5-year plan for growth in veterinary medicine
The pet industry is expected to grow—recession or not—in the next five years, according to market research firm IBISWorld. And the biggest recipient of dollars spent will be veterinary medical services. Veterinarians and the veterinary industry are expected to see average growth of 4.3 percent per year in the next five years. Also expected to grow are pet food production, pet grooming and boarding, and pet stores.
Fueling the growth, according to IBISWorld's senior analyst George Van Horn, is Americans’ treatment of pets as family members as well as greater pet ownership. IBISWorld says the population of cats and dogs as pets has increased 2.4 percent from last year to 169 million.