Market Highlights:
Veterinary Pain Management Market is growing rapidly and pervasively mainly due to the spreading awareness towards animal care. People are generally compassionate towards their pets, and they are increasingly becoming aware of animal physiology and psychology and the pain they go through during sickness, injuries, recoveries and after effects of the diseases. Besides, factors such as the increasing number of pet owners and the strengthening bond between owners and their animal companions escalate the market on the global heights.
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Acknowledging the rapid expansions, the market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global veterinary pain management market will reach significant growth heights by 2023 registering 8.2% CAGR during the review period (2018 – 2023).
Additional factors substantiating the market growth include the rising per capita income that is leading to increasing the pet adoptions and the trend of nuclear families. Increased awareness concerning animal cruelty is influencing people’s ideologies and knowledge about animals.
Moreover, developments in animal health medicines and vaccines, along with the increased medical treatments are fostering the market growth of veterinary pain management market. Increased R&D expenditure to bring innovations in the products, and development of better and effective veterinary pharmaceuticals and vaccines, etc. are contributing to the market growth.
Improving economic conditions worldwide foster market growth, enabling access to the quality of life, increasing consumers’ buying power, and availing cost-effective veterinary healthcare.
On the other hand, factors such as the lack of awareness and knowledge pertaining to the animal well-being and the rising cost of pet care, etc. are expected to impede the market growth. Also, unavailability of skilled doctors is a major restraint the market is confronting with. Nevertheless, technological advancement, increasing number of ambulatory services coupled with the government and public organizations initiatives like PETA, working towards animal rights and liberation are expected to support market growth.
Veterinary Pain Management Market - Segmentations
MRFR has segmented the analysis into seven key dynamics for better understanding: -
By Drug Type: Nonsteroidal Anti-Inflammatory Drugs, Opioids, Local Anesthetics, Α2-Adrenergic Agonists, Muscle Relaxants, Sedatives, and Corticosteroids among others.
By Devices: Laser Therapy Devices and Electromagnetic Therapy Devices among others.
By Route of Administration: Oral, Parenteral, and Topical among others.
By Animal Type: Companion Animals, Livestock, Research Animals, Aquatic Animals, Zoo Animals, and Exotic Animals among others.
By Application: Joint Pain, Postoperative Pain, and Cancer among others.
By End-user: Veterinary Hospitals & Clinics, Research Institutes & Universities, and Laboratories among others.
By Regions: Europe, North America, APAC and the Rest-of-the-World.
Veterinary Pain Management Market - Geographical Analysis
The North American region accounts for the leading market for veterinary pain management majorly due to the availability of a range of animal care products, emphasis on animal health, and stringent government regulations. Also, technological innovations in the field of veterinary surgical instruments are acting as a tailwind pushing up the market growth in the region.
Additional factors such as growing insurance coverage schemes are expected to push the growth of the veterinary pain management market in the region. Moreover, the increasing number of pets and a large patients’ pool, contribute to the growth of the regional market, demanding various treatment procedures and surgeries.
Countries such as Canada and the US are focusing on exporting surgical equipment and surgical suturing material across the world, which, in turn, is increasing the size of the market in this region. Besides, the growing number of veterinary hospitals fuel market growth.
The Veterinary Pain Management Market in the European region stands the second position in terms of the market size, owing to the increasing pet ownership fuelled by the tax benefits granted by the government. Increase in animal diseases has led to an increasing number of surgeries and veterinary healthcare organizations. European countries like Germany, France, and the U.K, backed by the significant expenditures in the field of manufacturing of veterinary medical and surgical devices, majorly contributes to the growth of the regional market.
The Asia Pacific region is emerging as a promising market for companion veterinary pain management. China among other APAC dominates the regional market whereas, India accounts for the fastest growing market, followed by Australia and Japan. Factors such as the presence of a large patient’s pool, increasing awareness towards animal health, and the improving economy are few of the driving forces pushing up the market in the region.
Veterinary Pain Management Market - Competitive Landscape
The fiercely competitive veterinary pain management market appears to be fragmented due to many players forming a competitive landscape. Mergers & acquisitions, innovations, and Brand reinforcement remain the popular trends for the market players. Acquisitions of local manufactures by multinational companies are changing the market structure, increasing the profit of the company by reducing the competition significantly.
Key Players:
Some of the players leading the market include Zoetis, Boehringer Ingelheim, Chanelle, Ceva Santé Animale, Dechra Pharmaceuticals, Norbrook Laboratories, Merck Animal Health, Elanco, Assisi Animal Health, Bayer, and Vetoquinol.
Industry/ Innovation/ Related News:
November 08, 2018 – Vetoquinol USA, a world-class developer of veterinarian-approved formulas for large animal healthcare products, announced the launch of its rebranded product line - EQUISTRO®. The rebranding includes new packaging for products and others. All EQUISTRO products are now available in veterinary clinics and in retail stores that sell feed, farm supplies, horse tack, and equine products. The rebranding strategy helps to expand the products available for performance horses through Vetoquinol.
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