Veterinary pain management market to hit $2.5B
by Katie Pfaff
The market for pain management in veterinary care is expected to reach a value of $2.5 billion by the year 2027, according to a report by MarketsandMarkets, which provides B2B research on high growth niche opportunities and threats. The market was valued at $1.8 billion in 2022, according to a news release. The increase across the market is projected at a Compound Annual Growth Rate (CAGR) of 6.7% between 2022 and 2027.
In veterinary practices, pain management is typically achieved with medications and devices. Medications for pets include opioids, nonsteroidal anti-inflammatory drugs (NSAIDs), local anesthetic, disease-modifying osteoarthritic drugs and alpha-2 agonists.
In 2021, NSAIDs accounted for the largest share of the veterinary pain management drugs market. The large share of this segment can be attributed to the widespread adoption of NSAIDs for a range of applications due to the low cost of these drugs.
Based on animal type, the market is segmented into companion animals and livestock animals. The cat segment of companion animals accounted for the largest share of the veterinary pain management market in 2021, according to the report. The large share of this segment can be attributed to the increasing cat ownership, and rising pet healthcare expenditure.
By route of administration, oral use is forecasted to grow at the fastest rate by 2027, compared to parenteral and topical administration. The oral segment also led in 2021, as the medication is easy to dispense, store and administer.
The veterinary pain management market is segmented into joint pain, post-operative pain, cancer and other applications. The joint pain segment accounted for the largest share of the market in 2021. The large share of this segment can be attributed to the growing geriatric pet population, the growing prevalence of osteoarthritis and musculoskeletal disorders, and the increasing population of obese and overweight pets.
Learn more about this report on the MarketsandMarkets website.
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