respondents listed this sector as one of their top three potential investment areas is not surprising. Moreover, 48% of veterinary clinics ranked spending money on “staff” in general as their top priority. This was followed by 32% selecting “equipment” and 31% “technology.”
Top Veterinary Industry Trends to Watch in 2024 and Beyond