Market Research Future (MRFR) has recently published a report asserting that the global veterinary pain management market is anticipated to expand significantly at a noteworthy CAGR of 8.2% during the forecast period of 2018-2023.
Market Drivers and Restraints:
The rapid increase in the adoption activities of pets owing to the rise in animal adoption campaigns and the on-going trend of adopting companion animals are inducing demand for easily accessible services and affordable veterinary drugs, resulting in the expansion of the global veterinary pain management market.
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The rise in demand for affordable preventive treatments and increasing awareness regarding the maintenance of good health of companion animals are fuelling the growth of the global veterinary pain management market. The high popularity of compound drugs and development of better personalized drugs for domesticated animals are some other factors that are driving the growth of the global veterinary pain management drugs market.
However, high cost of development of new drugs, longer approval time, declining research and development and lack of awareness regarding serious medical conditions in companion animals are likely to act as restraints on the growth of the global veterinary pain management market.
The global veterinary pain management market has been segmented on the basis of drug type, devices, route of administration, animal type, application and end-users. Based on drug type, the veterinary pain management market is segmented into non-steroidal anti-inflammatory drugs, opioids, local anesthetics, α2-adrenergic agonists, muscle relaxants, sedatives and corticosteroids. The non-steroidal anti-inflammatory drugs segment is sub-segmented into etodolac, fentanyl, and meloxicam. The opioids segment is sub-segmented into morphine, hydromorphone, codeine, and others. The local anesthetics segment includes bupivacaine, lidocaine, chloroprocaine, and others. The α2-adrenergic agonists segment is sub-segmented into xylazine, medetomidine, and others.
Based on devices, the veterinary pain management market is segmented into laser therapy devices and electromagnetic therapy devices. Based on route of administration, the veterinary pain management market is segmented into oral, parenteral, and topical.
Based on animal type, the veterinary pain management market is segmented into companion animals, livestock, research animals, aquatic animals, zoo animals, and exotic animals. Based on application, the veterinary pain management market is segmented into joint pain, postoperative pain, and cancer. Based on end-users, the veterinary pain management market is segmented into veterinary hospitals and clinics, research institutes and universities, and laboratories.
The global veterinary pain management market is geographically segmented into four major regions such as North America, Asia Pacific, Europe and the Middle East and Africa. The North America region accounts for the largest share in the global veterinary pain management market owing to the increased pet adoption activities, rise in awareness regarding maintaining the health of companion animals and adoption of advanced technology in the healthcare sector in this region.
The Europe and Asia Pacific regions are projecting significant growth in the global veterinary pain management market owing to the increasing rate of pet adoption, presence of large number of livestock and increasing veterinary healthcare expenditure by the population in these regions.
The veterinary pain management market in the Middle East and Africa region is projecting slow growth owing to lack of awareness and poor veterinary healthcare services in the underdeveloped areas of this region.
In August 2018, the restriction on the sale of Flunixin, a 'gold-standard' painkiller for horses, has been relaxed by Britain's Veterinary Medicines Directorate (VMD).
The prominent players in the global veterinary pain management market that are profiled in the report published by MRFR are Boehringer Ingelheim, Zoetis, Chanelle, Dechra Pharmaceuticals, Ceva Santé Animale, Norbrook Laboratories, Vetoquinol, Bayer, Merck Animal Health, Elanco, and Assisi Animal Health.
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