The veterinary pain management market is projected to reach USD 1.66 billion by 2023 from USD 1.13 billion in 2018, at a CAGR of 8.0% during the forecast period. Factors such as growth in companion animal adoption, increasing number of veterinary practitioners and their rising income levels in developed economies, growing prevalence of animal disease causing pain and inflammation, and rising adoption of pet insurance are expected to drive the growth of the market.
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In this report, the veterinary pain management market has been segmented by product, application, animal type, distribution channel, and region. The product segment comprising of drugs and devices, has been further segment into types of drugs, route of administration, and type of devices. The devices segment is expected to grow with the fastest CAGR, due to the growing preference for non-pharmaceutical and non-invasive pain management techniques. Among the types of pain management devices, laser therapy devices accounted for the largest share. The large share of this segment can be attributed to the effectiveness of laser therapy devices in curing a wide range of acute and chronic pain conditions in animals. Laser therapy devices target and cure the cause of pain, ruling out the need for painful invasive surgeries and further use of pain relief drugs.
Based on application, the veterinary pain management market has been segmented into joint pain, postoperative pain, cancer, and other applications. Other applications include traumatic pain, abdominal pain, neuropathic pain, dermatological pain, and mastitis. The cancer segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to the growing prevalence of cancer in companion animals and the requirement of pain management at every stage of cancer treatment.
Based on animal type, companion animal segment is expected grow at the fastest CAGR. Companion animals are further segmented into dogs, cats, horses and other companion animals. Dogs are expected to hold the largest share in veterinary pain management market due to the rising population of dogs, growing adoption of pets, increasing prevalence of diseases causing pain and inflammation in dogs, and growing healthcare expenditure.
Based on distribution channel, the pharmacy segment, which includes both retail and online stores, is expected to grow at a higher CAGR during the forecast period. The high growth of this segment can be attributed to the increasing preference of consumers to procure veterinary pain management products directly from pharmacies and drug stores (rather than procuring the products from veterinary hospitals and clinics) owing to the easy accessibility to products offered by these channels.
Geographically, the veterinary pain management market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is poised to grow at the highest CAGR, mainly due to the growing trend of pet ownership and a large livestock population.
