Rockville, MD, November 05, 2010 --(PR.com
)-- MarketResearch.com has announced the addition of Freedonia Group Inc’s new report “Pet Health: Products & Services” to their collection of Healthcare market reports. For more information, visit http://www.marketresearch.com/product/display.asp?ProductID=2750188.
Consumer spending on pet health products and services in the US is expected to reach $33 billion in 2014. Manufacturers’ level pet health product demand is forecast to increase 5.8 percent per year to $5.5 billion that year. Gains will be driven by a growing pet population and, more significantly, the ongoing trend toward humanizing companion animals. Advances in veterinary technology will also drive pet health spending.
The perception of pets as family members has made pet health a traditionally “recession-resistant” industry. Although somewhat impacted by the recession that began in December 2007, according to Freedonia, spending on pet health has shown fairly steady growth over the last decade and will improve as pet owners are more able to afford expenses as the economy recovers. Preventive products, such as dietary supplements and certain parasiticides, have shown especially good growth recently, and will continue to do so. Among product types, pharmaceuticals overtook parasiticides as the largest demand segment in 2009.
Increased spending on pet health has lengthened the expected lifespans of many companion animal species. Concurrently, incidences of age-related medical conditions (e.g., arthritis, cancer) have also grown. Weight-related conditions (e.g., diabetes, heart disease) will also lead to rising demand for products and services, as nearly 40 percent of pets are overweight or obese. In order to better afford these treatments, more owners will purchase pet insurance policies, with revenues expected to continue growing at double-digit annual rates.
Although cats represented the largest segment of the pet population, spending on health care products for dogs accounted for a disproportionate 68 percent of the total in 2009. Spending will remain larger on dog care products, as dogs’ greater time spent outdoors increases their exposure to environmental hazards, and dogs are more susceptible to certain medical conditions, such as heart disease. However, research and development on more cat-specific health products will increase cats’ share of the market going forward.
For more information, visit http://www.marketresearch.com/product/display.asp?ProductID=2750188