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.
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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.
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.
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Grand View Research has segmented the global veterinary pain management market on the basis of product, indication, animal type, end use, and region:
Veterinary Pain Management Product Outlook (Revenue, USD Million, 2014 - 2026)
• NSAIDs
• Anesthetics
• Opioids
• Others
Veterinary Pain Management Indication Outlook (Revenue, USD Million, 2014 - 2026)
• Osteoarthritis
• Post-operative pain
• Others
Veterinary Pain Management Animal Type Outlook (Revenue, USD Million, 2014 – 2026
• Livestock animal
• Companion Animal
Veterinary Pain Management End Use Outlook (Revenue, USD Million, 2014 - 2026)
• Hospitals & Clinics
• Others
Veterinary Pain Management Regional Outlook (Revenue, USD Million, 2014 - 2026)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
• Asia Pacific
o Japan
o China
o India
• Latin America
o Brazil
o Mexico
• Middle East & Africa
o South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.