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Over the past 35 years, the United States has witnessed a notable increase in pet ownership, a trend that has been paralleled by the remarkable growth of the pet insurance industry. According to statistics gathered by Forbes Advisor, the surge in pet ownership is not only changing the landscape of American households but also influencing the dynamics of veterinary care. The symbiotic relationship between the rise in pet ownership and the expanding pet insurance sector is reshaping the way pet owners approach the healthcare needs of their furry companions, particularly in the realm of pain management.
Pet insurance has emerged as a crucial financial safeguard for pet owners, providing protection against the exorbitant costs associated with unexpected veterinary expenses. This is particularly significant in situations where pets face injuries or illnesses, requiring immediate and often costly medical attention. Forbes Advisor's data highlights that the average monthly cost of pet insurance for dogs stands at USD 44, while cat owners incur an average cost of USD 30 per month. This financial buffer not only eases the burden on pet owners but also ensures that pets receive prompt and comprehensive medical care without financial constraints hindering their well-being.
The surge in pet insurance adoption is closely linked to the growing awareness among pet owners about the importance of proactive healthcare measures for their animal companions. As pets increasingly become integral members of families, the demand for comprehensive healthcare solutions, including insurance coverage, has seen a significant upswing. This trend is evident in the rising expenditure on pets in the United States.
In 2022, Americans spent a staggering USD 136.8 billion on their dogs alone, marking a noteworthy 10.68% increase from the previous year's spending of USD 123.6 billion. This substantial expenditure encompasses various aspects of pet care, including USD 58.1 billion on pet food and treats, USD 31.5 billion on supplies, live animals, and over-the-counter medications, USD 35.9 billion on veterinary care, and USD 11.4 billion on other services such as boarding, grooming, pet insurance, and training.
The significant allocation of funds to veterinary care, combined with the rise in pet insurance coverage, is poised to have a profound impact on the global veterinary pain management market. As pet owners increasingly prioritize the health and well-being of their beloved animals, the demand for advanced pain management solutions is expected to surge. This evolving landscape presents opportunities for innovation and growth within the veterinary pain management sector, as stakeholders respond to the increasing expectations of pet owners for comprehensive and accessible healthcare solutions for their furry family members.
In conclusion, the intertwining trends of escalating pet ownership, the rise of the pet insurance industry, and the surge in pet-related expenditure underscore a fundamental shift in the way pets are cared for and treated in contemporary society. As pet owners actively seek financial protection through insurance coverage and invest significantly in the well-being of their animals, the global veterinary pain management market is poised for substantial growth. This trend not only reflects a commitment to providing the best possible care for pets but also signifies a lucrative market opportunity for stakeholders in the veterinary healthcare sector. As pet insurance continues to gain prominence, the veterinary pain management market is well-positioned to evolve in tandem, ensuring that pets lead healthy, pain-free lives with the support of accessible and comprehensive healthcare solutions.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 4.5 Billion |
| Market Size Value In 2023 | USD 4.70 Billion |
| Growth Rate | 4.5% (2023-2032) |
Veterinary Pain Management Market Highlights:
Global Veterinary Pain Management Market Overview
Global Veterinary Pain Management market size was valued at USD 1.99 billion in 2023.
The Veterinary Pain Management industry is projected to grow from USD 2.11 Billion in 2024 to USD 3.70 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.42% during the forecast period (2024 - 2032).
Growing prevalence of painful and inflammatory diseases in animals and rise in companion animal ownership and large pet population are driving market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Veterinary Pain Management Market Trends
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Rise in Companion Animal Ownership & Large Pet Population Boosted the Market Growth
The rise in companion animal ownership & large livestock population, rise in pet insurance with a surge in animal health expenditure, and growing prevalence of animal diseases are expected to drive the growth of the global veterinary pain management market.
The rising number of pet owners across the globe is expected to support market growth over the forecast period. For instance, according to the American Society for the Prevention of Cruelty to Animals (ASPCA), around 6.5 million companion animals enter the US animal shelters nationwide each year. Moreover, as stated by the American Pet Products Association 2015 to 2016 (APPA) survey, approximately 44% of all households in the US had a dog, and 35% had a cat.
