Human Animal Bond Leads to Growth in Veterinary Services
The veterinary services segment of the pet industry has grown 5% in 2014 to $23 billion in revenue.
The human-animal bond has been well documented of late and is a big reason the pet industry continues to hit new highs year after year, according to Packaged Facts, a Rockville, Md.-based market research firm.
That bond also is a major reason why the veterinary services segment of the pet industry is on fire, growing 5 percent in 2014 to $23 billion in revenue.
In a yet-to-be-released report, U.S. Pet Market Outlook, 2015-2016, Packaged Facts estimates that veterinary services (and pet products sold through veterinary clinics) is the pet industry’s second-largest segment and expects the segment’s compound annual growth through 2019 to be 5 percent.
The strong bond between people and their pets has led to advances such as human-grade pet food and utilizing human-grade medical equipment and services on pets.
Increasingly pet owners are willing to lay out the cash for expensive veterinary procedures, reports Packaged Facts, citing the recent opening of John Hopkins University’s Center for Image-Guided Animal Therapy as evidence of this trend.