Market Overview
Veterinary Pain Management Drugs refers to the medical services for the prevention, diagnosis, and treatment of diseases like Osteoarthritis, Postoperative Pain, and Cancer in companion and livestock animals. The global veterinary pain management drugs market is segmented by product, application, and animal type.
The drug segment can be segmented as Opioids, NSAIDs, Local Anesthetics, Disease Modified Osteoarthritis Drugs (DMOAD), etc. Based on the animal type, the market can be segmented as Livestock and Companion Animal. The companion animal segment accounts for the largest market share. It can be attributed to the increasing companion animal ownership, growing awareness regarding pet health among pet owners, and rising pet healthcare expenditure. In the U.K., Pet owners spend most on Veterinary Services for their pets after Pet food; this trend will propel the market for Veterinary pain management in the U.K. shortly.
Market Dynamics
Drivers
- Rising Prevalence of Painful and Inflammatory Diseases in Animals
- Increasing Initiatives towards Animal Healthcare
- The increasing number of companion animal ownership
Restraints
- Side Effects Associated with Drugs
- Changes in Distribution Channel
Market Segmentation
The companion animals for the veterinary pain management drugs market is estimated to grow at a CAGR of 5.9% during the forecast period (2020-2027) to reach a market value of USD 1,318.8 million by 2027.
Companion animals include dogs, cats, horses, among others. The companion animal pain management market's primary driver is the willingness of owners to increase spending on their pet’s health. Emotional attachment with companion animals is the primary motivator behind this driver. The increasing number of veterinary hospitals and pet clinics fuel the companion animal postoperative pain management therapeutics market. Some of the most commonly used NSAIDs for postoperative pain are Rimadyl (Injectable), Metacam, Deramaxx, and Previcox.
Geographical Analysis
North America occupied the highest market share of about 33.66% in 2018, which is expected to increase to 35.29% by 2026
North America is estimated to account for a dominant share of approximately 33.85% of the global veterinary pain management drugs market in 2018. It is anticipated to retain its market position by the end of the forecast period (2020-2027). The emerging countries face significant competition, owing to the growing market size, driven by increasing concerns over animal health and the increasing adoption of companion animals. The rise in the number of veterinarians worldwide is believed to spearhead current and future market growth of Veterinary Pain Management Drugs during the forecast period. For instance, according to American Veterinary Medical Association, in the U.S., the number of veterinarians increased from 92,547 in 2011 to 107,995 in 2016. Besides, highly developed and well-established animal healthcare facilities are further fueling the growth. As of 2017, veterinarians' prescription has been made mandatory in North America, thereby providing a boost to prescription drug sales over the forecast period. Rising collective efforts by key players to improve their product portfolio and ensure high-quality standards are projected to boost the regional demand. For instance, in May 2017, Norbrook launched chewable Carprieve tablets for dogs in a probe to expand its product portfolio. In November 2018, Elanco collaborated with Novozymes A/S in a probe to improve its animal health products.
Competitive Landscape
Some of the major players in the global veterinary pain management drugs market are Dechra Pharmaceuticals, Zoetis, Elanco, Boehringer Ingelheim, Vetoquinol S.A., Ceva Sante Animale S.A., Bayer AG, Merck Animal Health, Norbrook Laboratories, Chanelle Pharma, Virbac, among others.
The companies are competing based on the price, product specifications, and market presence.
The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the growth of the veterinary pain management market globally. For instance,
In April 2020, The UK Competition and Markets Authority or CMA Monday launched a merger inquiry into Dechra Pharmaceuticals PLC's (DPH.L) anticipated acquisition of the Osurnia business of Elanco Animal Health Inc. (ELAN).
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