CAGR: 7%Current Market Size: USD 2 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The Global Veterinary Pain Management Market is expected to grow from USD 2 billion in 2022 to USD 3.43 billion by 2030, at a CAGR of 7% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the upward trend of pet adoption and increasing awareness regarding better pet care.
The American Veterinary Medical Association (AVMA) estimates that in 2017, about 68% of U.S. households owned pets. Additionally, the American Pet Products Association (APPA) estimates that the global pet sector spent USD 69.4 billion in 2017 and anticipates significant expansion in the near future, offering market players lucrative growth potential. The market for veterinary pain management is being further stimulated by the rising prevalence of pet obesity. In 2017, the Association for Pet Obesity Prevention (APOP) reported that 56% of dogs and 59% of cats in the United States were obese. Diabetes mellitus, cancer, and other chronic diseases are all made more likely by obesity. Furthermore, regardless of age, 20% of all pet dogs in the United States have osteoarthritis in 2017, according to kingsbrook vets. Dogs who are obese are likewise more likely to develop cancer. Increased efforts by governmental groups to promote animal health internationally are anticipated to fuel market expansion. For instance, a report by the European External Action Service shows that the European Union spent USD 4.7 million on animal healthcare in 2016. (EEAS). To support pharmaceutical production and the Make in India initiative, the central state government of India increased the import duty on veterinary products from 5% to 7.5% in January 2016.
Sample Request:- Global Veterinary Pain Management Market
Market Dynamics:
Drivers:
Pets increase possibilities for regular physical activity, social interaction, play, and walking, which can improve blood pressure, cholesterol, and triglyceride levels. Pet companionship makes it easier to deal with loneliness and despair, which is why pet ownership is rising rapidly. According to the American Pet Products Association's (APPA) National Pet Owners Survey (2022), the percentage of US households with pets climbed from 56% in 1988 to 70% (90.5 million families) in 2021.
Restraints:
The most often affected organs by NSAID side effects are the liver, kidneys, and gastrointestinal tract. Some of the most frequent adverse reactions to NSAIDs in animals reported to the FDA's Center for Veterinary Medicine include vomiting, lack of appetite, decreased activity level, and diarrhoea. Other serious consequences include mortality, renal failure, liver failure, and stomach and intestine ulcers/perforations (holes).
Opportunities:
The importance of food, gut health, and natural disease immunity in animals is being increasingly understood, opening up new opportunities for improving animal welfare and health. Precision nutrition is becoming possible because to probiotics, phytogenic feed additives, and novel feeds including insect-based protein and seaweeds. The Nutrition for Precision Health (NPH) Program will receive $170 million from the National Institutes of Health (NIH) over the following five years in order to develop the still-emerging field of precision nutrition.
Challenges
The two biggest expenses for pet owners are food and veterinary care, which results in a high annual cost of ownership. Basic Annual Expenses for Dogs and Cats, including food, supplies, over-the-counter medications, veterinary care, live animal acquisitions, grooming and boarding, were $1480 and $902, respectively, according to the National Pet Owners Survey (2022).
Segmentation Analysis:
The global Veterinary Pain Management Market has been segmented based on product, indication, animal type, end-use, and regions.
By Product
The product segment includes NSAIDs and Anesthetics. The NSAIDs segment led the Veterinary Pain Management Market with a market share of around 68.38% in 2022. These are the drugs that are most frequently used to treat osteoarthritis-related pain and inflammation. New NSAIDs are being developed by businesses in an effort to reduce side effects and responses. Galliprant, for instance, was introduced by Elanco Animal Health in 2017 and accounted for roughly 12% of the NSAIDs market share in the United States during that year. Furthermore, the market is anticipated to rise over the next five years as a result of strict rules around the use of opioids.
By Indication
The Indication segment includes osteoarthritis and joint pain, postoperative pain, cancer, and other applications. The Osteoarthritis segment led the Veterinary Pain Management Market with a market share of around 27.65% in 2022. 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. .
