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The veterinary industry has been plagued by low growth in income, yet flourished in growth of new veterinarians. By using a labour-/work-hour approach that allows for proper matching of the data, we develop a supply and demand model of companion animal services in the veterinary medicine profession. We use data from two unique sources that allow demand estimation by companion animal type and lets supply vary by practice type. The results here suggest that low income growth, relative to doctors and dentists, may be from allowing supply to outpace demand for veterinary services.
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Neill et al. (2018) studied this question.
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