Companies are enhancing pet ownership and quality of life by creating digital devices, novel services, and pet-related applications. This includes pet health and monitoring devices, pet genetics services, social media applications designed for pets, pet care and dog walking applications, pet food delivery services, and various digital devices intended for pet care.
A new book, Pet Nation, tries to answer that question. It's written by Mark Cushing, the founder and CEO of Animal Policy Group, an pet advocacy organisation. Cushing argues America has witnessed nothing short of a pet revolution. It "could be the first revolution in history in which the oppressors voluntarily stepped aside for the oppressed," he writes.
Article continues after the sponsor's message "Every element of pet culture has changed: from food to boarding, medicine, play, shelters, sleeping, training, travel, surveillance, getting lost, getting found, to the number of pets in the United States, now more dogs and cats than Americans ever imagined was possible," Cushing writes. It's a change supporting around 1.3 million American jobs, from pet-food testers to adoption counsellors to veterinary oncologists.
As demand for veterinary care rise, pet retailers are inching into health care .it’s that pet health care will be key to whether the companies can grow and make higher profits over the longer term.
The retailers investing heavily in pet health when the pandemic-fueled pet boom saw 23 million American households welcome a new animal into their homes. The boom turned the overall U.S. pet market into a $123.6 billion dollar powerhouse in 2021, and it’s expected to grow to $200 billion by the end of the decade, according to the American Pet Products Association and new research from Bloomberg Intelligence.
Pet health care – and the high margins that come with it – is a crucial component to that overall market and is driving the growth in spending in the U.S.
North America Dominates the Global Animal Healthcare Market
North America held the largest market share in 2021. This region has the maximum number of pet owners and a wide range of definitive measures that the government organisation is taking. This helps the market to grow at a faster rate in this region. Also, past experience related to zootonic diseases, advanced technological advancement and enhanced veterinary Research and Development (R&D) drives the market growth in the region.
Recent Developments
The trend for telemedicine has witnessed significant growth during the pandemic. Online channels such as eCommerce are the most preferred distribution channels by pet owners for purchasing vet products and pet food.
-The economic downturn is relatively lower in animal health as compared to others. There will be a shift in business models for veterinarians in post-pandemic situations. Traditional veterinary practices generate most revenues from selling high-margin products like pharmaceuticals. However, as the adoption of telehealth has been on rising the demand for knowledge, expertise, and consulting solutions will increase
The other segment is expected to witness the fastest CAGR of 16.1% from 2022 to 2030. This segment includes other vet care products and services such as grooming, veterinary telehealth, veterinary software, livestock monitoring, and others. Growing R&D activities for the development of better and more efficient products are anticipated to boost the market for animal health. Besides, market growth is driven by the growing prevalence of diseases among companion animals, increasing focus on animal health among pet owners, growing animal health expenditure, increasing population of companion animals, rising demand for pet insurance, and the increasing number of the veterinary surgeon and income levels in developed economies
-Technological advancements in veterinary health care also drive the market for animal health, and this is anticipated to offer future growth opportunities. These advancements include the advent of efficient information management systems, animal owner mobile technology, and vaccine banks. Growing focus on innovation in animal health has given rise to certain measures that are strengthening market growth prospects
By Animal Type
Companion animal
Production animal
In coming years, the demand for livestock animals and animal health products will generate huge revenue. The major factors driving the Animal Healthcare Market are the growing importance of animal health and increasing companion animal owner awareness. Also, the increasing global population is increasing the demand for animal sources of food products. Thus, the market is expected to flourish in the coming years.
Growth Factors
The various initiatives taken up by the government have helped to boost the healthcare system for animals to a great extent. In addition, the rapid advancements in medicines and drugs, which have resulted from the constant research and development programs carried out by the key market -
Based on Product, the segment of pharmaceuticals has emerged as the largest market due to the massive demand and supply of pharmaceutical products worldwide for treating several diseases related to animals. The extensive market share held by this segment has emerged as the reason for its leading position in the market. This segment will continue its performance during the forecast period and the rapid advancements in animal-related drugs.
The pharmaceutical sector related to animal healthcare mainly deals with drugs that provide an anti-inflammatory action on the body, which is an almost common problem. The other drugs included under this segment are antibiotics and antiparasitic drugs, which physicians commonly use for treating various conditions related to animals. In addition, the rapid development of companion animal ownership emerged as a significant factor in the growth of the pharmaceutical sector, increasing the animal healthcare market.
The key market players are conducting constant research and development programs intending to introduce modern medicines into the market that have a better effect on the health of the animals and produce minimum side effects. The increasing number of collaborations and deals between the key market players for expanding their business strategies and profits has encouraged the introduction of modern medicines into the market. The segment of veterinary diagnostics has emerged as the next largest segment due to the increasing number of diagnostic equipment and procedures adopted by the healthcare sector, which has, in turn, encouraged the expenditure on animal healthcare
By Product
Veterinary Drug Market was valued at USD 24.31 Billion in 2020 and is projected to reach USD 40.75 Billion by 2028.
Veterinary Diagnostics Market valued at USD 2,183.5 Million in 2021 and is projected to reach a value of USD 3,682.1 Million by 2028. The disease diagnostics segment held the second largest revenue share of 57.9% in 2021. This is owing to the growing number of veterinary admissions in developed and developing countries for numerous diseases diagnosis.
Livestock Monitoring Market is valued at USD 1,329.1 Million in the year 2021 and is projected to reach a value of USD 2,445.9 Million by 2028.
Telehealth The global veterinary telehealth market size was valued at USD 119.6 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 17.6% from 2022 to 2030. The growing adoption of these management systems can be attributed to the steady growth in the focus on veterinary telehealth along with disease detection
The global veterinary biomarkers market size was estimated at USD 716.9 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.5% from 2022 to 2030. The increasing prevalence of chronic conditions such as cancer and cardiovascular diseases in animals fuels the demand for biomarker-based assay diagnostic kits in veterinary applications to predict disease in its early stages. The R&D activities implemented by key companies to enhance biomarker portfolios are anticipated to boost market growth. In addition, the growing companion animal population and rising pet adoption rates are other factors boosting the growth of the market for veterinary biomarkers. The production animal segment accounted for a significant share of the market for veterinary biomarkers in 2021, owing to the growing population of production animals such as cattle and livestock in developing countries such as China, India, and Japan. For instance, according to the National Dairy Development Board, the cattle population in India grew from 185 million in 2003 to 193 million in 2019. Similarly, the total bovine population increased from 283 million in 2003 to 302 million in 2019. In addition, the growing prevalence of serious infectious diseases such as tuberculosis among the production animals is a significant concern to increase numerous diagnostic approaches
Orthopaedics the global veterinary market size was valued at USD 434.01 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.5% from 2022 to 2030. Growing pet adoption, pet expenditure, chronic diseases, number of veterinarians, and pet insurance is expected to accelerate the market growth. U.K.’s dog and cat populations at around 10.1 million and 10.9 million, respectively.
A considerable number of patients have been observed who want to avoid purchasing drugs and medicines from retail pharmacies, which helps the segment of online pharmacies to show tremendous growth over the period. Furthermore, the various offers schemes provided by the online platforms for attracting potential consumers have also emerged as a significant opportunity for developing this segment under the animal healthcare category. Therefore, the part of retail pharmacies is expected to show considerable growth in the long run about the increased adoption of animals by people
Ecommerce -Chewy & Amazon
Retail - Petsmart, Petco, TSC
Veterinary hospitals and clinics (30,000 US Clinics & 20,000 European coverage with OEM’s)
Based on end-user, the segment of veterinary hospitals has emerged as the largest market as it is the most common sector visited by pet owners in the event of an injury or significant disease. In addition, the lack of drugs for animals in regular retail drugstores boosts the demand for a suitable hospital for animals. Usually, the number of veterinary services is minimal, vastly boosting the veterinary hospital segment’s growth.