By Animal Type
The animal type segment includes companion and livestock. The Livestock animal segment led the Veterinary Pain Management Market with a market share of around 67.65% in 2022. Because of the rising prevalence of chronic diseases, increased awareness among animal healthcare groups, and significant spending on animal healthcare in emerging nations. 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.
By End Use
The end use segment includes hospitals and clinics. The Hospitals and Clinics segment led the Veterinary Pain Management Market with a market share of around 77% in 2022. Due to the fact that these facilities offer a wide variety of treatment and diagnostic alternatives. Additionally, the need for outpatient facilities and the rise in the number of surgeries are significant development drivers.
Global Veterinary Pain Management Market- Sales Analysis.
The sale of veterinary pain management expanded at a CAGR of 6.5% from 2016 to 2022.
Veterinary medicine is regarded as a great technique for controlling pain in animals. The primary focus of veterinary medicine is pain management. It is accomplished by combining a number of different pharmacological and non-drug therapy. Local anaesthetics, steroids, opioids, and non-steroidal anti-inflammatory medicines are some of the possible pharmaceutical treatments that may be utilised in veterinary care. Acupuncture and hydrotherapy are two examples of non-drug therapies that can be quite successful. Non-pharmaceutical pain management strategies are becoming more and more popular, which is a significant trend in the market and has tremendous potential for future market growth. As they provide benefits over traditional pharmacological treatment alternatives for pain management, methods including laser therapy and electromagnetic therapy are being used more frequently. While electromagnetic therapy uses a magnetic field, radiowaves, and other forms of electromagnetic radiation at a specific intensity, laser therapy treats inflammation and pain by exposing the affected area to light energy at the proper wavelength, frequency, and power. These treatments treat the underlying cause of pain, eliminating the need for invasive, painful operations and additional painkiller use. Additionally, these treatments aid patients in hastening their recovery. Major players in the market for devices used in laser and electromagnetic therapy, respectively, include K-Laser USA and Assisi. Assisi's FDA-approved NPAID targeted pulsed electromagnetic field (tPEMF) therapy claims to hasten wound healing by 58%. (non-pharmaceutical anti-inflammatory device). These businesses are developing a number of additional cutting-edge pain treatment gadgets. For instance, Platinum 4, the first smart laser in the world, is made by K-Laser USA. Platinum 4 not only has the ideal combination of power, wavelength, pulsing, and expert protocol, but it also has a performance tracking app that shows the number of treatments, broken down by species and condition. The app may also help users analyse patient profiles in-depth and evaluate revenue generated.
Thus, owing to the aforementioned factors, the global Veterinary Pain Management market is expected to grow at a CAGR of 7% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the Veterinary Pain Management Market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North America region dominated the Veterinary Pain Management Market and held a 36% share of the market revenue in 2022.
Global Veterinary Pain Management Market- Country Analysis:
Germany's Veterinary Pain Management Market size was valued at USD 0.16 billion in 2022 and is expected to reach USD 0.24 billion by 2030, at a CAGR of 5.2% from 2023 to 2030. Growing corporate alliances, mergers, and acquisitions are driving the market's expansion in Germany. Additionally, a lot of businesses are introducing new products to the market which fuels the market growth..
China veterinary pain management’s market size was valued at USD 0.24 billion in 2022 and is expected to reach USD 0.38 billion by 2030, at a CAGR of 6.2% from 2023 to 2030. A significant element promoting the growth of the market is the increased focus on improving the state of healthcare facilities and the infrastructure for healthcare as a whole. Increased public-private partnerships and strategic collaborations for the purpose of funding and implementing new and improved technology are also opening up attractive market prospects.
India's Veterinary Pain Management Market size was valued at USD 0.2 billion in 2022 and is expected to reach USD 0.31 billion by 2030, at a CAGR of 5.8% from 2023 to 2030. Rising investment in research & development, particularly in developed and developing nations, will further open up attractive market expansion potential for medical instruments and technologies. The market growth rate is also being boosted by research and development capabilities related to improvements in medical equipment.
