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(Health-NewsWire.Net, July 14, 2021 ) The veterinary pain management market was valued at USD 1.06 Billion in 2017 and is projected to reach USD 1.66 Billion by 2023, at a CAGR of 8.0% during the forecast period. Market growth can be attributed to growth in companion animal adoption, increasing number of veterinary practitioners and their rising income levels in developed economies, growing prevalence of animal disease causing pain and inflammation, and rising adoption of pet insurance with growing animal health.
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In this report, the global veterinary pain management market has been segmented by product, application, animal type, and distribution channel. This report also provides market information based on key regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Based on product, the market has been segmented into drugs and devices. The veterinary pain management drugs market is further segmented on the basis of type of drugs and route of drug administration. The veterinary pain management devices market is further segmented into laser therapy devices and electromagnetic therapy devices. The drugs segment accounted for the largest share of the market in 2017. The large share of this product segment is mainly attributed to the fact that drugs are more affordable, easier to administer, and treat a wider range of diseases that cause pain in both farm and companion animals.
By application, the veterinary pain management market has been segmented into joint pain, postoperative pain, cancer, and other applications. Other applications include traumatic pain, abdominal pain, neuropathic pain, dermatological pain, and mastitis. Joint pain held the largest share of the global market in 2017 due to the growing pet population, rising prevalence of osteoarthritis and musculoskeletal disorders, and increasing population of obese and overweight pets.
By animal type, the global market is segmented into companion and livestock animals. The companion animal segment accounted for the largest share of the global market. The large share of this segment can primarily be attributed to increasing companion animal ownership, growing awareness about animal health among pet owners, and rising pet healthcare expenditure.
Based on distribution channel, the veterinary pain management market is segmented into hospitals & clinics and pharmacy. Veterinary hospitals & clinics accounted for a larger market share primarily due to factors such as the increasing number of veterinary clinics and hospitals, growing ownership of companion animals, and increasing veterinary expenditure.
The global veterinary pain management market is consolidated in nature with the top three players, namely, Boehringer Ingelheim (Germany), Zoetis (US), and Elanco (US) accounting for ~65% of the market share in 2017. The other players in this market include Merck Animal Health (US), Chanelle (Ireland), Vetoquinol (France), Bayer (Germany), Norbrook (Ireland), Ceva Santé Animale (France), K-Laser (US), Assisi (US), and Dechra Pharmaceuticals (UK) who collectively accounted for a share of ~35% of the market in 2017.
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