Global Veterinary Pain Management Market
Global Veterinary Pain Management Market: About this market
Technavio’s veterinary pain management market analysis considers sales from both pain management drugs and pain management devices. Our report also provides a detailed analysis of the market in Asia, Europe, North America, and ROW. In 2019, the drugs segment had a significant market share, and this trend is expected to continue over the forecast period. With the high prevalence of painful and inflammatory diseases, the drugs segment will maintain its market position. Also, our global veterinary pain management market report looks at factors such as growth in the number of veterinarians and their income in developed countries and the growing awareness about animal health and welfare. However, the high costs associated with pet care, side effects associated with veterinary therapeutics, and stringent regulatory approval process for pain management drugs may hamper the growth of the veterinary pain management industry over the forecast period.
Global Veterinary Pain Management Market: Overview
The high prevalence of painful and inflammatory diseases
The rising obesity in pets is one of the significant risk factors for several chronic conditions. One of the common chronic conditions is osteoarthritis. This creates the need for treatments which includes NSAIDs, adjunctive pain medications, and joint supplements. The high prevalence of painful and inflammatory diseases in animals will increase the prescription of several pharmaceuticals. This will lead to the expansion of the global veterinary pain management market at a CAGR of almost 9% during the forecast period.
Rising demand for pet insurance with growing animal health expenditure
With the rising cost of animal healthcare, people are relying on pet insurance to reduce the direct financial burden. Pet insurance providers offer reimbursement-based programs. Such policies majorly cover accidental injuries, prescription drugs, and surgical procedures. This will increase marketing efforts by pet insurance companies resulting in veterinary pain management market growth.
For the detailed list of factors that will drive the global veterinary pain management market during the forecast period 2020-2024, click here.
With the presence of several major players, the global veterinary pain management market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading veterinary pain management market vendors, that include Bayer AG, Boehringer Ingelheim International GmbH, Cadila Healthcare Ltd., Chanelle Pharma Group, Daiichi Sankyo Co. Ltd., Dechra Pharmaceuticals Plc, Elanco Animal Health Inc., Merck & Co. Inc., Norbrook Holdings Ltd., and Zoetis Inc.
Also, the veterinary pain management market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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