Global Veterinary Industry
The global veterinary industry encompasses various veterinary health products such as biologicals, medicated feed additives and veterinary pharmaceuticals. Animal health product ranges are becoming more extensive, now including metabolic drugs, anti-infectives, reproductive aids, feed additives, vaccines, imaging diagnostics, topical solutions and parasite controls, reports TriMark Publications. Products used to treat chronic illnesses including cancer, cardiovascular disease and osteoarthritis, also fall into this market category.
Pet owners are spending more and more on caring for their pets’ health. In the US, consumer spending on domestic animals is forecast to reach $33 billion in 2014, according to research from Freedonia. Pet health product demand at the manufacturer level is expected to rise almost 6% yearly to reach $5.5 billion in 2014.
Market growth will be fuelled by an expanding pet population and changing attitudes that see owners treat their pets as companions or family members. Due to this new trend, the pet health market has fared the economic recession well, with owners reluctant to cut back on pet spending.