Veterinary Pain Management Market: Frequent Episodes of Chronic Pain amongst Feline and Canine Population to Trigger Adoption
Pet culture is spreading incessantly and urban population is systematically adhering to pet ownership in its bid to combat loneliness. Matured economies such as North America and Europe who are constantly tilting towards nuclear family culture are banking upon pets for emotional support. This trend is also fueling pet humanization to provide their pets with improved human-like offerings to ensure holistic wellbeing. This has led to increased spending on pet related products such as veterinary pain management offerings.
The global market for the Veterinary Pain Management is anticipated to develop at a compound annual growth rate (CAGR) of 8.12% throughout the course of the forecast, to reach $2.92 billion by 2030.
According to a recent report by American Pet Products Association (APPA), pet product expenditure surpassed over $3 billion encompassing multilayered pet product spending such as veterinary products, medication, food, as well as over the counter products. As millennials continue to remain proud and enthusiastic pet owners, global pet care expenditure is estimated to remain potentially lucrative, allowing the global veterinary pain management market to remain optimally lucrative in the coming years. Improved life expectancy of pet animals as well as growing pet insurance space are estimated to manifest optimal growth opportunities in global veterinary pain management market in forthcoming years.
Pet Humanization to Manifest Reinforced Reliance on Improved Pain Management Triggered by Chronic Conditions
Growing focus on humanization of pets, pet animals are demonstrating frequent episodes of human like disease conditions such as obesity and other chronic ailments such as joint pain and osteoarthritis. These conditions are closely linked to minimal physical activity and over eating which are commonplace scenarios amongst pets. Obesity is a pressing condition which further leads to other associated health conditions such as degenerative joint disease and arthritis. These conditions lead to severe pain episodes amongst pets, allowing the veterinary pain management market to grow multifold.
Pet obesity results in complex health conditions such as reduced life expectancy, compromised quality of life, joint conditions like that of osteoarthritis as well as tumors. These conditions are reinstating need for rapid adoption of veterinary pain management allowing bullish growth in forthcoming years.
Osteoarthritis which is gaining rapid strides amongst pets backed by their incessant weight gain requires multi-directional therapeutic approach encompassing multimodal pain management and control, advanced diagnostics as well as appropriate weight management. Therefore, ample R&D expeditions are underway to flawlessly combat weight augmented health conditions such as joint pains amongst pets. These ongoing developments are poised to stimulate greater adoption and concomitant growth prospects in global veterinary pain management market.
Veterinary care major, Vetoquinol has made a recent announcement surrounding the novel launch of a novel pain and inflamation management treatment for canine pets. The drug is branded as Cimalgex and is marketed by Vetoquinol as a non-steroidal anti inflammation drug specifically catering to arthritis and post-surgery pain management. The development is poised to reflect lucrative prospects in global veterinary pain management market in the coming years.
Pet Insurance to Further Expedite Adoption of Veterinary Pain Management
Similar to human insurance, pet insurance is gradually surfacing up as an ideal tool to ensure optimal pet healthcare to take care of diverse illness, accidents, as well as pain management vaccines and drugs. Advances in pet intended medical care and improved veterinary management are likely to bolster greater adoption of pet insurance, thus ensuring optimal growth in veterinary pain management market.
Besides pet population which is on a steady rise, livestock ownership is also demonstrating parallel growth as developing economies such as India are propelling healthy spike in livestock population. Animals such as sheep, goats, pigs, cows, buffaloes and the like are poised to grow incessantly and so is the associated rise in pain amongst these livestock animals budding from diverse factors. Livestock population is growing considerably across developing countries such as India wherein livestock population reached to 535.78 million in 2018 from 528.69 million in 2007. Therefore, with steady rise in livestock population, veterinary pain management market is also estimated to remain significantly remunerative in forthcoming years.
Following is a detailed snapshot of most prominent segments in global veterinary pain management market.
By Product: Veterinary Pain Management Market
End-Use Outlook (Revenue, USD Million, 2014 - 2026)
• Hospitals & Clinics
Regional Diversification: Veterinary Pain Management Market
- North America
Matured economies such as North America to reign supreme in terms of lucrative prospects in veterinary pain management space. Owing to surged number of pets and improved awareness amongst pet parents to eliminate episodes of pain amongst them have augmented greater adoption of veterinary pain management to adequately diminish painful episodes amongst pets. Additionally. Soaring rise in pet ownership across North America is also lending ample growth impetus towards adoption and growth of global veterinary pain management market. Closely following suit after North America is Europe which also boasts of rapid rise in pet population as well as greater expenses towards flawless pain management.
Further in the course of the report, readers are also presented with elaborate understanding on competition spectrum, highlighting some of the prominent industry forerunners. Each of the mentioned players has been assessed meticulously and an in-depth summary of their winning business decisions and marketing tactics have been cited to derive insightful details on result oriented business tactics and strategies to ensure sustainable revenue models through the forecast period, allowing new as well as established players in global veterinary pain management market to ensure adequate profits and seamless market penetration on the back of stern competition. Some of the prominent players in global veterinary pain management market include, Bayer AG, Boehringer Ingelheim, Chanelle Pharma Group, Cadila Healthcare Ltd., Daiichi Sankyo, Merck & Co. Inc., Elanco Animal Health Inc., and Zoetis Inc. amongst several others.
Key Market Movements
Rise in pet ownership and associated pet humanization trend to manifest lucrative returns in veterinary pain management market
Pet animals such as feline and canine populations are increasingly demonstrating high instances of obesity owing to minimal physical activities as well as eating habits
Growing livestock population across emerging economies such as India is also anticipated to keep growth prospects soaring in global veterinary pain management space
Advances in pet insurance to reckon adequate growth prospects in global veterinary pain management space
Key Study Deliverables
• Market valuation in terms of value and volume of the global veterinary pain management market through the forecast span, 2019-25
• Comprehensive market evaluation across major regions based on market segmentation
• A thorough rundown on market dynamics such as drivers, threats, challenges, opportunities
• A clear analytical review of competition spectrum, highlighting industry forerunners, company as well as product portfolios
• Major highlights on winning marketing strategies adopted by leading players