Americans are spending more than ever on pets, propelling the entire industry to new heights
NEW YORK, June 15, 2021 / PRNewswire / – Dogs have always been man’s best friend, but the amount of money pet owners spend on their four-legged friends has grown dramatically over the years. In fact, over the past 10 years, the amount Americans spent on their pets has more than doubled to a whopping $ 103.6 billion in 2020. Millennials, who are the largest group in the United States, spend significantly more on their pets than previous generations on pet food, grooming, veterinary care, pet insurance, and even box sets. monthly giveaways, propelling the entire industry to new heights. The rise in pet spending has boosted companies in the industry, including LexaGene Holdings Inc. (TSXV: LXG) (OTCQB: LXXGF) (FRA: 5XS2), The Original Bark Co. (NYSE: BARK), Petmed Express Inc. (NASDAQ: PETS), Zoetis Inc. (NYSE: ZTS), and Aon PLC (NYSE: AON).
With the cost of pet care on the rise, there are several factors that should be considered for your furry friend. These include the basics such as food, shelter, nutritional supplements, hygiene, and routine check-ups with a veterinarian. LexaGene Holdings Inc. (TSXV: LXG) (OTCQB: LXXGF) (FRA: 5XS2) is a molecular diagnostic company that develops molecular diagnostic systems for the detection of pathogens and genetic tests for other molecular markers for rapid on-site testing in various fields, including veterinary diagnostics. LexaGeneMiQLab for Veterinary Diagnostics is a genetic analyzer designed to perform real-time point-of-care veterinary diagnostic testing, allowing veterinarians to quickly diagnose and determine what caused your pet’s illness compared to conventional long-term practices. The MiQLab, which is equipped with a bacterial and AMR test, detects the seven most common bacterial pathogens as well as 13 different antimicrobial factors and returns the results in about two hours.
In May, LexaGene hired several experienced veterinary representatives to support the launch of their MiQLab in this lucrative market, where competition for the detection of pathogens in hospital settings is virtually non-existent. Less than a month after expanding their sales team, LexaGene announced two purchase orders for its MiQLab system and may have more after generating “multiple MiQLab sales leads from the ACVIM forum”, which the company participated in last week. The first purchase order came from Denver Animal Emergency, which has been using the system for several months as part of the early access program.
“We compared the accuracy of the MiQLab to the results generated by the culture and the concordance was so high that we found that we run MiQLab more often than we send samples for culture.” said dr. Andrew Pierce, owner and medical director of Denver Animal Emergency. “The MiQLab identifies not only the most common pathogens, but also many common antimicrobial resistance factors. Knowing this information soon after seeing the animal has boosted our confidence that our prescribed therapies will effectively treat the infection, even if it is resistant to some antibiotics. Our vets loved it so much and our customers are getting better care, so it was an easy decision to purchase the system. “
A week later, LexaGene ad closing a sale at the Alpine Veterinary Hospital, which provides a wide range of services including emergency and orthopedic surgeries in the Bay Area California.
“We are delighted that the Alpine Veterinary Hospital sees that the future of animal care begins with the MiQLab system”, mentionned LexaGene CEO and Founder, Dr. Jack regan. “We continue to gain momentum in the veterinary health arena as we generated several MiQLab sales leads through the ACVIM forum, which we attended last week, and through the hard work of our dedicated sales team. . “
Otherwise, LexaGene recently announced its partnership with Ethos Discovery to expand the test menu offerings that can be run on the MiQLab ™ system. Ethos Discovery, which was an early adopter of MiQLab technology due to test coverage included in LexaGene’s first validated panel, now wants to expand MiQLab use cases to help diagnose other diseases. .
Pet inventories continue to bolster sales revenue
The Original Bark Co. (NYSE: BARK) is a company known for its subscription service which includes dog food, toys and other dog products. The leading brand for dogs is a merger between specialist acquisition company Northern Star Acquisition Corp. and Barkbox Inc. With its subscription service, To bark serves more 1 million dogs on a monthly basis and is approximately valued at $ 1.6 billion. Continuing the trend of advanced pet care, the subscription service is another example of an innovative business among millennial pet owners.
Petmed Express Inc. (NASDAQ: PETS) recently announced its fourth quarter and full year results, showing an 18.4% increase in net income as well as a 9.7% increase in order sales. The president and CEO commented on the company’s unexpected success earlier this year and said the increase in demand for e-commerce was partly due to the global health crisis, but also predicts the need for care. important for pets.
Global animal health company, Zoetis Inc. (NYSE: ZTS), builds on its history of supporting animal keepers. The company also reported its 2020 sustainable development report and expressed its commitment $ 35 million over the past 5 years through its creation, the Zoetis Foundation. The foundation aims to advance opportunities for veterinarians and farmers.
For a pet owner, pet insurance can be a high cost to bear, but it is also crucial for them because it ensures that the animal is healthy and well cared for. Aon PLC (NYSE: AON), the world’s largest insurance broker with more than $ 30 billion in assets, is a majority owner of Healthy Paws, a leading U.S. insurer that was recently voted number one in America.
As the animal health industry continues to thrive, experts predict growth like never before. The market value is expected to reach figures twice as high as its present value in the next few years. In addition, companies like LexaGene Holdings produce innovative devices that will also be part of a veterinarian’s daily routine.
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