Veterinary Pain Management Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028
Global veterinary pain management market is anticipated to witness impressive growth during the forecast period. This can be ascribed to the growing incidence of inflammatory and painful diseases such as deficiency disease, hereditary diseases, and physiological diseases in the animal population. Additionally, growing the need for easily accessible and affordable treatment procedures in urban regions and growing awareness about animal health and welfare have significantly enhanced the demand for veterinary pain management across different parts of the globe. Additionally, increasing the livestock population suffering from cancer, abdominal pain, and neuropathic pain is expected to boost the demand for different veterinary pain management, thereby fuelling the market growth through 2028. Besides, increasing research and development activities to treat various causes of pain in animals including different therapy across the globe is further expected to support the veterinary pain management market during the forecast period. According to an article published by Veterinary Practice News in June 2020, the prevalence of osteoarthritis in dogs was found to be 20% globally. Similarly, according to an article published by American Animal Health Association in April 2021, approximately 6 million dogs are diagnosed with cancer each year.
Growing Prevalence of Chronic Diseases
The increasing rate of acute and chronic diseases in animals across the globe is one of the major factors bolstering the growth of the market in the forecast period. For example, the growing incidence rate of infectious diseases such as deficiency diseases, hereditary diseases (including both genetic diseases and non-genetic hereditary diseases), and physiological diseases in animals is positively enhancing the growth of the market over the coming years. Also, due to the increasing prevalence of animal diseases which also includes epizootic diseases, there is a greater awareness and rising need for veterinary pain management therapy. Seventy percent of U.S. households, or about 90.5 million families, own a pet, according to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA). Similarly, the growing need for outpatient clinics to meet the rising volume of surgical procedures is expected to create significant growth during the forecasted period.
Increasing Investment in the Pet Healthcare Sector
Growing focus on improving the pet healthcare facilities and overall healthcare infrastructure is a major factor boosting the growth of the veterinary pain management market in the forecast period. To develop and apply new and improved technologies, there are an increasing number of strategic partnerships and collaborations with both public and private organizations. This is further expanding the diversity of market opportunities for the coming years. Additionally, the government's rising efforts to raise awareness of the value of early diagnosis are once again fuelling the market's expansion. Increasing investment in R&D, particularly in established and developing economies, about medical instruments and devices will further generate profitable market expansion prospects over the projection period. The total number of pets insured in the U.S. in 2021 was 3.9 million, a 28 percent increase since 2020. Also, the growing popularity of nonpharmaceutical pain management techniques is a major factor in the growth of the market, and the growing demand for laser therapy and electromagnetic therapy as pain management is anticipated to drive the growth of the market over the years.
Market Segmentation
Global veterinary pain management market can be segmented by product, application, animal type, and by region. Based on product, the market can be divided into Medications and Medical Devices. Based on application, the market can be differentiated into Joint Pain, Cancer Pain, Postoperative Pain, and Others. Based on application, the market can be divided into Companion Animals and Livestock animals. Regionally, North America dominated the market among Asia Pacific, Europe, Middle East and Africa, and South America. Among the different countries, United States dominated the global veterinary pain management market on account of the growing incidence of animal diseases in the country.
Recent Development
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook