In this work, we study effects of magnon interactions in the excitation spectrum of CoNb2O6 in the quantum paramagnetic phase in transverse field, where the 1/S spin-wave theory exhibits unphysical divergences at the critical field. We propose a self-consistent Hartree-Fock approach that eliminates such unphysical singularities while preserving the integrity of the singular threshold phenomena of magnon decay and spectrum renormalization that are present in both theory and experiment. With the microscopic parameters adopted from previous studies, this method yields a close quantitative agreement with the available experimental data for CoNb2O6 in the relevant regime. Insights into the general structure of the spin-anisotropic model of CoNb2O6 and related zigzag chain materials are also provided and a discussion of the effects of additional longitudinal field on the spectrum is given.