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Veterinary Pain Management Drugs Market Trends & Potential Growth Strategies Outlook On Emerging Application, Revolutionary 2027

The global veterinary pain management drugs market is segmented into opioids, agonists, Local Anesthetics, NSAIDs (Non-steroidal Anti Inflammatory Drugs), Disease-modifying Osteoarthritis Drugs (DMOAD) and others. Growing number of veterinary clinics and hospitals across the globe is aiding to the growth of veterinary pain management drugs market. Moreover, growing spending on pet healthcare is expected to accelerate the growth of the veterinary pain management drugs market in the upcoming years.

Global veterinary pain management drugs market is expected to flourish at a CAGR 0f 7.8% over the forecast period. Rising prevalence of animal diseases coupled with increasing number of veterinary hospitals and clinics are likely to spearhead the growth of the veterinary pain management drugs market. Moreover, the global veterinary pain management drugs market is expected to garner noteworthy revenue by the end of 2024.

North America accounted for largest market share in overall veterinary pain management drugs market in 2016. Moreover, North America is expected to continue its dominance over the forecast period. Increasing number of veterinary practitioners in the region is believed to significantly increase the demand for veterinary pain management drugs during the forecast period. U.S. is witnessing the augmented demand for veterinary pain management drugs. Asia Pacific is also expected to showcase significant growth in the veterinary pain management drugs market. Increasing adoption of companion animals coupled with growth in number of veterinary clinics signals promising growth of veterinary pain management drugs market in the upcoming years.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

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Rising Number of Veterinarians Across the Globe

Rise in the number of veterinarians across the world is believed spearhead current and future market growth of Veterinary Pain Management Drugs during the forecast period. For instance, according to American Veterinary Medical Association, in U.S., the number of veterinarians increases from 92,547 in 2011 to 107,995 in 2016. Moreover, the number of veterinarians is expected to increase across the globe which is expected to drive the growth of the veterinary pain management drugs market.

However, increasing cost of veterinary pet care is expected to negatively impact the growth of the global veterinary pain management drugs market.

In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:

As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation.

Growing Pet Ownership

Significant increase in the number of pet parents or pet owners who consider pet as a part of their family is anticipated to positively impact the growth of the market. For instance, As per PetSecure, more than 90% of the Americans consider pets as a part of their family. In addition, pet owners are spending more on the healthcare of pets due to their strengthening bond. This factor is anticipated to positively impact the growth of the Veterinary Pain Management Drugs Market.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

For Requesting Sample Copy of Report @ https://www.researchnester.com/sample-request-723

The report titled “Global Veterinary Pain Management Drugs Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global veterinary pain management drugs market in terms of market segmentation by product, by animal type, by application, by distribution channel and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the global veterinary pain management drugs market which includes company profiling of Boehringer Ingelheim, Zoetis, Inc. , Merck Animal Health , Elanco , Bayer AG, Vetoquinol S.A., Ceva Sante Animale, Virbac Group, Norbrook Laboratories Ltd, Dechra Pharmaceuticals and other key players . The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global veterinary Pain Management Drugs market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

Download Sample of This Strategic Report: https://www.researchnester.com/sample-request-723

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