The rapid improvements observed in the facilities and services provided by the hospital and clinics have attracted potential consumers over time. The availability of various services and facilities within the hospital sector makes it easier for pet owners to take care of their animals. In addition, various government initiatives have been taken to improve animal healthcare facilities. This has boosted the growth of the hospital segment considerably over some time.
Reference laboratories ( JLM preference remote diagnostic mobility onsite for both livestock and vet clinics major area of expertise)
Veterinary hospitals and clinics ( JLM has 20+ year relationship with market leader Mars which owns a 10 per cent market share )
Point of care testing ( JLM client Spinchip )
Biomarkers ( JLM major area number pending technologies )
Telehealth ( JLM with market leader Vetwand license deal on the table)
Animal Health Trends
- Telehealth with Vetwand as the main building block The global veterinary telehealth market size was valued at USD 119.6 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 17.6% from 2022 to 2030. The growing adoption of these management systems can be attributed to the steady growth in the focus on veterinary telehealth along with disease detection. The economic downturn is relatively lower in animal health as compared to others. There will be a shift in business models for veterinarians in post-pandemic situations. Traditional veterinary practices generate the majority of their revenues from selling high-margin products like pharmaceuticals. However, as the adoption of telehealth has been on rising the demand for knowledge, expertise, and consulting solutions will increase.
- POC ( Point of Care - readers ) as a client with Spinchip will complement a telehealth as an additional diagnostics tool for both champion and production animals. Complimentary with Vetwand
- Biomarkers latest adapting will be game changers as needed to make POC veterinary doable. Today human POC are not compatible with animals, especially livestock.
Veterinary Biomarkers Market Size, Share & Trends Analysis Report By Animal Type (Companion Animals, Production Animals)
The global veterinary biomarkers market size was estimated at USD 716.9 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.5% from 2022 to 2030. The increasing prevalence of chronic conditions such as cancer and cardiovascular diseases in animals fuels the demand for biomarker-based assay diagnostic kits in veterinary applications to predict disease in its early stages. The R&D activities implemented by key companies to enhance biomarker portfolios are anticipated to boost market growth.
The dog population in the U.S. was estimated at 76.8 million in 2016 which increased to 83.7 million in 2020.
Animal Type Insights
The companion animals segment dominated the market for veterinary biomarkers in 2021. This is due to the rising adoption rates of dogs, and the significant disease prevalence rates that were seen among them. According to American Veterinary Medical Association, 45% of American households owned dogs in 2020. Similarly, according to the European Pet Food Industry, nearly 88 million households in Europe owned a pet, and the cat population rate in the region was estimated to be 110 million followed by dogs with 90 million in 2020. In addition, the COVID-19 pandemic has encouraged most people in the world to adopt companion animals for psychological comfort.
The production animal segment accounted for a significant share in the market for veterinary biomarkers in 2021, owing to the growing population of production animals such as cattle, and livestock in developing countries such as China, India, and Japan. For instance, according to the National Dairy Development Board, the cattle population in India grew from 185 million in 2003 to 193 million in 2019. Similarly, the total bovine population increased from 283 million in 2003 to 302 million in 2019. In addition, the growing prevalence of serious infectious diseases such as tuberculosis among the production animals is a major concern to increase numerous diagnostic approaches.
Product Type Insights
The biomarkers, kits, and reagents segment held the largest revenue share in 2021. This is owing to the wide availability of major brands of biomarkers and test kits launched by key players in the market. The veterinarians prefer sensitive and accurate disease diagnostic approaches using biomarker test kits to understand the disorder's progression and to provide specific treatments targeting the biological indicator of the disease.
