The global companion animal postoperative pain management therapeutics market size is expected to reach USD 382.36 million by 2026, registering a CAGR of 6.7% over the forecast period, based on a new report by Grand View Research, Inc. Increasing number of surgeries in companion animals is driving the demand for postoperative pain management drugs.
Increasing companion healthcare expenditure and concerns among pet owners is further propelling the market growth. According to The American Pet Products Association report 2018, the overall spending in U.S. pet industry has increased by 4.1 % from 2016 to 2017. Moreover, veterinary care spending has increased by 7% from USD 15.95 billion in 2016 to USD 17.07 billion in 2017.
Significant rise in animal insurance policies helps pet owners take proper care of their pets. For instance, in 2017, around 57,000 pet insurance claims were reported for chronic diseases such as arthritis in pets in U.S. According to a report by the Department of Clinical Veterinary Science and the Pet Food Institute, around 23% companion animals in U.K. and 30% in Sweden were covered under insurance by 2017.
Further key findings from the report suggest:
- NSAIDs product segment held the largest revenue share of the companion animal postoperative pain management therapeutics market, in year 2018 owing to product availability and affordable pricing
- Canine was the fastest-growing category of companion animal postoperative pain management therapeutics market in 2018 and is expected to register a CAGR of 6.9% by 2026 followed by feline segment. The growth can be attributed to the increase in the number of surgeries in dogs coupled with new product launch for postoperative pain management
- North America held the largest market share in 2018 owing to the factors, such as presence of major industry players and increased number of veterinary hospitals in the region
- Asia Pacific is expected to showcase the fastest CAGR over the forecasted period, attributed to an increase in disposable income and rising companion ownership in Japan and China
- Zoetis Inc.; Bayer AG; Ceva Polchem; and Norbrook are some of the major market players
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