New Jersey, United States – Analysis of Veterinary Pain Management Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast
The market for veterinary pain management is anticipated to grow at a CAGR of 6.7% from 2022 to 2028 when it is supposed to reach USD 2.5 billion. The physiological word for these bodily chemical reactions that take place in response to stimuli, modify them, and then send them to the brain for interpretation and response is pain. Damage to tissues caused by physical, thermal, chemical, or inflammatory factors can serve as the stimulus. Analgesic medications and equipment are used in veterinary pain management. The adoption of pets is predicted to rise, and people are becoming more aware of the benefits of giving their pets greater care. In the coming years, it is anticipated that investments in technology innovation and advancement will present growth prospects for important businesses.
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The Veterinary Pain Management market, which was valued at US$ million in 2022, is expected to grow at a CAGR of approximately percent over the forecast period, according to our most recent report.
This market is anticipated to grow as a result of factors including an increase in the adoption of companion animals, an increase in the number of veterinary pain management and their income levels in developed economies, an increase in the consumption of meat and milk, an increase in the prevalence of animal diseases that cause pain and inflammation, and an increase in the adoption of pet insurance along with an increase in the cost of animal health care. However, rising pet care costs could limit market expansion to some extent.
One of the key reasons promoting the growth of the veterinary pain management market is the rising prevalence of acute and chronic diseases in animals all over the world as a result of various factors. As an illustration, the increasing prevalence of viral diseases, deficient disorders, hereditary diseases in animals (including both genetic and non-genetic hereditary diseases), and physiological diseases is having a direct and beneficial impact on the veterinary pain management market. Increasing investment in R&D, particularly in developed and developing economies, for medical instruments and technologies will further open up attractive market expansion potential. The increase of medical device research and development capabilities is also accelerating the market’s growth rate.
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Segmentation
Due to the high frequency of the condition, particularly in canine species, the osteoarthritis (OA) category had the greatest revenue share in 2018. In the United States, 14.7 million dogs had osteoarthritis in 2015. For mild OA pain, nutraceuticals are favoured; NSAIDs and coxoids are indicated for moderate to severe OA pain. Among the medications recommended for the illness are Galliprant, Rimadyl, Meloxicam, and Metacam.
Due to the rising prevalence of chronic diseases, increased awareness among animal healthcare organisations, and high spending on animal healthcare in developing nations, the livestock animal sector held the biggest market share in terms of revenue in 2021.
The visual signs of discomfort in livestock animals include lameness, accelerated breathing, increased vocalisation, an expiratory grunt, and teeth grinding. NSAIDS, 2 adrenergic medications, and local anaesthetics are the most often prescribed medications. The category for companion animals is anticipated to develop steadily over the course of the forecast period due to rising ownership, awareness, and need for effective animal care. Additionally, the prevalence of obesity and other chronic diseases like cancer and osteoarthritis is rising, which is fueling the market.
Regional analysis
Due to the growing number of pet owners and the desire for high-quality animal care, North America accounted for the greatest revenue share in 2022. Furthermore, the development is being further fueled by highly advanced and established animal healthcare facilities. In North America, veterinary pain management prescriptions are now required as of 2022. This will raise the sales of prescription drugs over the projection period.
Due to the rising trend of pet adoption and the region’s developing economy, Asia Pacific is predicted to have profitable growth during the projection period. Additionally, the growing incidence of animal diseases has increased the need for procedures, which is further boosting the expansion.
Key Players
Boehringer Ingelheim International GmbH (Germany), Ceva Santé Animale (France), Chanelle Pharma (Ireland), Zoetis Inc. (US), Dechra Pharmaceuticals (UK), Vetoquinol (France), SeQuent Scientific Limited (India), Elanco Animal Health Incorporated (US), Merck & Co., Inc. (US), Norbrook Laboratories Limited (Ireland), and K-Laser USA (US).
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