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Global Veterinary Pain Management Market - Major Leaders | Growth Strategies | Future Forecasts

 



(PharmaNewsWire.Com, August 23, 2019 ) Veterinary Pain Management Market growth 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.



Years Considered for this Study:



2017 – Base Year

2018 – Estimated Year

2023 – Projected Year



APAC is expected to grow at the highest CAGR during the forecast period.



Global veterinary pain management market has been studied for North America, Europe, Asia Pacific (APAC), Latin America, and Middle East & Africa. APAC is expected to grow at the highest CAGR in veterinary pain management market, primarily due to the significant growth in pet adoption, increasing awareness about animal health, and growing per capita animal health expenditure, especially in India and China.



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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 veterinary pain management market



Boehringer Ingelheim held the largest share of global veterinary pain management drugs market in 2017. The company has a strong portfolio of pharmaceutical products that focus on the treatment of chronic diseases in companion animals. For instance, it manufactures and markets Metacam, one of the best-selling pain management drugs used in companion animals to cure osteoarthritis. To sustain its leading position in the market, the company adopted several growth strategies such as expansions, agreements, and partnerships. For example, in 2016, the company opened its new R&D facility at the Iowa State University Research Park in Ames (US).



Zoetis held the second position in the global veterinary pain management drugs market in 2017. It offers widely adopted pain management drugs for companion animals such as cats, dogs, and horses. It is the manufacturer and supplier of Rimadyl, one the best-selling pain management drug brand for dogs. The company focuses on investing in R&D activities in order to maintain and enhance its position in the market. In 2016, the company invested USD 376 million in R&D, which accounts for 8% of its total revenue. Zoetis also focuses on expansions and mergers & acquisitions to improve its product offerings and production capabilities. For example, in 2015, Zoetis established a manufacturing facility in Lincoln, US, to improve production capabilities for animal health products and offer a wider range of animal health products to veterinarians, livestock producers, and pet owners.



Elanco held the third position in veterinary pain management drugs market. Elanco has a vast geographical presence in all major markets. It has offices and research centers at multiple locations within the Americas, Europe, the Middle East and Africa, and Asia Pacific. Elanco primarily pursues the strategy of product launches to increase its share in the veterinary pain management market for example, the company launched Galliprant and Onisor in 2017 & 2016 respectively. The company also adopts inorganic growth strategies such as acquisitions and collaborations to improve its position in the market, like the acquisition of Novartis Animal Health in 2015.



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