Market Trends of Global Animal Sedative Industry
This section covers the major market trends shaping the Animal Sedative Market according to our research experts:
Surgery Segment is Expected to Account for a Significant Market Share During the Forecast Period
The surgical segment is expected to witness significant growth in the studied market due to the rise in chronic diseases in animals that requires surgery and the increase in investment in veterinary healthcare. For instance, according to the study published in March 2021 in ResearchGate, approximately 4-6 million dogs are newly diagnosed with cancer per year in the United States in a population of under 90 million. The burden of cancer in dogs increases with age; up to 50% of dogs over ten years of age are likely to develop cancer during the remainder of their lives. Since surgery is expected to be the best option for advanced cancer in animals, the studied segment is expected to drive market growth.
Furthermore, animal welfare campaigns and agreements by the key players are expected to drive market growth. For in February 2021, Ceva signed an agreement with INRAE aimed at a shared objective of conducting joint 'One Health' work, a global health concept for preventing infectious diseases of animal origin and improving animal welfare.
Hence, considering the increase in the utilization of sedatives in surgical procedures and strategic initiatives by the key players is expected to drive the segment growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America region is expected to witness significant market growth, owing to rising pet adoption and the increasing per capita animal healthcare expenditure. Additionally, the rise in the prevalence of various animal diseases and injuries has been identified as the major factor fueling market growth. According to the 2020-2021 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), there were 69 million dogs and 45.3 million cats in the United States households.
With increased ownership of pets and livestock, North American Citizens have also become more considerate toward the health of these animals. For instance, NAPHIA's State of the Industry Report 2022 Highlights stated that the total premium volume for pet insurance in the U.S. was nearly USD 2.6 billion. The total number of pets insured in the U.S. at year-end 2021 was 3.9 million, a 28 percent increase since 2020. The average accident and illness premium for dogs was USD 583 a year or USD 49 a month. The average accident and illness premium for cats was USD 343 a year or USD 29 a month. The largest share of insured pets resides in California, New York, and Florida. The largest number of pets insured were dogs at 82% versus cats at 18%. Thus, with the increased awareness and expenditure regarding animal health, the market is expected to show significant growth in the future. Moreover, the rising partnerships/agreements, mergers, and acquisitions between companies are fueling market growth. For instance, in November 2022, Noe Animal Hospital officially opened and now offers the full spectrum of veterinary services to San Francisco and the surrounding neighborhoods. Services offered at the new Noe Animal Hospital include wellness check-ups, vaccinations, microchipping, dental care, soft tissue surgeries, including spaying and neutering, urgent medical care, and chronic disease management.
Hence, owing to the rise in the pet population and increase in healthcare expenditure in animals, North America is expected to witness a significant growth in the animal sedative market over the forecast period.
