Purdue Economists Find Veterinary Industry Growth In 2015

 

The third Nationwide | Purdue Veterinary Price Index identified signs of business recovery for veterinary practices. The upward trend is the first national indication of industry growth since 2009.

 

Released Jan. 16 at the North American Veterinary Community conference, the data suggests a 5.1 percent annual growth rate in the price of common canine treatments in the first six months of 2015, compared to price declines every year from 2009 through 2014. The study noted that the price increase was primarily driven by an increase in the price of medical services with an annual growth rate of 5.6 percent. The price of well-care services increased at an annual growth rate of 3.8 percent.   

 

The Nationwide | Purdue Veterinary Price Index is a comprehensive national study of more than six million pet insurance claims. Economists John Barron and Kevin Mumford at Purdue University's Krannert School of Management conduct the study.

 

"This new finding shows that people are starting to spend more on their pets for the first time since the Great Recession," Mumford said. "The data indicates that the veterinary services industry is finally seeing some economic growth."

 

"The latest Veterinary Price Index report is encouraging news about the economic conditions facing the veterinary medical profession," said Willie M. Reed, dean of the Purdue University College of Veterinary Medicine. "Adequate pricing for veterinary medical services is foundational to the profession's ability to attract and retain top talent and to provide the top-quality veterinary care that people are seeking for their animal companions."

 

Video: 2026 T.K. Cheung Lecture in Animal Science - Dan Weary

T.K. Cheung Lecture in Animal Science: "Using science to assess and improve the welfare of dairy cattle"

Dan Weary is a Professor at the University of British Columbia. Dan did his BSc and MSc at McGill and Doctorate at Oxford before co-founding UBC’s Animal Welfare Program where he now co-directs this active research group. His research focuses on understanding the perspectives of animals and applying these insights to develop methods of assessing animal welfare and improving the lives of animals. His work has helped drive changes in practices (including the adoption of higher milk rations for calves and pain management for disbudding) and housing methods (including the adoption of social housing for pre-weaned calves). He also studies cow comfort and lameness, social interactions among cows, and interactions between cows, human handlers and technologies like automated millking systems that are increasingly used on farms. His presentation will outline key questions in cattle welfare, highlight recent UBC research addressing them, and showcase innovative methods for improving the lives of cattle and their caretakers.