Report: Animal health industry logs impressive growth
by Katie Pfaff
A new study from NDP Analytics, “The Economic and Social Contributions of the Animal Health Industry,” details the growth of the animal health industry over the past three years and documents the role that the companies that produce animal medicines play in the U.S. economy and beyond.
In addition to the benefits of owning pets, animal health products like vaccines and medicines improve food safety and availability by reducing disease outbreaks in food-producing animals and reducing instances of foodborne illnesses, according to the news release and report from NPD Analytics.
"The animal health industry's essential work to improve the health of more than 10 billion companion and food-producing animals has concrete, far-reaching benefits to the economic and social fabric of our country," said Nam Pham, managing director of NDP Analytics. "Strong demand for U.S. animal health products in foreign markets led to more than $2.5 billion in animal health exports in 2021, which supports American jobs."
Sales of medicines domestically and internationally reached $14 billion, and the U.S. animal health industry supports more than 24,000 jobs and accounts for more than $1.6 billion in wages and $1.5 billion in taxes. Animal health products also contribute to the economic activity of veterinary services, animal production, meat and dairy production and pet services. When these sectors are combined, the industries generated $608.1 billion and more than 1.5 million jobs in 2021.
"With nearly 70 percent of U.S. households owning pets, it's undeniable that animals are fully integrated into our daily lives," said Alexander Mathews, president and chief executive officer at the Animal Health Institute, which commissioned the study. "The business of keeping those animals healthy – which also helps keep humans healthy – is a meaningful economic driver in every state in the U.S."
The full study can be viewed online.
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