According to a new study by Fortune Business Insider, the need for pet healthcare has been rising across the world, which has provided a boost for the pet healthcare industry. The study predicts that this rise will continue into the next decade and also discusses what factors are influencing growth in the pet healthcare industry.
Key Takeaways
- An increase in pet ownership in recent years has resulted in a boost for the pet healthcare industry.
- The survey expects that the largest area of growth in the pet healthcare market will occur in North America.
- Brands are turning to strategic partnerships and new product launches to stand out from competitors.
Why Is the Pet Healthcare Industry Growing?
One major factor in the growth of the pet healthcare industry is the rising number of pet owners. More people now own pets than before, especially dogs. Dog healthcare makes up the largest portion of the pet healthcare market. Alongside more people owning pets, there are now more pet healthcare products available for people to purchase for their pets. These include over-the-counter products as well as veterinarian-administered vaccines and medications.
Are There More Health Risks for Pets?
The report states that there is an increasing rate of illnesses in pets worldwide. Because there are more diseases and also more pets, the pet healthcare industry has expanded both the number of pet healthcare facilities and the number of veterinarians. On top of that, there are more preventative healthcare products available for pet owners to purchase. These products include things like oral chews and animal feeds.
Where Will the Pet Healthcare Market Grow the Most?
The survey expects that the largest area of growth in the pet healthcare market will occur in North America. It’s here that they anticipate the largest market penetration of healthcare products, ranging from over-the-counter health products such as oral chews and feeds to actual medical care from veterinarians, including vaccines and treatments. In Europe, the pet healthcare market is also expected to rise, but in particular in the area of minimally invasive diagnostic procedures. In Asia, the Pacific region, and South America, the area of the greatest growth will most likely be disease prevention.
How Will Pet Healthcare Vendors Stand Out?
Across the entire pet healthcare industry, there are many companies competing to sell products, medicines, and services to pet owners and veterinarians alike. This means that competition between companies in the same industry can be fierce. Any company wanting to succeed in the pet healthcare market will need to find a way to stand out amongst its competitors. Many are focusing on launching new products and also collaborating strategically with other brands in order to stand out.
How Will the Rise in the Pet Healthcare Market Affect Pet Owners?
For the most part, the increase in the pet healthcare industry may benefit pet owners. There will be easier access to veterinary services, more pet treatments available, and more products that they can buy for their pets. However, with increased production and more products available, the market reports warn that companies may have more product recalls with the higher volume being produced.
