Even our four-legged friends tend to get older and older. This is being provided by ever-increasing medical care for both domestic and domestic animals. Insight into the billion markets.
When it comes to pets, we Swiss spend – despite changes in consumer behavior, rising health insurance premiums and strong francs. According to official statistics, we spend over one billion francs a year on our pets.
And when four-legged friends get sick, the wallet sits very lightly: Experts estimate that domestic animals in this country will swallow 90 million francs every year – and that is on the rise. Not surprisingly for this reason, the pharmaceutical industry has been coming to the dog for several years.
Artificial hook for 5000 francs
Unlike a few years ago, today there are not only parasite medicines or vaccines, but animal hypertension drugs, diabetes, diet juices or psychotropic medications for mentally unstable four-legged friends. If the dog is sad, if the master or mistress is out of the house, old Prozac can be mixed with the added taste of beef in the bowl.
The business of veterinary medicine is lucrative and flourishing. According to market observers, the total amount of pets is up to $ 10 billion. Livestock should be around $ 20 billion.
It shares six players in the market, including Zoetis, Boehringer Ingelheim and Elanco. Compared to the entire pharmaceutical industry, volume is not high, but the market is constantly growing by about four percent, the NHS reports.
The pharmaceutical market is particularly interesting for returns; This is often more in the veterinary field than in the traditional business.
This is because the medicines need to be re-approved, but most manufacturers can rely on research already done on humans. This ensures a good margin. According to research by consumer magazine Kassensturz, animal medicines often cost much more than exactly the same preparations for humans.
Medical technology manufacturers are also playing to the market. Because where a dog affected by cancer was previously euthanized, nowadays, doctors are fighting chemotherapy and radiation for a pet. There are new high-tech diagnostic devices, diapers for dog babies and bitches, all of which have their days like mistresses, contact lenses for visible animals, or artificial flanks for 5,000 francs.
Between 125 and 750 francs of health insurance premiums
Willingness to Pay Pet Owners Invites Other Players to the Plan: Because cat dental infection quickly coincides with books up to 1,000 francs, health insurance companies offer insurance for four-legged friends.
According to Comparis Comparison Service, the annual premium for a one-year-old dog ranges between 125 and 750 francs. Not only are veterinary expenses borne, but also homeopathy, acupuncture or shiatsu for animals.
For the money invested, the owner gets a lot of love for the animals, but also something else back: Studies have shown that pets have a positive effect on the health of their owners. Pet owners generally go to the doctor less often, suffer from high blood pressure less often and are more resistant to stress.
Expect further growth
Industry experts now expect further growth in the sector: as predicted, the number of four-headed households in Western households is likely to continue to grow. Currently, every other Swiss has a pet. Since the turn of the millennium, only the cat population has grown by almost a third to 1.6 million. And the growing generation is considered a very beloved animal.
The growing middle class of the western world wants to see their four-legged friends and take good care of themselves. As a result, four-legged friends live longer – according to pharmaceutical manufacturer Elanco, increasing their lifespan by up to 20 percent. This in turn leads to a longer duration of therapy and thus again increases the demand for medicines and supplies. As with our people.
In addition, another factor should be contributing to the growth of the pet food sector, as the NHS writes: In emerging markets, more and more people are eating more meat. As a result, demand for livestock medicines is increasing.