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Byline: MARILYN MUCH
At a time when Americans seem more health conscious than ever, they're also paying more attention to the wellness of their pets.
U.S. sales of pet care services rose 6.4% to $16.1 billion in 2003, according to the latest data from Packaged Facts, a market research firm. Sales are expected to grow at an annual rate of 7% over the next few years, hitting $22.2 billion in 2008.
The bulk of those sales will come from spending on medical care. Veterinary services account for about 75% of pet care services revenue, which also includes grooming and boarding, says the research firm.
VCA Antech is cashing in on this trend. The company owns and operates the largest network of free-standing veterinary hospitals and veterinary exclusive clinical labs in the U.S.
For nine straight quarters VCA has posted double-digit sales and earnings growth.
The company can thank the fact that consumers have become better educated about pet wellness and preventive care, says Chief Financial Officer Tomas Fuller. The more educated the consumer, the greater demand for veterinary services.