SOURCE: Kalorama Information
NEW YORK, NY--(Marketwire - Jul 12, 2012) - The $1.5 billion animal testing market was driven by one factor more than any other in 2011, according to Kalorama Information: high-income earners spending more on care for their pets, including veterinary test products. The healthcare market research publisher estimated testing revenues for food animals as well as testing performed on pets. And it is those consumer animal sales that are driving growth, according to Kalorama Information's just-released report: "World Market for Veterinary Diagnostics."
The report indicates that U.S. consumers are spending generously on their pets' health and wellness, and they are the key driver of continued market growth for veterinary practices and suppliers of premium instruments and chemical reagents that are used in lab tests. Consumers in Europe and the rest of the world generally spend less on companion animal healthcare. The highest historical rates of growth for the veterinary testing market were built upon the diagnostic industry's rollout of platforms and products geared towards wellness care and preventative visits, but the resonance of such developments were in part muted by the recession. However increased spending by higher income households in the U.S. is ensuring that there are continued growth opportunities for companies in the field.
"Most notably, households in the United States with $70,000 or more in annual income have dramatically increased their share in the veterinary services market over the past decade," said Emil Salazar, Kalorama analyst and author of the report. "This affects both instrument and reagent sales, as veterinary tests are ordered and performed, and explains the resilience of the companion animal diagnostics market in the face of several negative indicators in the overall veterinary services market, including practice visit and laboratory testing volume losses."
Future market growth through 2017 will be hindered by the incomplete recovery of consumer markets in the United States and Europe. And later, the growing saturation of analyzers among veterinary clinics will be another challenge.
The report, World Market for Veterinary Diagnostics, provides more information including breakouts for various segments of veterinary diagnostics, and discussions of trends in the industry. Profiles of key competitors are also included.
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog.