Pet owners and pets are becoming increasingly close, optimizing demand for pet health products.
FREMONT, CA: Pet owners and their pets have a stronger bond than ever, putting more pressure on pet health products and services. The pet health industry thrives on innovation due to today's pet owners' diverse needs and high expectations. Future trends in pet health will impact the industry in the following ways;
The demand for wellness and preventive care products is on the rise
Preventive care compliance is low compared to human health care in the pet health space. Pet owners are generally not consistent with routine wellness checkups, blood tests, or other annual preventive care services for their pets, despite efforts by veterinary professionals to educate them. This is an opportunity for growth.
There is a growing demand for wellness products and services among pet owners who want to keep their pets as healthy as possible. Providing pets with a high quality of life is also a priority for pet owners. Pet owners can now learn about their pets' unique needs and avoid potential health risks through products like DNA testing kits and wearable tracking technology. The next five years may see pet owners shifting from reactive care to proactive care, which could become standard practice.
The shift from private ownership to public ownership of veterinary clinics
Private veterinary practices make up approximately two-thirds of the US veterinary population, with large corporations and institutions making up the other third. In recent years, fewer clinics had become privately owned than when most were independent. Veterinarians of the next generation are driving this trend; their passion is for veterinary medicine rather than business management. Their goal is to focus on providing the best care for pets rather than navigating the hassles of practice ownership. This trend is also the result of young veterinarians seeking better work-life balance, which is nearly impossible when taking on both full-time veterinarian and practice owner responsibilities. There will be an increase in the sale of independently-owned clinics in the US and consolidation between veterinary clinics.
An increase in discretionary spending by women
Pew Research Center reports that nearly 60 percent of college students are women. Female graduates with superior education and career prospects will have a greater chance of securing high-paying jobs over the next few decades. With the average age of marriage for women increasing to 28, the data illustrates a growing female demographic without family responsibilities with high levels of discretionary income.
