Cyclical state of the market

The Veterinary Business Group's State of the Market panel session was again a highlight of the AVA Conference held in Melbourne this week. The panel chaired by Dr Moss Siddle and Paul Blanc brought together economists and veterinarians to discuss the landscape and emerging trends in the sector.

While recruiting continues to be a challenge for many practices, there are signs of an easing of the workforce shortage. Slower demand growth for veterinary services has allowed the natural growth in veterinarian numbers to make progress in catching up with demand. However, lower demand growth comes with its own challenges.

BOQ Economist, Peter Munckton recognised that the macroeconomic conditions are difficult at the moment, but also noted that next year is likely to be better.

Dr Diana Barker echoed this in discussing it from the veterinary perspective, "There was a large increase in pet ownership during COVID and when you consider the lifecycle of those animals, they had a high level of demand for veterinary services in their early years. That's now past, but we'll see them back in clinic in significant numbers again in five years."

Dr Barker counselled delegates to use the time now to get their systems right so they will be able to capitalise on the boost in demand that will come in a few years.

The session also showcased how veterinary practices are embracing part-time staff, with Dr Laura Thorbecke highlighting the assistance that flexible part-time staff can be in managing the need for locums.

The session ended with much more to discuss... a conversation that is sure to continue at the ASAV Annual Conference together with the Veterinary Business Group, 12-15 August 2024.