The latest “Economic State of the Veterinary Profession” report from the American Veterinary Medical Association has indicated that the U.S. veterinary industry remains strong, even as rising student debt, evolving practice models, and technological innovations reshape the profession.
According to the 2026 report, the veterinary job market is robust, with most new graduates finding full-time positions. Although starting salaries have increased, adjustments for inflation and a spike in average veterinary loan debt have tempered real income gains. Currently, nearly 40% of graduating veterinarians have a debt burden of $200,000 or more.
Drawing from U.S. Census Bureau data from 2013 to 2023, the report shows that the overall number of veterinary practices expanded over the 10-year period, with growth in gross revenue and practice size. However, some segments, including companion animal-predominant clinics, showed lower productivity per veterinarian, suggesting an opportunity for more efficient operations. S corporations continued to account for the largest share of animal health care businesses (58% in 2023), while corporations increased from 16% to 22% of businesses, and sole proprietorships declined from 19% to 9%.
For many veterinary professionals, work-life balance and well-being remain a concern. Even as overall burnout scores improve and median weekly work hours return to pre-pandemic levels, many veterinarians reported long hours and high stress. Although three in four veterinarians indicated satisfaction with their job, lifestyle, compensation, and the profession, more than 9% have considered leaving the field for reasons other than retirement.
Finally, technology is increasingly redefining daily operations, though adoption remains uneven. Practice management software, online pharmacies, and electronic medical records are commonplace, while online appointment scheduling, telehealth services, and AI-assisted tools are less frequently utilized, despite growing client demand.
The “Economic State of the Veterinary Profession” report is a comprehensive reference for veterinary professionals and business leaders. Drawing on data about labor markets, compensation, debt, well-being, and practice characteristics, the report highlights the profession’s biggest trends and challenges. Its insights are intended to help readers understand the economic forces shaping veterinary medicine and support informed decision-making.
Free for AVMA members, the report can be downloaded here.