Market Trends of Veterinary Pain Management Industry
This section covers the major market trends shaping the Veterinary Pain Management Market according to our research experts:
Laser Therapy is Expected to Witness Considerable Growth Over the Forecast Period
Laser therapy is used for chronic and acute injuries, arthritis, sprains and strains, swelling due to back disc problems, and muscular-skeletal abnormalities. It also helps to regenerate nerve tissue post-surgery. The most common laser therapy is the therapeutic laser treatment of osteoarthritis (OA) in dogs and cats. The laser intensity in osteoarthritis (OA) is most appropriate: 8-10 J/cm2. Tendonitis may also benefit from laser therapy due to the inflammation associated with the disease.
Some laser devices can be used both for surgical and therapeutic purposes by controlling the level of emission. Some of the laser therapy brands for veterinary pain management include B-Cure Laser, TENDLITE, Lumasoothe, iReliev, Keebomed, and MLS Laser Therapy (ASAveterinary), among others.
Market players adopt and implement various strategies, such as product launches, collaborations, expansions, and mergers. For instance, in October 2021, Summus Laser introduced ''Horizon Veterinary Laser System,'' a Class IV laser therapy system designed specifically for veterinary pain management. It is a diode-based laser with 28-watt power and has the unique capability of combining four different wavelengths, which can be controlled independently as well. Therefore, owing to the aforementioned factors, the segment is expected to witness considerable growth over the forecast period.
North America is Expected to Witness Significant Growth Over the Forecast Period
North America is expected to dominate the overall veterinary pain management market over the forecast period. The growth is due to factors such as rising pet adoption and the increasing per capita animal healthcare expenditure in the region. The rise in the prevalence of various animal diseases and injuries has been identified as the major factor fueling the market's growth.
According to the American Pet Products Association's 2021-2022 National Pet Owners Survey, around 69.0 million Americans own a dog, 45.3 million own cats, 11.8 own freshwater fish, 9.9 million own birds, 6.2 million own small animals, 5.7 million own reptiles, 3.5 million own horses, and 2.9 million own saltwater fish. With the increased ownership of pets and livestock, US citizens have also become more considerate toward the health of these animals. As per the data provided by America Veterinary Medical Association, in March 2020, approximately USD 29.3 billion was spent in the country on veterinary care and services. Thus, with the increased awareness and expenditure regarding animal health, the market is expected to show significant growth over the forecast period in North America.
The rising partnerships/agreements, mergers, and acquisitions between companies are fueling the market growth in the United States. Many companies are launching new products in the market. For instance, in 2020, the US FDA approved Cronus Pharma Specialties' Carprofen Chewable Tablets (generic version of Rimadyl-Zoetis) for dogs. This nonsteroidal anti-inflammatory drug (NSAID) has been proven safe and effective in relieving pain and inflammation associated with osteoarthritis. Furthermore, it helps control postoperative pain associated with soft tissue and orthopedic surgeries.
Hence, owing to the factors mentioned above, along with the rising prevalence of inflammatory diseases in animals, the veterinary pain management market is expected to grow over the forecast period.
