At 63 per cent, Australia has one of the highest incidences of pet ownership in the world, with an estimated 25 million pets in the country. With more pets living in Australia than people, it is clear that pets are an extremely important part of our lives.
Due to our changing lifestyles, advances in veterinary medicine and increased choices in products and services, pet owners are spending more on their pets, despite the dog and cat population slowly declining.
The pet product and accessory market, which includes healthcare products and medicines, is estimated to be worth over AU$1.6 billion. Additionally, pet owners spend approximately AU$1.7 billion each year on veterinary services.
There are many opportunities for research in the animal health sector, such as pet obesity, pancreatitis and diabetes. LSQ Member, Elanco, has “established itself as an innovator in the companion animal health sector”, helping pets live longer, healthier and higher-quality lives through the development of a range of innovative products.