New York, Sept. 07, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Veterinary Pain Management Market – Growth, Trends, and Forecast (2020 – 2025)” – https://www.reportlinker.com/p05962022/?utm_source=GNW
5%. Similarly, according to the Animal Cancer Foundation, 65 million dogs and 32 million cats in the United States were diagnosed with cancer during the year 2017. Moreover, approximately 6 million new cancer diagnoses are made in pets, each year.
Additionally, as per the results of the 2017-2018 APPA (American Pet Products Association) National Pet Owners Survey, 10% of dogs and 8% each of cats and birds have undergone surgical procedures, for some reason or the other. This indicate that there is a high prevalence of the diseases associated with pain in animals which is a fuelling factor for the market studied.
In addition to the aforementioned factors, the rise in need for easily accessible and affordable treatment procedures and an increase in awareness about animal health and welfare are also expected to propel the growth of the veterinary pain management market.
Key Market Trends
Laser Therapy is Expected to Witness a Healthy Growth Over the Forecasted Period
The therapeutic laser treatment of osteoarthritis (OA) in dogs and cats is currently the most common laser therapy. The laser intensity in OA is most appropriate as 8-10 J/cm2. Tendonitis may also be benefitted from laser therapy, due to the inflammation associated with the disease.
Generally, the price of therapeutic laser equipment can range from around USD 30 to around USD 10,000, based upon the size of it, the facilities it provides, and the technologies it uses. There are some laser devices that can be used both for surgical and therapeutic purposes, by controlling the level of emission. These devices can have higher prices, even up to USD 40,000. Some of the laser therapy brands that are in the market for veterinary pain management include B-Cure Laser, TENDLITE, Lumasoothe, iReliev, Keebomed, MLS Laser Therapy (ASAveterinary), among others. The end-users primarily include pet owners, veterinary clinics, and hospitals. Owing to the aforementioned factors, the segment is expected to witness considerable growth over the forecast period.
India to Witness Rapid Growth in Asia-Pacific Region
The large livestock population in India is a major factor contributing to the market growth. According to the National Dairy Development Board, India, the total livestock population in India, as recorded in 2019, is around 536 million.
Animal husbandry has observed a significant increase over the years, in India. The factors behind the growth of the animal health market are the adoption of innovative technologies that are used to prevent and cure various diseases associated with farm and companion animals. Animal health companies now deal with therapeutics, preventive measures, and productivity enhancement.
Over the past few years, many global animal health companies, such as Ceva and Sanofi, have entered the animal health market in India, owing to large growth opportunities in the country. For example, India has approximately 120 million dairy cows, and hence, is the largest milk producer in the world, having a production capacity almost equivalent to that of the entire European Union. In addition, India is also the fifth-largest producer of chicken meat and a major exporter of beef. Therefore, owing to the rising significance of this country in the international market, it is expected to witness rapid growth.
Veterinary healthcare has rapidly evolved over the last few years, where technology concerning biotech, genomics, artificial intelligence, cloud computing, and big data has grown massively, bringing competition among large animal health companies and collaborations with technologically advanced start-ups. Also, the industry observed significant mergers and acquisitions in recent years, such as between Boehringer Ingelheim Animal Health and Merial. Thus, the veterinary healthcare market has become a very competitive industry and this factor is beneficial for the market studied as companies are obtaining opportunities to establish their presence.
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