According to a new market research report "Veterinary Pain Management Market by Product (Drugs (NSAIDs, Opioids), Device (Laser, Electromagnetic), Application (Osteoarthritis, Cancer), Animal Type (Dog, Cat, Horse, Cattle), Distribution Channel (Hospital, Pharmacy)) - Global Forecast to 2023", published by MarketsandMarkets™, the 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. 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 disease causing pain and inflammation, and the rising adoption of pet insurance with growing animal health expenditure are expected to drive the growth of the market.
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By drug type, disease-modifying osteoarthritis agents are expected to grow at the highest CAGR during 2018-2023
Based on drug type, the market is segmented into non-steroidal anti-inflammatory drugs (NSAIDs), opioids, alpha-2 agonists, local anesthetics, disease-modifying osteoarthritis agents (DMOAAs), and other drugs. The DMOAAs segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment can be attributed to the high prevalence of arthritis in animals. However, NSAIDs are expected to hold the largest share in the market due to their wide range of applications areas and low cost.
By application, joint pain accounted for the largest market share in 2017
Based on 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. In 2017, joint pain held the largest share of the Veterinary Pain Management Market. The dominant share of this application segment has been attributed to the growing pet population, raising prevalence of osteoarthritis and musculoskeletal disorders in animals, and the increasing population of obese and overweight pets.
Veterinary hospitals & clinics are expected to be the largest distribution channel for veterinary pain management products in 2017.
Based on distribution channels, the Veterinary Pain Management Market is segmented into hospitals & clinics and pharmacies. In 2017, veterinary hospitals & clinics accounted for a larger market share than pharmacies primarily due to factors such as the increasing number of veterinary clinics and hospitals, growing ownership of companion animals, and increasing veterinary expenditure.
APAC is expected to grow at the highest CAGR during the forecast period.
Global Veterinary Pain Management Market has been studied for North America, Europe, Asia Pacific (APAC), Latin America, and Middle East & Africa. APAC is expected to grow at the highest CAGR in Veterinary Pain Management Market, primarily due to the significant growth in pet adoption, increasing awareness about animal health, and growing per capita animal health expenditure, especially in India and China.
The prominent 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). New product launches and acquisitions were the major strategies adopted by these payers to maintain their positions in the Veterinary Pain Management Market
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