Veterinary Pain Management Drugs Market Overview
Veterinary pain management drugs are used to control pain and inflammation associated with diseases in animals. These drugs find their application during treatment of animal diseases and are crucial part of veterinary therapeutics. Major manufacturers involved in the market are engaged in developing various targeted pain drugs.
Market Size and Forecast
Global veterinary pain management drugs market is anticipated to witness a CAGR of 7.8% over the forecast period. Further, rising expenditure on pet and increasing number of pet adoptions across the globe is expected to foster the growth of the global veterinary pain management market. Apart from this, high rate of adoption of pets in developed countries is expected to positively impact the growth of the veterinary pain management market.
In the terms of geography, North America accounted for a market share in 2016 in overall veterinary pain management drugs market. In addition, North America is expected to continue its dominance over the forecast period due to the rising number of pet veterinary practitioners. Further, North America was held for the largest number of pets in the region. Moreover, number of pet owners is likely to increase in North America region. Apart from this, willingness of pet owners to spend more on the healthcare of pet is expected to fuel the growth of veterinary pain management drugs market in the region during the forecast period. U.S. is the major country contributing significantly in the growth of veterinary pain management drugs market. High expenditure on pet and spurring growth in the ownership of pets in the country is anticipated to fuel the demand for veterinary pain management drugs in the next few years.
Europe veterinary pain management drugs market is expected to grow at a healthy rate during the forecast period. Increasing pet care market in the region is paving the way for the growth of veterinary pain management market. Asia Pacific is anticipated to be the fastest growing market across the globe. The market of Asia Pacific is mainly expanding on the back of the rising number of veterinary clinics and growing adoption of companion animals. In Asia Pacific region, India, China and Japan are the key countries making the significant contribution to the growth of the veterinary pain management drugs market. Latin America is projected to observe high growth rate during the forecast period owing to high pet ownership and veterinary hospitals & clinics in the region.
Our in-depth analysis has segmented global veterinary pain management drugs market into the following segments:
By Animal Type
By Distribution Channel
Global veterinary pain management drugs market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Increasing number of veterinary clinics and hospitals across the globe is one of the major growth drivers of veterinary pain management drugs market. Further, growing expenditure on animal healthcare is supplementing the growth of veterinary hospitals & clinics which is likely to drive the growth of global veterinary pain management drugs market during the forecast period. In addition, growing animal population is resulting in expansion of the pet healthcare market. This factor is expected to trigger the growth of the veterinary pain management drugs market globally.
The disease penetration rate among animals has been continuously increasing. This is expected to increase the demand for the veterinary pain management drugs in the upcoming years. Additionally, development and launch of new veterinary pain management drugs is expected to drive the growth of the global veterinary pain management drugs market.
In contrast, increasing cost of pet care is expected to dampen the growth of global veterinary pain management drugs market.
Scope and Context
Overview of the Parent Market
The global veterinary pain management drugs market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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