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W W W. M A I N E B I Z . B I Z 15 S E P T E M B E R 1 8 , 2 0 2 3 H E A L T H C A R E / W E L L N E S S Pet care's 'long runway' e global animal health market, valued at around $58.7 billion in 2022, is expected to expand at a compound annual growth rate of 8.8% from 2023 to 2030, according to Grand View Research Inc., a San Francisco-based market research and consulting firm. Factors driving that growth include robust consumer spending on pet prod- ucts and services, as detailed in a June report by ValuePenguin, a research and analysis firm owned by LendingTree. Out of nearly 2,000 people surveyed, three out of four spend an average of $1,507 a year on medical care for their non-human charges. About the same percentage said they would spend much more and even take on debt if it meant saving their fur baby's life. e same report shows that three- quarters of Americans own at least one pet, and that those without children spend more on their pets than those with children, shelling out $2,334 a year on Fido and Morris. Jon Ayers, an IDEXX board member who ran the company for close to two decades, is bullish on the sector. "e pet care market has a huge total address- able opportunity and a long runway of growth ahead," he says. IDEXX growth IDEXX's runway goes back to 1983, when veterinarian David Shaw devel- oped a diagnostic test for cows, pigs and chickens and started a five-person company in rented space at the Portland Co. on Portland's East End. Today, IDEXX (Nasdaq: IDXX) has a global reach, supplying diag- nostic and software products to more than 50,000 veterinary practices Your goals. Your vision. Your success. Our focus. At Dentons, we are here to help you grow, protect, operate and finance your organization. Local. National. Global. Wherever you need us. dentons.com © 2023 Dentons. Dentons is a global legal practice providing client services worldwide through its member firms and affiliates. Please see dentons.com for Legal Notices. Grow | Protect | Operate | Finance Hannah King Partner Andrew Helman Portland Office Managing Partner Malina Dumas Senior Managing Associate Kate Drabecki Shareholder Kyle Smith Associate C O N T I N U E D O N F O L L OW I N G PA G E » F O C U S P H O T O / C O U R T E S Y O F J O N AY E R S The pet care market has a huge total addressable opportunity and a long runway of growth ahead. — Jon Ayers IDEXX board member and former CEO Jon Ayers, board member and former CEO of IDEXX