Driven by high income US consumers spending on pets, the veterinary diagnostics market exceeded $1.5 billion in 2011, according to Kalorama Information. We estimated testing revenues for food animals as well testing performed on pets. But it is those consumer animal sales that are driving growth, according to our just-released report: World Market for Veterinary Diagnostics.
The report indicates that U.S. consumers spending the most generously on their pets’ health and wellness. Households in the United States with $70,000 or more in annual income have dramatically increased their share in the veterinary services market over the past decade. The key driver of continued market growth for veterinary practices and suppliers of premium instruments and products is increasing standards for care of companion animals and the role of diagnostic analysis adapted from the field of medical diagnostics. Consumers in Europe and the rest of the world generally spend less on companion animal healthcare. According to the report, the recession hurt companion animal spending broadly but high income families will increase their share of spending and this in turn drives testing reagent and instrument sales to veterinary laboratories.
“Increasing standards for care of companion animals is driving growth,” said Emil Salazar, Kalorama analyst and the author of the report. “Most notably, households in the United States with $70,000 or more in annual income have dramatically increased their share in the veterinary services market over the past decade.”