Veterinary Pain Management Market Likely To Hamper Growth of Healthcare Industry Sector by Drug Type, Devices, Animal Type and Forecasts Till 2023

Veterinary Pain Management Market
The Global Veterinary Pain Management Market is majorly driven by the increasing adoption of pets, increasing preventive treatments and care facilities for companion animals, increasing technically advanced devices, raising awareness regarding maintaining animal health and animal welfare, and growing penetration by market players.

The International Veterinary Pain Management Market was valued at USD 1000 million in 2017 and is expected to register a CAGR of 8.2% during the forecast period. The global veterinary pain management market is majorly driven by the increasing adoption of pets, increasing preventive treatments and care facilities for companion animals, increasing technically advanced devices, raising awareness regarding maintaining animal health and animal welfare and growing penetration by market players. Additionally, factors such as the growing need for easy access to services and affordable veterinary drugs are likely to drive the market.

The Global Veterinary Pain Management Market is segmented on the basis of drug type, devices, route of administration, animal type, application, and end-user. Considering drug type, the market is segmented into nonsteroidal anti-inflammatory drugs, opioids, local anesthetics, α2-adrenergic agonists, muscle relaxants, sedatives and corticosteroids.

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Nonsteroidal anti-inflammatory drugs are further sub-segmented into etodolac, fentanyl, and meloxicam. Opioids are further segmented into morphine, hydromorphone, codeine, and others. Local anesthetics are further segmented into bupivacaine, lidocaine, chloroprocaine, and others. α2-adrenergic agonists are further segmented into xylazine, medetomidine, and others. By devices, the market is segmented into laser therapy devices and electromagnetic therapy devices. Based on the route of administration, the market is segmented into oral, parenteral, and topical.

With reference to animal type, the market is segmented into companion animals, livestock, research animals, aquatic animals, zoo animals, and exotic animals. Based on application it is segmented into joint pain, postoperative pain, and cancer. On account of end-user, the market is segmented into veterinary hospitals and clinics, research institutes and universities, and laboratories. Based on region the market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa. The Americas is segmented into North America and South America. Further, North America is segmented into two major countries, namely, the U.S. and Canada.

Veterinary Pain Management Market Key Players:

Some of the key players in the veterinary pain management market are Boehringer Ingelheim, Zoetis, Chanelle, Dechra Pharmaceuticals, Ceva Santé Animale, Norbrook Laboratories, Vetoquinol, Bayer, Merck Animal Health, Elanco and Assisi Animal Health.

Regional Veterinary Pain Management MarketSummary:

North America holds the largest market share in the veterinary pain management market. The increasing adoption of pets, increasing preventive treatments and care facilities for companion animals, increasing technically advanced devices, increasing awareness regarding maintaining animal health, and animal welfare are likely to enhance the growth of veterinary pain management. Additionally, factors such as growing insurance coverage schemes are likely to enhance the growth of the veterinary pain management market in North America. For instance, according to the Insurance Information Institute, in 2015, the total number of pets insured reached 1.6 million, and it grew at an annual rate of 12% from 2014 to 2015. Similarly, according to a survey conducted by the National Pet Owners, in 2017, around 68% of families or households owned pets in the U.S. Additionally, according to the American Pet Products Association, 69.4 billion was spent in pet healthcare expenditure in the U.S. in 2016. These increasing rates in pet adoption and pet healthcare expenditure are expected to have a direct effect on veterinary pain management as it implies to the importance of veterinary health in the U.S. Additionally, the rising insurance expenditure on veterinary is likely to enhance the growth of the veterinary pain management market.

Europe is the second largest market and holds a healthy share in the global veterinary pain management market. The European market is expected to grow at a strong growth rate during the forecast period owing to the availability of advanced treatment facilities and healthcare expenditure along with growing pet adoption. Furthermore, the increasing awareness and animal welfare are driving the growth of the veterinary pain management market. According to the European Pet Food Industry, in 2016, there were around 80 million households owning pets in Europe. This increasing rate of pet adoption is expected to lead to a rise in ailments which will eventually lead to a positive impact on the veterinary pain management market. This impact will enhance the veterinary pain management market in Europe.

Asia Pacific is expected to be the fastest growing market owing to factors such as the increasing pet adoptions and increasing animal welfare programs. China is expected to be the fastest growing country due to a large animal pool and increasing trend of animal/pet adoption in the region. Moreover, the increasing healthcare expenditure and improvement in the standard of living in the region are driving the growth of the veterinary pain management market in the Asia Pacific region.

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The Middle East and Africa is expected to show the least growth in the market due to some major factors such as lack of awareness and limited access and availability of treatment facilities. In the Middle East, the United Arab Emirates is the largest market owing to the development of the healthcare industry and the rising availability of veterinary specialty care centers.

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