New York, United States, Oct. 17, 2022 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Global Veterinary Pain Management Market Size to grow from USD 1,407.8 million in 2021 to USD 2378.4 million by 2030, at a CAGR of 6% during the forecast period. Asia Pacific is expected to grow the fastest during the forecast period.
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The growth of this market is anticipated to be driven by many factors, including an increase in the adoption of companion animals, an increase in the number of veterinarians as well as an increase in the income levels of veterinarians working in developed economies, an increase in the consumption of meat and milk, an increase in the prevalence of animal diseases that cause pain and inflammation, and an increase in the adoption of pet insurance in conjunction with an increase in the amount spent on animal healthcare.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
Browse key industry insights spread across 210 pages with 132 market data tables and figures & charts from the report “Global Veterinary Pain Management Market Size, Share, and COVID-19 Impact Analysis By Drug Type (Opioids, Morphine, Hydromorphone, Codeine, α2-adrenergic Agonists, Xylazine, Medetomidine, Local Anesthetics, Bupivacaine, Lidocaine, Chloroprocaine, Nonsteroidal Anti-inflammatory Drugs (NSAIDs), Etodolac, Fentanyl, Meloxicam, Sedatives, Corticosteroids), By End-User (Veterinary Hospital, Retail Veterinary Pharmacies, Online Pharmacies), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030.” in detail along with the table of contents
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Nonsteroidal anti-inflammatory drugs (NSAIDs) segment to to hold higher CAGR during the forecast period
Based on the drug type, the veterinary pain management market is categorized into opioids, morphine, hydromorphone, codeine, α2-adrenergic agonists, xylazine, medetomidine, local anesthetics, bupivacaine, lidocaine, chloroprocaine, nonsteroidal anti-inflammatory drugs (NSAIDs), etodolac, fentanyl, meloxicam, sedatives, and corticosteroids. Nonsteroidal anti-inflammatory drugs (NSAIDs) segment to hold higher CAGR during the forecast period. In treating pain brought on by arthritis or after surgery, non-steroidal anti-inflammatory medicines, sometimes known as NSAIDs, are among the most widely used and most effective. Some of the most common adverse effects of nonsteroidal anti-inflammatory drugs (NSAIDs) in animals reported to the Center for Veterinary Medicine of the Food and Drug Administration (FDA) include diarrhea, reduced or absent appetite, decreased activity level, and vomiting.
The veterinary hospital segment to hold a higher CAGR during the forecast period.
Based on end users, the veterinary pain management market is categorized into veterinary hospitals, retail pharmacies, and online pharmacies. In 2021, the end-use market was driven by the Veterinary Hospital. This was because Veterinary hospitals provide patients with diverse diagnostic and therapeutic alternatives. In addition, a significant development driver is a rising need for outpatient clinics to meet the rising volume of surgical procedures. It is also anticipated that investments made to improve diagnostic methods via developing new generation technologies for diagnostics in companion animals would bode well for the sector's growth throughout the projected period.
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Asia Pacific to hold a higher CAGR during the forecast period.
The Veterinary Pain Management market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. The Asia Pacific is estimated to account for the highest market share in 2022. North America is expected to provide significant growth opportunities over the forecast period. Because of the growing number of people who own pets and the increased need for products that effectively care for animals, North America accounted for the greatest revenue share. In addition, highly advanced and well-established animal healthcare facilities contribute to the expansion. As of 2021, prescriptions written by veterinarians in North America are required by law, which is expected to boost sales of prescription drugs throughout the projected period. Rising joint efforts by major companies to increase their product portfolio and to assure high-quality standards are predicted to raise regional demand.
List of the major vendors in the global Veterinary Pain Management market include Zoetis, Elanco, Bayer AG, Norbrook, Ceva, Dechra Pharmaceuticals, Assisi Animal Health, Merck Sharp & Dohme Corp, Boehringer Ingelheim International GmbH, Virbac, IDEXX Laboratories, Vetoquinol, Evonik Industries AG, DuPont, DSM, and Adisseo and prominent key players.
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