Animal Health is a Growing Segment of Life Sciences Industry. What does this mean for the life sciences?
A study commissioned by United Veterinary Services Association (UVSA) and Animal Policy Group (APG) revealed that not only does the higher rates of pet ownership increase the need for animal health products; but also, increases the likelihood that pet owners with a greater human-animal bond will spend more money on veterinarian services and products. Per the American Pet Products Association, US pet industry expenditures are expected to be $109.6 billion in 2021, a 21% increase over 2018.
Projecting beyond 2021, Morgan Stanley, believes “the $100 billion pet industry is poised to nearly triple to $275 billion by 2030 thanks to a surge in new owners, favorable demographics and increased per-pet spending.” Furthermore, “65% of 18- to 34-year-olds plan to acquire or add a pet in the next five years, helping drive what's expected to be a 14% increase in pet ownership by 2030,” furthering the need for animal health products.
Learn more about Medmarc's combined coverage options for your Animal Health/Veterinary medical supplies companies.
Claims Case Study:
This case involves an equine dewormer used by a horse breeding operation. Fifty-four horses deceased shortly after use of the product, and their owner alleged over $2 million in damages in a products liability lawsuit against the manufacturer of the dewormer. Ultimately, this claim cost the manufacturer $674,000.