A marketing and consulting firm says the global veterinary pain management market is projected to reach $1.73 billion by 2026. According to a report by Grand View Research, the growth will be partially fed by an increase in the number of veterinary practitioners. In addition, a high rate of chronic illnesses, such as cancer, diabetes, and osteoarthritis, will help boost the market over the next seven years. Further, North America is expected to be a major player in the growth. In 2018, it held the majority of the veterinary pain management market, as a result of favorable pet insurance policies and strategic initiatives implemented by numerous companies. Other highlights from Grand View Research’s report include: • nonsteroidal anti-inflammatory drugs (NSAIDs) accounted for the largest market share regarding revenue in 2018 due to the increase of chronic diseases; • the number of people who own a companion animal is anticipated to grow over the forecast period due to the rise in pet adoption and expenditure for better pet care; • Osteoarthritis (OA) is expected to hold the largest market share as a result of the increasing rate of obesity; • postoperative pain is expected to exhibit profitable growth due to the increase of surgeries for chronic disorders; and • Asia Pacific—specifically in Japan and India—is predicted to see lucrative development as a result of the rise in pet adoption and expendable income.
