The global veterinary pain management market is projected to reach USD 1.66 billion by 2023 from USD 1.13 billion in 2018, at a CAGR of 8.0% during the forecast period. A number of factor affect the growth rate in this important market.
Growth in animal adoption, increasing number of veterinary practitioners, and growing prevalence of animal diseases causing pain will increase expenditures.
© 2012 by Shutterstock New window.
Factors such as growth in companion animal adoption, increasing number of veterinary practitioners and their rising income levels in developed economies, growing prevalence of animal diseases causing pain and inflammation, and rising adoption of animal insurance with growing animal health expenditure are expected to drive the growth of the market. However, increasing animal care cost may restrain market growth to a certain extent.
On the basis of devices, the market is segmented into laser and electromagnetic therapy devices. Laser therapy devices accounted for the largest share of the veterinary pain management devices market. The large share of this segment can be attributed to the effectiveness of laser therapy devices in curing a wide range of acute and chronic pain conditions in animals including horses, cattle and family pets.
On the basis of application, the market is segmented into joint pain, postoperative pain, cancer, and other applications. The cancer segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to the growing prevalence of cancer in companion animals and the requirement of pain management at every stage of cancer treatment.
By animal type, the market is further segmented into companion and livestock. In 2017, the companion animals segmented accounted for the largest share of the veterinary pain management market due to increasing companion animal ownership, growing awareness about animal health among owners, and rising healthcare expenditure.
America is expected to grow at the largest share during the forecast period (2018-2023)”
North America dominated the veterinary pain management market in 2017, followed by Europe, Asia Pacific, Latin America, and the Middle East & Africa. In North America, the US is expected to hold the largest share of the veterinary pain management market due to the growing number of people adopting pets, increasing animal healthcare expenditure, growing veterinary practices, and increasing prevalence of chronic diseases such as cancer and osteoarthritis.
Break of primary participants was as mentioned below:
- By Company Type – Tier 1–45%, Tier 2–30% and Tier 3–25%
- By Designation – C-level–45%, Director Level–32%, Others–23%
- By Region – North America–46%, Europe–27%, Asia-Pacific–20%, Latin America–4%, Middle East & Africa- 3%
The major players in the veterinary pain management market are Zoetis(US), Merck Animal Health (US), Elanco (US), Chanelle (Ireland), Boehringer Ingelheim (Germany), Vetoquinol (France), Bayer (Germany), Norbrook (Ireland), Ceva Santé Animale (France), K-Laser (US), Assisi (US), and Dechra Pharmaceuticals (UK).
The veterinary pain management market in this report is segmented by product, application, animal type, distribution channel, and regions. It provides detailed information regarding major factors influencing the growth market (drivers, restraints, opportunities, and industry-specific challenges). The study tracks and analyzes competitive developments (such as partnerships, agreements, collaborations, mergers & acquisitions, new product developments, geographical expansions, and R&D activities) and strategically profiles the key players and comprehensively analyzes their market shares and core competencies in the veterinary pain management market.