Pet health spending to go up, but pharmacy revenue to decrease
U.S. spending on pet health to hit nearly $30 billion, but veterinarians' share of the drug market to fall.
With $28.9 billion in pet health spending projected for 2011, veterinary practices will see growth in everything but pharmacies, according to a new study from The Freedonia Group, a Cleveland-based industry market research firm.
Better veterinary medicine thanks to advances in human healthcare-dialysis, organ transplant, MRIs-is partly responsible for the rosy outlook. Also, pets' increasing longevity means new preventive care products, anti-inflammatories, insulin, and weight loss agents will become top-of-mind for clients. Veterinary practices with pharmacies, however, will continue to weaken between now and 2011.
Parasiticides will continue to dominate the market and more pharmaceuticals will appear, but wider availability through the Internet and retail outlets will bring down prices. The study also predicts that dietary supplements for pets will see big gains.
