The animal health industry has many difference facets and each of them is fascinating. Working and understanding the various sectors of animal health is what makes my job so interesting.
Here are some highlights form an interesting article:
“57% of U.S. households owned a pet in 2016, according to the American Veterinary Medical Association—but dogs and cats are also living longer and are being treated more like humans by their owners in terms of medical care”
“Last year, U.S. pet owners rang up an estimated $15.5 billion on over-the-counter medicine and supplies, more than double $6.2 billion in 2001, says the American Pet Products Association”
“The global animal-health industry is projected to grow at a 5% compound annual rate from 2017 to 2023”
“Health care for animals has certain advantages over health care for humans. The industry doesn’t have to contend that much with pricing pressure from insurance companies, as most medical expenses are paid out of pocket. Although more pet insurance is becoming available, it’s not widely used just yet “
“The livestock business boils down to feeding more people as they become wealthier and eat more meat”
“The livestock side of animal health, meanwhile, hinges on protein production, whether it is milk, cheese, beef, poultry, pork, or fish. It’s tied to global population growth and evolving palates, as the middle class expands, particularly in developing markets. “