New York, USA, June 26, 2023 (GLOBE NEWSWIRE) -- Veterinary Pain Management Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Veterinary Pain Management Market Information By Product, Application, End User And Region - Forecast till 2030", the market size was valued at USD 4.5 billion in 2022 and is projected to grow from USD 4.70 Billion in 2023 to USD 6.12 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.50% during the forecast period (2023 - 2030).
Market Scope
Increasing illness incidence, Knowledge of research and development, and financial support for healthcare facilities are the key market drivers enhancing the Veterinary Pain Management growth A medical strategy for avoiding, diagnosing, and taking care of pain brought on by a variety of conditions, including physical injuries, internal organ issues, surgical procedures, issues with the brain and spine, slipped discs, osteoarthritis, and joint damage, is referred to as veterinary pain management. The market for veterinary pain management is expected to expand during the forecast period due to important factors like rising adoption rates for companion animals, an increase in the number of veterinarians and their level of income in developed economies, and an increase in the number and severity of animal diseases that cause pain and inflammation.
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Additionally, the growing acceptance of unconventional and non-pharmaceutical treatment modalities and unexplored new markets present prospects for market expansion. Acute and chronic injuries, arthritis, sprains, strains, and swelling brought on by back disc issues can all be treated with laser therapy. After surgery, it also aids in the regeneration of nerve tissue. Osteoarthritis, also known as OA, in dogs and cats is treated with therapeutic laser therapy the most frequently. Numerous conditions, such as joint discomfort, postoperative pain, arthritis, and cancer, can cause pain. The veterinary's job is to identify the source of the animals' suffering and treat them accordingly.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 6.12 Billion |
| CAGR | 4.50% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increased pet ownership and Pet insurance sales |
| The technology advancements and rising awareness of animal health |
Veterinary Pain Management Market Competitive Landscape:
- Zoetis (US)
- Elanco (US)
- Merck Animal Health (US)
- Ceva (US)
- Boehringer Ingelheim (Germany)
- Assisi Animal Health (US)
- Eltech K-Laser (Italy)
- Bayer AG (Germany)
Veterinary Pain Management Market Trends:
Market Drivers:
The adoption of pets is predicted to rise, and people are becoming more aware of the benefits of giving their pets greater care. Rising R&D spending, particularly in established and developing countries, will create more favorable market expansion opportunities for medical devices and technologies. The development of research and development functionality related to advancements in medical equipment is also accelerating industry expansion. In the upcoming years, investments in technology innovation and advancement are anticipated to present growth prospects for important businesses. The main forces behind this trend are the rising occurrence of severe and inflammatory illnesses in animals, the growing demand for readily available, affordable treatment choices, and the growing awareness of animal health and welfare.
Market expansion is predicted to be fueled by increased efforts by governmental organizations to enhance animal health internationally. One of the main drivers of market expansion is the rising prevalence of chronic and acute illnesses in animals worldwide due to numerous reasons. For instance, increasing rates of infectious, deficient, genetic, and physiological animal disorders directly and favorably impact the market's expansion.
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Restraints
On the flip side, it is projected that obstacles to market penetration will include expensive expenses related to R&D capabilities, a dearth of suitable infrastructure, a varied supply of healthcare services, and a scarcity of understanding in developing countries.
COVID 19 Analysis
The global COVID-19 epidemic adversely affected the distribution network for veterinary products and impacted the demand for veterinary treatments for pain. However, the substantial number of pet adoption throughout the lockdown increased the demand for veterinary painkillers. Mobility restrictions, facility suspensions, and supply chain disruptions caused market problems. Pet owners are also advised to keep a safe distance from their animals to maintain hygiene and reduce the danger of contamination. The livestock business also felt the impact. However, the market is believed to get back on track during the post-pandemic phase.
Veterinary Pain Management Market Segmentation
By application, the market includes joint pain, postoperative pain, and cancer. By product, the market includes medication and devices. By end user, the market includes hospitals, clinics, ambulatory surgery centers & NBSP.
Veterinary Pain Management Market Regional Insights
Due to its large pet population, rising veterinary healthcare costs, the abundance of hospitals and clinics, expanding veterinarian population, high prevalence of painful diseases, and a growing number of study and funding initiatives in the area of veterinary pain management, North America is anticipated to hold the largest share in the global market for veterinary pain management during the forecast period. However, because of the enormous population of cattle and a rising trend in pet ownership, the Asia-Pacific area is predicted to experience the quickest growth. The increase is further fueled by highly advanced and established animal healthcare facilities.
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The regional demand is anticipated to increase as key companies increase their joint efforts to enhance their product portfolios and guarantee excellent standards. Due to the rising trend of adopting pets and the region's developing economy, Asia-Pacific is predicted to have profitable growth during the projection period. Additionally, the growing incidence of animal illnesses has increased the need for procedures, further boosting the expansion. The region of Asia-Pacific is anticipated to have considerable growth due to rising government measures to raise awareness, expanding regional research activities, increasing medical tourism, increasing the number of pets, and rising regional demand for high-quality healthcare.
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