Key Industry Players Analysis:
To increase their market position in the global veterinary pain management business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
7% |
Market Size |
2 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product, By Indication, By Animal Type, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
IDEXX Laboratories, Elanco, Bayer AG, Virbac, Ceva, Dechra Pharmaceuticals, Assisi Animal Health, Merck Sharp & Dohme Corp, BoehringerIngelheim International GmbH, Norbrook, Zoetis, and Vetoquinol. |
By Product |
|
By Indication |
|
By Animal Type |
|
By End-User |
|
Regional scope |
|
Scope of the Report
Global Veterinary Pain Management Market by Product:
Global Veterinary Pain Management Market by Indication:
Global Veterinary Pain Management Market by Animal Type:
Global Veterinary Pain Management Market by End-Use:
Global Veterinary Pain Management Market by Region:
Global Veterinary Pain Management Market size was USD 2 billion in 2022
The growth rate of Veterinary Pain Management Market is 7%.
North American region has highest growth rate in Veterinary Pain Management Market
Political Factors- Veterinary Pain Management Market should thoroughly analyse the taxation policies that are relevant to the business before deciding whether to expand. Industries that are top priorities for the government will benefit more from tax policies. Many developing nations' governments currently want to cut business taxes in an effort to draw in foreign direct investment. The veterinary Pain Management Market ought to take into account these nations since their low tax rates will make it simpler to turn a profit and spend in R&D, innovation, and new product development projects.
Economic Factors- High financial market efficiency facilitates capital accumulation and the production of goods and services by sharing a strong positive relationship with overall economic growth. So that it can readily amass financial and human capital, Veterinary Pain Management Market must opt for nations with highly efficient financial markets. The veterinary Pain Management Market may successfully stay one step ahead of the competition by keeping an eye on the efficiency of the financial market. Since rising inflation reduces the purchasing power of money and deters consumers from spending on goods and services, it may have a detrimental effect on Veterinary Pain Management Market's ability to raise its revenue.
Social Factors- Respect for hierarchy and social class stratification are two significant social characteristics that might affect the Veterinary Pain Management Market's commercial, marketing, and human resource management initiatives. When entering nations with high power distance, Veterinary Pain Management Market is most comfortable in hierarchical structures with formal work cultures. The requirement for efficient market segmentation techniques is also indicated by increased social stratification because Veterinary Pain Management Market cannot target many categories from various social classes using the same marketing mix.
Technological Factors- Technological innovation's velocity and progress can impact the market and industry as a whole. The veterinary Pain Management Market will be able to comprehend the rate of new product creation, the length of the product life cycle, and the unique features consumers choose by researching the upcoming technological innovation trends. The veterinary Pain Management Market can determine whether switching to e-commerce will be more advantageous than establishing a physical location by researching consumers' sentiments regarding cutting-edge, new digital technology. The Veterinary Pain Management Market may be forced to switch from manual to automated processes if competitors engage in automation technology to cut costs, especially if the general populace of that society is tech-savvy.
Environmental Factors- Businesses are under pressure to lessen environmental harm due to strict environmental legislation in many different countries. The veterinary Pain Management Market should adopt ethical production methods in response, promote ethical consumption among its target market, work to enhance its brand's sustainable reputation, and ensure full compliance with local and international environmental laws because failure to do so may result in severe, reputation-damaging criticism from relevant stakeholders. Businesses that generate a lot of garbage may be compelled by law to control their environmental practices.
Legal Factors- Numerous federal and state laws are in place in several nations to safeguard consumers against potential commercial exploitation. The regulations have tightened up much more in the age of information technology to protect consumer privacy. The veterinary Pain Management Market must scrupulously abide by the data protection requirements when conducting online transactions in order to prevent lawsuits. Veterinary Pain Management Market management must research local regulations regarding returns, discounts, credit terms, quality, deceptive advertising, and maximum price before entering new markets (particularly in the case of basic essential goods).
List of Table
List of Figures