Animal healthcare industry demographics studied
More in demand than ever because of pets' strengthening importance in the lives of their owners, pet insurance sales are rapidly growing, but sold to a virtually untapped market, says Vsurance, Inc. Americans currently spend $41 billion annually on their pets, according to an American Pet Products Manufacturers Association study , and the number is expected to rise to $52 billion in the next two years, says Vsurance. Veterinary care will rank as one of the largest expenses.
At 141 million pets nationwide, the United States has the largest population of companion animals in the world. Though in its infancy, the U.S. market is rapidly growing and has the following demographics:
- Less than 4 percent of pets are covered by pet health insurance
- More than 62 percent of U.S. households own at least one pet, of which, 81 percent of pet owners consider the pets family members
- Dogs make an average 2.7 visits to the veterinarian each year
- Cats make an average 1.8 visits
-The average dog owner spends $261.30 per year on veterinary costs, while $156.90 is spent on cats
- Households with veterinary expenditures of $1,000 or more doubled between 1996 and 2001
- Expenditures on veterinary care exceed $18 billion per year
- 62 percent of households with incomes over $54,999 own pets
- Between 1996 and 2001, veterinary expenditures increased more than 10 percent per year
Further details of American pet owners and what they will spend on their animals are available in the DVM Newsmagazine article, Inside the Consumer Psyche , based on a recent American Veterinary Medical Association study.