Veterinary Pain Management Market To Be Valued at US$ 2,154.9 Mn By 2028

Pain management in veterinary plays an important role in veterinary medicine, or veterinary science. Pain not addressed appropriately in animals leads to delayed healing and exaggerated stress in already sick animals. Pain may lead to aggression and reduced activity, caused due to cancer, arthritis, and surgeries. The most important objective is pain management, while efforts are made to detect and treat the underlying disease and reinforce treatment and recovery. Pain management provides veterinarians with the information they need to recognize and manage pain in a wide range of animals.

Market Statistics:

The global veterinary pain management market is estimated to account for US$ 1,495.7 Mn in terms of value by the end of 2022.

Drivers:

Need for safe and effective pain management across the globe is expected to boost the growth of the global veterinary pain management market over the forecast period. For instance, owing to the increase in prevalence of animal disease (causing pain and inflammation), the demand for safe and effective pain management is also increasing. In January 2022, the U.S. Food and Drug Administration (FDA) approved Solensia (frunevetmab injection), the first treatment for the control of pain associated with osteoarthritis (OA) in cats and the first monoclonal antibody (mAb) new animal drug approved by the FDA for use in any animal species.

Opportunities:

Increase in awareness among people and increasing per capita animal healthcare expenditure is expected to provide significant growth opportunities for players in the global veterinary pain management market. For instance, according to the America Veterinary Medical Association, in March 2020, more than US$ 29.3 billion was spent in the United States on veterinary care and services. Moreover, in April 2020, Ceva Sante Animale launched the cattle pain campaign to raises awareness about the importance of pain reliefs in lame cattle.

Restraints:

Side effects associated with treatment and high cost associated with laser therapy is expected to hamper growth of the global veterinary pain management market. For instance, the average cost for laser therapy in chronic pain is around US$ 25 to 35 per treatment, and treatment costs are quite high as multiple laser therapy sessions are required. While, vomiting, decreased to no appetite, decreased activity level, and diarrhea are some of the most common side effects of NSAIDs in animals reported to FDA’s Center for Veterinary Medicine.

To know the latest trends and insights prevalent in the Global Veterinary Pain Management Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/veterinary-pain-management-market-5163

Global Veterinary Pain Management Market - Impact of Coronavirus (Covid-19) Pandemic

The outbreak of COVID-19 (global pandemic) has had a severe impact on the veterinary pain management market. Pet parents are/were advised to keep a safe distance from their pets to maintain hygiene and reduce the risk of contamination. COVID-19 restrictions have potentially affected the ability of owners to obtain care for their chronically painful animals (especially dogs and cats). Moreover, the pandemic has had a severe impact on veterinarians, who play an important role in protecting animal and public health.

Key Takeaways:

The global veterinary pain management market was valued at US$ 1,407.8 Mn in 2021 and is forecast to reach a value of US$ 2,154.9 Mn by 2028 at a CAGR of 6.3% between 2022 and 2028.

Among product drugs segment held dominant position in the global veterinary pain management market in 2021, accounting for 91.7% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Market Trends:

1. Increase in focus on animal health and welfare is expected to augment growth of the global veterinary pain management market. For instance, in August 2020, Zoetis and the World Small Animal Veterinary Association (WSAVA) to support WSAVA’s Global Pain Council, a group of global veterinarians with expertise in companion animal pain management.
2. Introduction of novel products or campaigns by market players is expected to drive growth of the global veterinary pain management market. For instance, in March 2020, Ceva Animal Health, launched ‘Wave Goodbye to Pain’, a campaign to highlight the impact of pain relief in lame cattle and the role it can play in improving recovery time and results.

Competitive Landscape:

Major players operating in the global veterinary pain management market include Zoetis Inc., Vetoquinol SA, Norbrook, Dechra Pharmaceuticals PLC, Chanelle Veterinary Limited, Ceva Sante Animale, Assisi Animal Health, Elanco Animal Health Incorporated, and Boehringer Ingelheim International GmbH, among others.

Recent Developments:

In February 2021, Dechra Pharmaceuticals Plc received rights for marketing Tri-Solfen in Australia and New Zealand under a licensing agreement with Animal Ethics Pty Ltd. Tri-Solfen is used as a routine treatment in reducing pain for farm animals.

In July 2020, Boehringer Ingelheim acquired a Belgian biotech company, GST, to strengthen its stem cell capabilities in the Animal Health segment.