Published on: May 2022
Market Trends - The number of companion animals is increasing.
Companion animal adoption has increased around the world as a result of the significant health benefits they provide, such as normalised blood pressure, fewer cardiac arrhythmias, more psychological stability, less anxiety, and improved wellbeing. The canine population in the United States climbed from 69.9 million in 2012 to 89.7 million in 2016, according to the APPA National Pet Owners Survey 2017–2018, while the feline population had a rise in number from 74.05 million in 2012 to 94.2 million in 2016. The canine population in Germany climbed from 5.30 million in 2012 to 8.66 million in 2016, according to the European Pet Food Industry Federation (FEDIAF), while the feline population again rose from 8.20 million in the year 2012 to 13.40 million in the year 2016.
World becoming a better place with better veterinary medical equipment
Animal ownership is increasing in emerging markets such as Brazil, China, India, and Mexico. The number of pets in India surged from 11 million in 2014 to 15 million in 2016, according to the India International Pet Trade Fair (IIPTF). In India, over 600,000 pets are adopted each year. Such trends are likely to boost the growth of the animal health business, which will in turn drive the growth of related industries including the veterinary equipment and disposables markets.
Costs of pet care are increasing and how it affects the market
Pet care prices have risen dramatically in the previous ten years. According to PetMD, veterinarian facilities charge between USD 250 and USD 4,500 for low-to-medium pet care, while a high-end operation costs between USD 5,000 and USD 20,000. According to the American Pet Products Association's National Pet Owners Survey 2017-2018, the average US family spent USD 731 on normal doctor and surgery visits for dogs in 2016, up 47% from a decade previously. Similarly, in 2016, cats spent USD 427 on basic doctor and surgery appointments.
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