The global veterinary pain management market size is expected to reach USD 1.73 billion by 2026, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 5.3% during the forecast period. Growing companion adoption and incidence of veterinary diseases is expected to boost the growth. Moreover, increasing income in the developing countries is another growth driver. For instance, according to the American Veterinary Medical Association (AVMA) in 2017, around 46% household had multiple types of pets in U.S.
North America held the dominant share of the veterinary pain management market in 2018, due to the favorable pet insurance policies and strategic initiatives adopted by various companies operating in the region. For instance, in August 2018, Zoetis Inc. acquired Abaxis in a probe to expand its veterinary products portfolio.
Increasing number of veterinary practitioners are anticipated to create growth opportunities in the market. High prevalence of chronic diseases such as cancer, diabetes, and osteoarthritis among others. These factors are projected to propel the market in the forthcoming years.
Furthermore, key players are implementing newer strategies such as product launch, merger and acquisitions, regional expansions etc. for increasing their foothold in the market. For instance, in March 2016, Dechra Pharmaceuticals acquired Putney in order to improve its animal product portfolio. In October 2018, Boehringer Ingelheim invested USD 80 million for R&D pertinent to veterinary vaccines in France. Moreover, increasing pet insurance coverage are further fueling the market growth.
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Further key findings from the report suggest:
NSAIDs accounted for the largest market share in terms of revenue in 2018, owing to the increasing incidence of chronic diseases
Companion animal segment is expected to exhibit lucrative growth over the forecast period owing to rise in pet adoption and expenditure for better pet care
Osteoarthritis (OA) segment is expected to hold the largest market share in terms of revenue due to increasing incidence of obesity which propels the risk for OA
Post-operative pain segment is expected to exhibit lucrative growth over the forecast period due to the increasing number of surgeries for chronic disorders
Asia Pacific is anticipated to witness lucrative growth due to rise in pet adoption and expendable income, especially in Japan and India
Some of the key companies operating in the veterinary pain management market are Zoetis, CEVA, Boehringer Ingelheim GmbH, Bayer, Merck, and Elanco.