Veterinary Pain Management Market Scope
Veterinary pain management market 2020 will be able to secure a CAGR of 6.46% between 2020 and 2027 (review period), asserts MRFR (Market Research Future). MRFR also confirms that the market size can touch USD 4,582.8 Million by 2027. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
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Key Drivers and Barriers
Pet adoption worldwide is on full swing, while awareness with regard to efficient pet care has risen as well; which are expected to favor the veterinary pain management industry. Large-scale spending on technological innovations could give rise to attractive opportunities to renowned players over the forthcoming period. The American Veterinary Medical Association reports that in 2017, close to 68% homes in the US consisted of pets. In addition, APPA or American Pet Products Association reveals that the same year, the overall expenditure of the pet industry touched USD 69.4 billion and should continue to surge in the coming years. These numbers could mean lucrative prospects for the top companies in the ensuing years.
Increase in government-led initiatives that spread awareness regarding animal health can also benefit the veterinary pain management industry in the near future. To cite an instance, European External Action Service (EEAS) says that the European government spent close to USD 4.7 million on animal healthcare in 2016. Apart from this, the expanding pool of veterinary practitioners, the high income of people in developed nations, growth in animal diseases that cause inflammation and pain would also be favorable for the global market.
From the competitive standpoint, the market is rife with a large number of small as well as large vendors that are constantly battling for a higher business position. Many of the players are implementing growth strategies like business expansions, acquisitions, new product launch, mergers, R&D, agreements and partnerships to boost their profit margins. To illustrate, in November 2020, Animal Ortho Care launched a body lift and a shoulder support for dogs. These products will be an addition to the company’s existing EMbrace range of orthopedic soft supports. These products are primarily for dogs that either require help to get into a vehicle or are paralyzed, and are a secure and safe method to carry the pet without hurting its spine or the owner’s back.
Veterinary Pain Management Market Segmentation
Veterinary pain management market has been categorized with respect to product, animal type, application, and distribution channel.
The various products that assist in veterinary pain management are devices and medications. The medications studied in the report are opioids, muscle relaxants, A2-adrenergic agonists, local anesthetics, sedatives, nonsteroidal anti-inflammatory drugs (NSAIDs), and others. In 2019, the biggest share in the global market was owned by the nonsteroidal anti-inflammatory drugs segment, owing to the frequent new launches of innovative products and the surging preference for the same by the veterinary practitioners.
The animal types that require pain management include companion and livestock animals. The escalation in zoonotic diseases, rising expenditure in terms of animal health, and surge in pet insurance ensured companion animal segment’s lead in 2019.
Applications of veterinary pain management are cancer, postoperative pain, joint pain, and others. In the year 2019, the market leader was the joint pain segment, as a result of the expanding pool of osteoarthritis-affected animals and continuous product launches across the globe.
Distribution channels considered in the market study are pharmacies, online pharmacies and veterinary hospitals & clinics. Veterinary hospitals and clinics have been the top segment since 2019, due to the broad range of pain medications available via these settings.
Veterinary Pain Management Market Regional Analysis
Veterinary pain management market has been regionally dissected into Europe, Asia Pacific or APAC, the Americas, as well as MEA or Middle East & Africa.
The Americas has been the biggest gainer in the global market for veterinary pain management since 2019, with the key reason touted to be the expanding pool of pet owners. Introduction of innovative products along with the dramatic surge in neurological diseases among pets have led to higher spending on animal healthcare in the region, leading to market growth. Growth in veterinary practices combined with the rise in chronic disorders including osteoarthritis and cancer along with the presence of well-developed healthcare facilities could further foster the market demand in the region.
APAC can witness the fastest growth in the ensuing years, considering that the region is observing rapid expansion of pet population that suffers from a number of ailments. Moreover, several firms are striving to expand their business along with their growing collective efforts to bolster their product range while ensuing top quality standards should also work in the APAC market’s favor over the coming years.
Veterinary Pain Management Market Top Market Competitors
Chanelle Pharma Group (Ireland), Norbrook Laboratories (UK), Eltech K-Laser (Italy), Vetoquinol S.A. (France), Elanco (US), Ceva (US), Zoetis (US), Dechra Pharmaceuticals PLC (UK), Bayer AG (Germany), Boehringer Ingelheim (Germany), Assisi Animal Health (US), Merck Animal Health (US), are few of the leading competitors in the global industry.
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