(PharmaNewsWire.Com, August 09, 2019 ) The global growth of veterinary pain management market can be attributed to growth in companion animal adoption, increasing number of veterinary practitioners and their rising income levels in developed economies, growing prevalence of animal disease causing pain and inflammation, and rising adoption of pet insurance with growing animal health.
By drug type, disease-modifying osteoarthritis agents are expected to grow at the highest CAGR during 2018-2023
Based on drug type, the market is segmented into non-steroidal anti-inflammatory drugs (NSAIDs), opioids, alpha-2 agonists, local anesthetics, disease-modifying osteoarthritis agents (DMOAAs), and other drugs. The DMOAAs segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment can be attributed to the high prevalence of arthritis in animals. However, NSAIDs are expected to hold the largest share in the market due to their wide range of applications areas and low cost.
By application, joint pain accounted for the largest market share in 2017
Based on application, the veterinary pain management market has been segmented into joint pain, postoperative pain, cancer, and other applications. Other applications include traumatic pain, abdominal pain, neuropathic pain, dermatological pain, and mastitis.
In 2017, joint pain held the largest share of the veterinary pain management market. The dominant share of this application segment has been attributed to the growing pet population, rising prevalence of osteoarthritis and musculoskeletal disorders in animals, and the increasing population of obese and overweight pets.
Veterinary hospitals & clinics are expected to be the largest distribution channel for veterinary pain management products in 2017.
Based on distribution channels, the veterinary pain management market is segmented into hospitals & clinics and pharmacies. In 2017, veterinary hospitals & clinics accounted for a larger market share than pharmacies primarily due to factors such as the increasing number of veterinary clinics and hospitals, growing ownership of companion animals, and increasing veterinary expenditure.
North America dominated the veterinary pain management market, followed by Europe. In North America, the US is expected to hold the largest share of the global market due to the vast pet population in the region, increasing animal healthcare expenditure, large number of hospitals & clinics, growing pool of veterinarians, and high prevalence of diseases causing pain as well as the growing number of research and funding activities in the field of veterinary pain management.
The Asia Pacific veterinary pain management market is estimated to grow at the highest CAGR during the forecast period and countries such as Japan, China, and India are expected to provide significant growth opportunities for market players. These countries have a large livestock population, as well a growing trend of pet ownership.
The prominent players in the veterinary pain management market are Zoetis.(US), Merck Animal Health (US), Elanco (US), Chanelle (Ireland), Boehringer Ingelheim (Germany), Vetoquinol (France), Bayer Germany), Norbrook (Ireland), Ceva Santé Animale (France), K-Laser (US), Assisi (US), and Dechra Pharmaceuticals (UK). New product launches and acquisitions were the major strategies adopted by these payers to maintain their positions in the global market.
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