By Kevin Mumford
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."