According to the latest report published by Credence Research, Inc. “Veterinary Pain Management Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global Veterinary Pain Management market was valued at USD 1,078.5 Mn in 2017, and is expected to reach USD 2,151.5 Mn by 2026, expanding at a CAGR of 7.9% from 2018 to 2026.
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Veterinary pain management is one of the integral aspects of veterinary healthcare as most of the chronic disorders are accompanied by pain. Pain in animals is very complex but similarly uncomfortable and if left untreated pain further results in illness, injury, and chronic behavioral changes related to depression and dysfunction. Osteoarthritis was identified as the most common joint disease observed in animals, a complex disease having a major genetic component and can be aggravated based on lifestyle followed by an animal comprising diet and exercise/activity levels. In dogs, osteoarthritis is usually a result of joint abnormality caused due to cruciate ligament rupture or patellar luxation. Thus, pain management market in veterinary is expected to grow steadily throughout the forecast period from 2018 to 2026 due to key factors such as the rising prevalence of degenerative diseases in pets & livestock, and increasing awareness related to chronic pain inducing diseases has boosted the diagnosis rate in developing countries.
The veterinary pain management is carried out with drugs, devices and sometimes a combination of both. Drugs segment dominated the global market due to increasing demand for drugs in acute pain conditions, and accidents & trauma conditions in veterinary are treated with drugs as it provides instant relief. However, devices have demand especially in post-operative pain, and prolonged chronic pain conditions which are simultaneously treated with drugs. According to experts pain management devices are effective but requires a set of treatment sessions to get the desired effect.
North America was observed as largest veterinary pain management market due to key market driving factors such as the rising prevalence of pain-inducing diseases in pets & livestock, increasing disease diagnostic rate in animals specifically in developing & underdeveloped countries, and ongoing research & development in the veterinary pain management. Veterinary care has grown drastically in the last decade in this region due to the rising trend of petting animals and developing diagnostic technologies against diseases affecting livestock animals.
Market Competition Assessment:
The veterinary pain management market is growing at a steady rate and key players operating in this industry are developing treatments that are safe and provide prolonged pain relief. The key companies present in the market are Zoetis, Chanelle Veterinary Limited, Assisi Animal Health, Boehringer Ingelheim, Merck Animal Health, Vetoquinol, Norbrook, Elanco, Ceva Santé Animale, Bayer, K-Laser, and Dechra Pharmaceuticals among others.
Key Market Movements:
- Increasing awareness related to pain management in pets and livestock expected to drive the overall veterinary pain management market in the near future
- Incessant advancement and research & development in the technology of veterinary pain management treatment will assist the growth in demand for safe & efficient treatment options
- Increasing diagnosis rate specifically in developing countries will increase the application of pain management treatment
- Ongoing research and development in the field of Veterinary Pain Management market is expected to assist the overall market growth in the near future