Veterinary Pain Management Market Segment Insights
Veterinary Pain Management Product Insights
The global veterinary pain management market segmentation, based on product, includes medications, and devices. The market, based on medications, has been sub-segmented into nonsteroidal anti-inflammatory drugs (NSAIDs), opioids, local anesthetics, and others. The NSAIDs segment has been further segmented into meloxicam, etodolac, and others. The medications product has held the majority share in 2022 in the global Veterinary Pain Management market revenue. This is due to the product launches and large preference by veterinary practitioners.
August 2020: Elanco (US) has acquired the firm Bayer Animal Health (Germany). The acquisition, will broaden Elanco's scope and capabilities and position the business to become a leader in the lucrative, long-lasting animal health sector
Veterinary Pain Management Application Insights
The global veterinary pain management market segmentation is based on an application that includes joint pain, postoperative pain, cancer, and others. The joint pain has dominated the market in 2022 and is projected to be the fastest-growing segment during the forecast period, 2024-2032.This is due to large population of osteoarthritis and new product launches are expected to boost the growth of the market during the forecast period.
June 2019: Ceva (US) had increased its investments in Mainland France, notably in Laval, where it has created its worldwide hub for companion animal innovation. This addition of an innovative hub is continuously supporting the company's efforts to develop innovative products for animals
Veterinary Pain Management Animal Type Insights
The global veterinary pain management market segmentation is based on an animal type that includes companion animals and livestock animals. Companion animals have been further segmented into dogs, cats, horses, and others. The market, on the basis of livestock animals, has been further divided into cattle, pigs, poultry, and others. Companion animals has held the majority share in 2022 in the global veterinary pain management market revenue. This is due to the increasing incidence rate of zoonotic diseases and growing pet insurance.
Figure 2: Global Veterinary Pain Management Market Size, By Animal Type, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Veterinary Pain Management Distribution Channel Insights
The global veterinary pain management market segmentation is based on a distribution channel that includes veterinary hospitals & clinics, pharmacies, and online pharmacies. Veterinary hospitals & clinics has dominated the market in 2022 and is projected to be the fastest-growing segment during the forecast period, 2024-2032. This is due to the wide availability of pain medications in these settings.
Veterinary Pain Management Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. The North America clear aligners market accounted for the largest market share in 2022. This is due to the increasing pet population and the rising number of neurological diseases in the region. Furthermore, the presence of a large number of noticeable players such as Zoetis (New Jersey, US), Merck & Co., Inc. (New Jersey, US), and Assisi Animal Health (New Mexico, US) in this region is the major driving factor of the market in the North America.
Further, the major countries studied are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Global Veterinary Pain Management Market Size, By Region 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe Veterinary Pain Management market accounts for the second-largest market share due to the rising prevalence of transmissible animal diseases and increased focus on the health & well-being of animals is driving the demand for pain management products further, UK Veterinary Pain Management market was attributed to hold the largest market share, and the France Veterinary Pain Management market is expected to fastest-growing market in the European region.
The Asia-Pacific Veterinary Pain Management market is expected to grow at a significant share from 2023 to 2032. This is due to the presence of rapidly developing economies of China, India, and South Korea. The region provides many opportunities for market players to grow. The increased pet adoptions and growth in the population of companion animals is expected to drive the market growth.
Moreover, China Veterinary Pain Management market is expected to hold the largest market share, and India Veterinary Pain Management market is expected fastest-growing market in the Asia-Pacific region.
The Rest of the World is segmented into the Middle East, Africa, and Latin America. Veterinary Pain Management market in the above-mentioned regions is likely to witness growth due to the presence of countries such as Egypt and Saudi Arabia. The Middle East & Africa region has less economic developments and extremely low-income due to which the region accounts for the least market share but is expected to grow with the to improving veterinary healthcare facilities and expansion of the middle-class population in these regions.
Veterinary Pain Management Key Market Players & Competitive Insights
The global veterinary pain management market is characterized by the presence of many global, regional, and local vendors. Developments in the healthcare industry and growing research and development make the veterinary pain management market lucrative. To expand their reach and optimize their operational costs, the major players focus on obtaining regulatory authorizations from government agencies for their products and emphasize acquisitions and product launches to gain a substantial market share. The market comprises tier-1, tier-2, and local players.
