Veterinary Pain Management Market in terms of revenue was estimated to be worth $1.8 billion in 2022 and is poised to reach $2.5 billion by 2027, growing at a CAGR of 6.7% from 2022 to 2027. Pain is the physiological term to describe the chemical processes that are at work in the body that receive a stimulus, modify it, and transfer it to the brain for interpretation and reaction. The stimulus can be physical, temperature, chemical, or inflammatory damage to tissues. In veterinary practices, pain management is achieved through analgesic drugs and devices.
Factors such as growth in companion animal adoption, the increasing number of veterinary practitioners and their rising income levels in developed economies, increasing consumption of meat & milk, the growing prevalence of animal disease causing pain and inflammation, and rising adoption of pet insurance with growing animal health expenditure are expected to drive the growth of this market. However, increasing pet care costs may restrain market growth to a certain extent.
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DRIVERS: Increasing number of veterinary practitioners in developed economies
The growing veterinary practitioner base across developed countries is one of the major factors responsible for the growing number of private clinical practices and hospitals. According to the American Veterinary Medical Association, the number of veterinary professionals in the US increased from 117,735 in 2017 to 13,539 in 2019 and 118,624 in 2020. The number of veterinarians in the US, Australia, and New Zealand is growing by more than 3–4% per year. Owing to this trend, the market for veterinary pain management products in these countries is also expected to grow in the forecast period.
RESTRAINTS: Increasing pet care costs
In European countries such as Germany, the veterinary cost is approximately ~USD 162.9 (EUR 140) per dog and USD 75.61 (EUR 65) per cat annually. In the last ten years, pet care costs have increased significantly. According to the APPA 2021 report, veterinary care is the second-highest source of spending in the pet care community. The US, for example, spent over USD 31.4 billion in 2020 and 34.3 billion in 2021 on veterinary care and related product sales.
Advancement in pain management devices play a significant role in pain management; however, materials and equipment used in these procedures is costly.
OPPORTUNITIES Increasing popularity of non-conventional and non-pharmaceutical treatment techniques
The increasing popularity of non-pharmaceutical pain management techniques is a major trend in the market, creating immense prospects for future market growth. Approaches such as pain management using laser therapy and electromagnetic therapy are increasingly being adopted as they offer advantages over conventional pharmaceutical treatment options for pain management. Laser therapy cures inflammation and pain by exposing the affected area to light energy of the desired wavelength, frequency, and power, whereas electromagnetic therapy makes use of a magnetic field, radiowaves, and other forms of electromagnetic energy of desired intensity. These therapies cure the cause of pain, ruling out the need for painful invasive surgeries and further use of pain relief drugs. These therapies also help reduce the healing time for patients.
Companies such as K-Laser USA and Assisi are major players offering devices used in laser and electromagnetic therapy, respectively. Assisi claims to bring about 58% faster wound healing using its targeted Pulsed Electromagnetic Field (tPEMF) therapy, which is an FDA-approved NPAID (non-pharmaceutical anti-inflammatory device). These companies are coming up with several other innovative devices for pain management. For instance, K-Laser USA manufactures Platinum 4, the world’s first smart laser that not only has the right mix of power, wavelength, pulsing, and expert protocol but also has a performance tracking app displaying the number of treatments, by species and condition. The app can also calculate the revenue generated and assist in effectively viewing detailed patient profiles.
CHALLENGES Stringent regulatory process
Regulatory bodies ensure that veterinary pain management products do not exhibit negative effects animal health, and ensure their quality and efficacy, various authorities have set stringent regulations for their approval. The Veterinary International Committee for Harmonization (VICH) also plays a significant role in bringing together regulatory authorities in the US, Europe, and Japan. Apart from that the US FDA; Canadian Food Agency; European Medical Agency; Ministry of Agriculture, Forestry, and Fisheries (MAFF); and Australian Pesticides and Veterinary Medicines Authority (APVMA) are some of the major regulatory bodies that approve medicines for veterinary purposes.
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Laser therapy device segment is expected to grow at highest CAGR in the veterinary pain management market by device type during forecast period
The veterinary pain management market is segmented into laser therapy and electromagnetic field therapy devices on the basis of types of veterinary pain management devices. The laser therapy devices segment expected to grow at highest gowth rate during forecast period. Laser therapy is effective in curing a wide range of acute and chronic pain conditions; it targets and cures the cause of pain, ruling out the need for painful invasive surgeries and further use of pain relief drugs.
Postoperative segment holds the second largest share of by application type of veterinary pain management market
The veterinary pain management market is segmented into joint pain, post-operative pain, cancer, and other applications on the basis of application. The postoperative segment accounted for the second largest share of the veterinary pain management market in 2021. The large share of this segment can be attributed to increasing veterinary surgeries in both developed and developing market.
The cat holds the largest share of companion animal veterinary pain management market in 2021
Based on animal type, the veterinary pain management market is segmented into companion animals and livestock animals. The cat segment of companion animal accounted for the largest share of the veterinary pain management market in 2021. The large share of this segment can be attributed to the increasing cat ownership, and rising pet healthcare expenditure.
Key Market Players
The prominent players in the market are Zoetis.(US), Merck Animal Health (US), Elanco (US), Chanelle (Ireland), Boehringer Ingelheim (Germany), Vetoquinol (France), Bayer Germany), Norbrook (Ireland), Ceva Santé Animale (France), K-Laser (US), Assisi (US), and Dechra Pharmaceuticals (UK). New product launches and acquisitions were the major strategies adopted by these payers to maintain their positions in the global market.
Veterinary Hospitals accounted for the largest share of the veterinary pain management market in 2021
Based on end users, the veterinary pain management market is segmented into veterinary hospitals, veterinary clinics, and pharmacies & drug stores. The veterinary hospitals segment accounted for the largest share of the veterinary pain management market in 2021. The large share of this segment can be attributed to the large pool of veterinarians, the increasing number of veterinarians establishing private hospitals, increasing vet visits by animal owners, and increasing adoption of pet healthcare insurance.
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