North America held more than a 35.0% share of the market in 2021
Europe region held the second-largest revenue share in 2021. The growing demand for the proper and timely diagnosis of numerous diseases and pet humanisation in developing countries like India are further boosting the growth of the market for veterinary biomarkers.
J Lyons Marketing Clients
As Medwand telemedicine devices can be designed at very low price prices as the development on the human side is complete.
-A game changer in virtual telemedicine that can be customised for the veterinary market after six years of development for the human side. A strategic play by adding an animal healthcare telemedicine platform that can do animal check-ups, specifically starting with dogs and cats and the equine diagnostics remotely. A monthly subscription service would be the excepted business model.
-Direct animal contact and examination are possible right through a computer covering the majority of exams
-MedWand combines many medical devices into a single, compact unit FDA 510(k) cleared includes a core temperature IR
Thermometer, pulse oximeter, stethoscope, electrocardiogram*, and ultra-high deØnition camera all in one device With Bluetooth-enabled blood pressure cuff, glucometer, spirometer and weight scale.
- The number of treatable or detectable conditions could increase dramatically in virtual telemedicine
- Immediate access to a Veterinarian could be made possible when today that doctor is hours or even days away from the patient
- Clinical trials ease of use real-time secure data remotely
-Software for nutrition balance in less than 30 seconds ( dogs & cats )
LATEST Trends :
https://www.veterinary-practice.com/article/telemedicine-a-new-frontier-for-veterinary-clinics
Our Remote clinic configuration is perfect for this. https://www.medwandsales.com/products
SPINCHIP DIAGNOSTICS
HOFFSVEIEN 21, 0275 OSLO, NORWAY WWW.SPINCHIP.NO
SpinChip Diagnostics is developing a game-changing and proprietary platform for in vitro diagnostics point-of-care analyses. The platform will make it possible to perform a broader range of analyses using one platform and to transfer analyses from central laboratories to the point of care without loss in quality. All investigations are completed within a few minutes based on a fraction of a droplet of blood and at a unit cost significantly lower than other point-of-care platforms. Our initial focus is on rapid cardiac markers with troponin-i (a marker for myocardial infarction) as the pilot application. Now transforming human diagnostics to Animal Health diagnostics for both a champion and production.
company presentation
Vistin Pharma
ASØstensjøveien 27P.O. Box 6735 Etterstad NO-0609 Oslo Norway
A Pure Play Metformin for Animal Health - Premium Manufacturer with ~10% Global Market Share
A Global API producer of Metformin HCl, supplying 10% of the world's demand for treating Type II Diabetes. European High-Quality producer with a fully automated manufacturing plant in Norway
Dedicated & fully automated manufacturing site in Norway with 5500 MT Metformin API
capacity
Ongoing expansion project increasing capacity to 7000MT during 2023
>60 years' experience in Metformin manufacturing
Long-term collaboration and sales to global multinational pharmaceutical companies
Certified by all significant international regulatory bodies
presentation
SPARATECH IV
St. Davids, PA
A stealth firm at R & D stage enhances snacking of periods longer than fifteen minutes and the goal to go thirty minutes. A good dog toy will amuse your dog for a little while, but a great dog toy will keep them busy for hours at a time. Choosing the perfect dog toy is about finding something your dog likes that will stand up to some rough play. Not all dog toys are created equal, and each dog has their own unique preferences.
The best dog toys for chewing, chasing, fetching, treat dispensing, and playing tug. Fun for dogs of all ages, Sparatech IV is designing a versatile, durable, and affordable interactive dog toy
R & D testing revealed that “special” pockets make it easy for dogs of any size to enjoy this toy. Whether you need a toy to keep your dog entertained while you are away or something to help them get a little bit of extra exercise, this is the toy to choose. Pros: Affordable price, great for dogs of all ages, keeps your dog entertained, can be used indoors and outdoors, no set-up required, easy to clean.
JLM research assistants: Colby (Lab) and Zoey (Long Hair German Shephard)
