When it comes to medical treatments to deworm Rover or get pain relief for arthritic Whiskers, pet owners spend generously. On average, US pet owners pay as much as $500 annually for health care for their dogs and cats. People in the 45- to 54-year-old age bracket who earn upwards of $50,000 a year have been willing to spend $935 or more annually to care for Fido and Fluffy.1
"The role that pets play in the lives of people is becoming increasingly important, as is the additional money they are willing to invest to treat the same kinds of diseases that afflict people," says Ron Phillips, vice president of the Animal Health Institute in Washington, DC.
This animal amour means jobs galore for life scientists. The US market for pet products and services is expected to reach $35.8 billion by 2007, according to consulting firm McKinsey &...