The tier-1 and tier-2 players have reached across the globe with diverse product portfolios. Companies such as Boehringer Ingelheim (Ingelheim am Rhein, Germany), Vetoquinol (Lure, France), Ceva Animal Health, LLC (Libourne, France), Chanelle Pharma (Galway, Ireland), Elanco (Indiana, US) dominate the global veterinary pain management market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are focused on investing in research and development.
Furthermore, they adopt strategic growth initiatives, such as expansion, product launches, joint ventures, and partnerships, to strengthen their market position and capture a large customer base. One of the primary business strategies adopted by manufacturers in the global veterinary pain management industry to benefit clients and expand the clear aligners market sector is to manufacture locally to reduce operating costs.
Zoetis Animal Healthcare has more than 65 years of experience in delivering medicines, vaccines and diagnostics products along with complemented by biodevices, genetic tests and precision livestock farming. The company has more than 65 years of experience in animal healthcare. The company has approximately 300 number of product lines. The company serves veterinarians, livestock producers and people who raise and care for farm and companion animals in more than 100 countries.
The company offers various products and services for various species including cattle, cats, dogs, fish, horses, pigs, poultry, and sheep. For instance, In May 2023, Zoetis (US) announced FDA approval for its product “Librela (bedinvetmab injection)”. This product is used for osteoarthritis pain relieve in dogs.
Veterinary pain management is expected to decline during the Covid-19 pandemic as veterinary visits are limited. Therefore, the animal healthcare approach has been changed and care for emergency cases and critically ill animals is provided. Thus, this is expected to lead to stabilization in the veterinary pain management market in the forecast period.
Key Companies in the Veterinary Pain Management Market Include
- Boehringer Ingelheim (Ingelheim am Rhein, Germany)
- Vetoquinol (Lure, France)
- Ceva Animal Health, LLC (Libourne, France)
- Chanelle Pharma (Galway, Ireland)
- Elanco (Indiana, US)
- Dechra Pharmaceuticals PLC (Northwich, UK)
- Zoetis (New Jersey, US)
- Merck & Co., Inc. (New Jersey, US)
- Assisi Animal Health(New Mexico, US)
- Eltech K-Laser (Treviso, Italy)
Veterinary Pain Management Industry Developments
January 2022: Zoetis (US) received FDA approval for its product Solensia (frunevetmab injection). This product is used for osteoarthritis pain reliving in cat.
January 2022: Elanco's (US) received US Food and Drug Administration (FDA) approved Zorbium (buprenorphine transdermal solution) for Cats. With this approval, the business is able to better serve veterinary practices and increase its pain management options. Additionally, ZORBIUM is a cutting-edge, transdermal formulation of a widely used opioid (buprenorphine) in cats that enables veterinarians to provide pain relief consistently and reliably to their post-operative feline patients.
May 2021: Chanelle Pharma (Ireland) expanded its distribution and manufacturing operations to Ballinasloe. Through this expansion, Chanelle Pharma will transform the current Chanelle Pet location in Loughrea into a new 35,000 square foot production plant with a goal of creating 60 employments in Ballinasloe the next five years.
Veterinary Pain Management Market Segmentation
Veterinary Pain Management Product Outlook
- Medication
- Nonsteroidal anti-inflammatory drugs (NSAIDs)
- Meloxicam
- Etodolac
- Others
- Opioids
- Local Anesthetics
- Others
- Nonsteroidal anti-inflammatory drugs (NSAIDs)
- Devices
- Laser Therapy Devices
- Electromagnetic Therapy Devices
Veterinary Pain Management Animal Type Outlook
- Companion Animals
- Dogs
- Cats
- Horses
- Others
- Livestock Animals
- Cattle
- Pigs
- Poultry
- Others
Veterinary Pain Management Application Outlook
- Joint Pain
- Postoperative Pain
- Cancer
- Others
Veterinary Pain Management Distribution Channel Outlook
- Veterinary Hospitals & Clinics
- Pharmacies
- Online Pharmacies
Veterinary Pain Management Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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