SOURCE: MarketResearch.com

MarketResearch.com

September 07, 2010 09:31 ET

US Pet Health Spending to Reach $33 Billion by 2014

ROCKVILLE, MD--(Marketwire - September 7, 2010) -  MarketResearch.com has announced the addition of Freedonia Group Inc's new report "Pet Health: Products & Services" to their collection of Healthcare market reports. 

Total spending on pet health products and services is expected to advance 6.5 percent annually to $33.1 billion in 2014. At that time, there will be over 200 million pets in the US and 62 percent of households will own at least one. The US pet health industry is comprised of products and services intended to promote the health of companion animals, including cats, dogs and other animals such as birds, small mammals, and reptiles and amphibians. These and other trends are presented in "Pet Health: Products & Services," a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.

Surgical and non-surgical veterinary care will continue to see technology transfer from human medicine, such as in cosmetic surgery, dialysis and organ transplant procedures. Newly available services typically cost significantly more than established procedures, adding to revenue gains. Pet insurance will continue to see the fastest demand growth of all pet health products and services, rising nearly 17 percent per year through 2014. While penetration rates will remain low, both the percent of insured pets and overall insurance revenues will double by 2014. At the retail level, consumers are forecast to spend $11.7 billion on pet health products in 2014. On-line pharmacies and pet superstores will continue to gain market share over veterinary practices due to cost savings. Retail sales of pet products have proven to be fairly recession-resistant, and will advance 5.2 percent per year from 2009 levels. At the manufacturers' level, pet health product demand is expected to increase 5.8 percent annually to $5.5 billion in 2014. The fastest gains will continue to be in demand for dietary supplements due to an ongoing focus on preventive health care.

Further contributing to growth will be increases in age- and weight-related medical conditions among pets, such as arthritis, diabetes and obesity. Treatment of these and other conditions will provide opportunities for anti-inflammatories, insulin and prescription food, among other products. In 2009, pharmaceuticals overtook parasiticides to account for the largest share of demand in the pet health product market, with 34 percent of the total. Fast increases will be seen in dietary supplements, following trends in human markets and benefiting from widening retail availability.

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