Growing at a steady 6.7% CAGR (Compound Annual Growth Rate), the global companion animal postoperative pain management therapeutics market is set see an improvement in market worth by a substantial value and creation of novel growth opportunities for market players to make the most of.
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A couple of reasons that will help the market chart a high growth curve include rise in pet surgeries and rise in disposable incomes worldwide. The surgeries, particularly those relating to dental or join issues, often lead to demand for pain killers, etc. It is pertinent to point out here that as per an AMA study, between 2014 and 2017, visits to clinic by dogs increased by 6%.
Additionally, animal ownership for companionship is also on a steady rise. In just United States of America, 68% households have a pet. And, when turned to an absolute figure, it is a whopping 85 million families that are pet owners. These figures are as per National Pet Owners Survey undertaken in 2017-18. It is interesting to note that in 1988, the ratio was 56/100. Pets included Birds, cats, dogs, horses, freshwater and saltwater fishes, reptiles and other small animals. Dogs followed by cats, followed by freshwater fish were the most popular choice of pet.
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It is pertinent to note here that a steep rise in ownership is observed in developing nations, particularly in the Asia Pacific (APAC) region. As these nations do better, disposable income increases, improving the standard of living substantially. This makes owning a pet affordable. And, the fact that it is also treated as a status symbol hugely adds to demand for pets. This, in turn, leads to improvement in companion pets healthcare market, contributing to companion animal postoperative pain management therapeutics market. Additionally, pet are seen as helpful in emotional distress and this is also contributing positively to market growth.