Veterinary Pain Management Drugs Market By Product (Opioids, Agonists, Local Anesthetics, NSAIDs, DMOAD, Others); By Animal Type (Companion Animal, Livestock Animal); By Application (Osteoarthritis, Musculoskeletal Disorders, Cancer, Others); By Distribution Channel (Veterinary Hospitals, Clinics and Pharmacy) - Global Demand Analysis & Opportunity Outlook 2027
Buy Now Report ID: 723 | Published Date: Feb 10, 2023
Our in-depth analysis has segmented global veterinary pain management drugs market into the following segments:
Global veterinary pain management drugs market is further classified on the basis of region as follows:
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.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
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