As luxury pet hotels spring up across the land and talking dogs on TV advertise everything from tacos to used cars, it's obvious that America's love of animals has reached a fever pitch.
It may come as no surprise then, that U.S. consumers will spend an estimated $38.4 billion on their pets in 2006, according to the American Pet Products Manufacturers Association. But while designer collars and doggie day-care are all the rage, the majority of pet-related spending is for health care, an area that is becoming broader and more expensive as the health equipment and technology traditionally used for humans is extended to animals.
For example, just a few years ago a diagnosis of cancer was a death sentence for a dog or cat. Now, radiation and chemotherapy are available and routinely prescribed. A veterinary hospital in Pennsylvania even specializes in cat kidney transplants, for which there is a waiting list, even though the procedure costs more than $7,000.
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