Animal Health Industry Logs Impressive Growth in Recent Years

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 value and role that the companies that produce animal medicines play in the U.S. economy and beyond.

As other industries struggled because of COVID-19 restrictions and supply chain disruptions, the animal health industry made gains propelled by the human-animal bond, increased global focus on zoonosis's impact on public health and food security.

"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 Dr. Nam Pham, Managing Director of NDP Analytics. "Furthermore, 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."

With nearly $14 billion in sales of medicines at home and abroad, the U.S. animal health industry directly supports 24,094 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 other industries such as veterinary services, animal production, meat and dairy production, and pet services. When combined with animal health, these industries generated $608.1 billion in output 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, AHI President & CEO. "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."

In the wake of the COVID-19 pandemic, the social benefits of healthy animals have been amplified, with animal health products protecting the health of the pets who improve the mental and physical wellbeing of their human caretakers. Additionally, 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.

Source: USAgNet