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Veterinary Pain Management, Market Growth, Global Insights, Opportunities 2024
Global Veterinary Pain Management
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According to The Business Research Company's, The veterinary pain management market size has grown rapidly in recent years. It will grow from $1.92 billion in 2023 to $2.13 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to increasing pet ownership, advancements in veterinary medicine, humanization of pets, regulatory support.
The veterinary pain management market size is expected to see rapid growth in the next few years. It will grow to $3.2 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to rising geriatric pet population, globalization of veterinary care, focus on preventive healthcare, consumer education and advocacy. Major trends in the forecast period include technological integration, collaborations and partnerships, customized pain management plans, advancements in pain assessment tools, collaboration between veterinarians and behaviorists, nutraceuticals and functional foods.
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Market Drivers and Trends:
An increasing number of veterinary practitioners is expected to propel the veterinary pain management market going forward. Veterinary practitioners refer to the qualified person that specializes in substantial and advanced training in particular animal species and practice areas among veterinarians. Veterinary pain management requires specialized methods to deal with animals' pain. That has resulted in a rising number of veterinary practitioners who have the capability to address the causes that create pain in animals. For instance, in February 2022, according to Veterinary Information Network Inc., a US-based online community of veterinarians, In the US, there are 121,461 veterinarians in 2022. Therefore, an increasing number of veterinary practitioners is driving the demand for the veterinary pain management market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
CH Boehringer Sohn AG & Co. KG, Zoetis Inc., Merck & Co Inc., Elanco Animal Health Incorporated, Ceva Santé Animale, Vetoquinol SA, Norbrook Laboratories Inc., Dechra Pharmaceuticals PLC, Chanelle Pharmaceuticals Manufacturing Ltd., IDEXX Laboratories Inc., Assisi Animal Health, Bayer AG, Eli Lilly and Company, Novartis AG, SeQuent Scientific Limited, Eltech K-Laser srl, Virbac, Durvet Inc., Bimeda Inc., Inovet Pharma (A subsidiary of Orion Group), Zenex Animal Health India Private Ltd., AnimalCare Group PLC, Eco Animal Health Group PLC, Panagro Health & Nutrition, Prodivet pharmaceuticals S. A., Henry Schein Inc., Covetrus Inc., MWI Veterinary Supply Inc., Animal Health International Inc., Midwest Veterinary Supply Inc.
Veterinary Pain Management Market 2024 Key Insights:
• The veterinary pain management market size is expected to see rapid growth in the next few years. It will grow to $3.2 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%.
• Growth In Veterinary Practitioners Driving Veterinary Pain Management Market
• Technological Advancements In Veterinary Pain Management Marke
• North America was the largest region in the veterinary pain management market in 2023
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