Florida has a large and growing presence in the booming market for animal health products and services. And it’s well positioned to take on an even bigger role in this exciting industry. Florida, after all, has a long history in agriculture and an expanding selection of veterinary clinics serving pet owners statewide. Add to that the University of Florida’s reputation as a highly regarded source of both veterinary training and research, and it’s no surprise that the state has become a prime destination for animal health product developers and service providers.
The global animal health market is worth around $23.9 billion per year and has been growing at an annual rate of 4%. Almost half of that value is in the Americas, with just under a third in Europe (see Figure 1). About 62% of those dollars are spent on pharmaceuticals, 26% on biotechnology products and 12% on medicinal food additives. Three-fifths of the global animal health spend is on food animals, but as the popularity of pet ownership increases around the world, the companion animal health sector is projected to grow significantly.
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