Global veterinary pain management drugs market is expected to flourish at a CAGR 0f 7.8% over the forecast period. Rising prevalence of animal diseases coupled with increasing number of veterinary hospitals and clinics are likely to spearhead the growth of the veterinary pain management drugs market. Moreover, the global veterinary pain management drugs market is expected to garner noteworthy revenue by the end of 2024.
The global veterinary pain management drugs market is segmented into opioids, agonists, Local Anesthetics, NSAIDs (Non-steroidal Anti Inflammatory Drugs), Disease-modifying Osteoarthritis Drugs (DMOAD) and others. Growing number of veterinary clinics and hospitals across the globe is aiding to the growth of veterinary pain management drugs market. Moreover, growing spending on pet healthcare is expected to accelerate the growth of the veterinary pain management drugs market in the upcoming years.
North America accounted for largest market share in overall veterinary pain management drugs market in 2016. Moreover, North America is expected to continue its dominance over the forecast period. Increasing number of veterinary practitioners in the region is believed to significantly increase the demand for veterinary pain management drugs during the forecast period. U.S. is witnessing the augmented demand for veterinary pain management drugs. Asia Pacific is also expected to showcase significant growth in the veterinary pain management drugs market. Increasing adoption of companion animals coupled with growth in number of veterinary clinics signals promising growth of veterinary pain management drugs market in the upcoming years.
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Growing Pet Ownership
Significant increase in the number of pet parents or pet owners who consider pet as a part of their family is anticipated to positively impact the growth of the market. For instance, As per PetSecure, more than 90% of the Americans consider pets as a part of their family. In addition, pet owners are spending more on the healthcare of pets due to their strengthening bond. This factor is anticipated to positively impact the growth of the Veterinary Pain Management Drugs Market.
Rising Number of Veterinarians Across the Globe
Rise in the number of veterinarians across the world is believed spearhead current and future market growth of Veterinary Pain Management Drugs during the forecast period. For instance, according to American Veterinary Medical Association, in U.S., the number of veterinarians increases from 92,547 in 2011 to 107,995 in 2016. Moreover, the number of veterinarians is expected to increase across the globe which is expected to drive the growth of the veterinary pain management drugs market.
However, increasing cost of veterinary pet care is expected to negatively impact the growth of the global veterinary pain management drugs market.
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The report titled “Global Veterinary Pain Management Drugs Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global veterinary pain management drugs market in terms of market segmentation by product, by animal type, by application, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global veterinary pain management drugs market which includes company profiling of Boehringer Ingelheim, Zoetis, Inc. , Merck Animal Health , Elanco , Bayer AG, Vetoquinol S.A., Ceva Santé Animale, Virbac Group, Norbrook Laboratories Ltd, Dechra Pharmaceuticals and other key players . The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global veterinary Pain Management Drugs market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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