Global Companion Animal Arthritis Market Anticipated to Generate a Revenue of $5,520.5 Million and Rise at a CAGR of 7.0% during the Analysis Timeframe 2022-2031 [250-Pages] | Acclaimed by Research Dive

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10 Feb, 2023, 11:30 GMT

The global companion animal arthritis market is expected to witness striking growth during the forecast period, due to the rising prevalence of obesity among companion animals. Regionally, the North America region is predicted to be dominant.

NEW YORK, Feb. 10, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Companion Animal Arthritis Market by Companion Type (Dog, Cat, and Horse), Arthritis Type (Osteoarthritis and Rheumatoid Arthritis), Treatment (Exercise, Medical, and Others), and Distribution Channel (Online Store, Pet Supply Store, Veterinary Hospitals and Clinics, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2031".

According to the report, the global companion animal arthritis market is envisioned to garner a revenue of $5,520.5 million and grow at a CAGR of 7.0% throughout the estimated period from 2022 to 2031.

Dynamics of the Companion Animal Arthritis Market

With the rising prevalence of obesity among companion animals, the companion animal arthritis market is expected to experience prominent growth during the forecast timeframe. Moreover, the growing demand for companion animal arthritis rapid tests and portable instruments is predicted to create huge growth opportunities for the market throughout the analysis period. However, the increasing use of anti-inflammatory medicines may hinder the growth of the market over the estimated period.

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Covid-19 Impact on the Companion Animal Arthritis Market

The rise of the Covid-19 pandemic has had a negative impact on the companion animal arthritis market. It has become difficult for pet owners to get adequate veterinary treatment during the pandemic due to the cancellation of veterinary appointments. In addition, the reduced sales and marketing activities, cancellation of routine pet check-ups, and lower number of arthritic procedures performed in veterinary facilities are some of the major reasons that have declined the growth of the market throughout the crisis.

Segments of the Market

The report has divided the companion animal arthritis market into segments based on companion type, arthritis type, treatment, distribution channel, and region.

  • By companion type, the dog sub-segment is predicted to be the most profitable and is expected to hold the largest share of the market during the analysis timeframe. The rising prevalence of osteoarthritis among dogs is expected to foster the growth of the market sub-segment over the estimated period.
  • By arthritis type, the osteoarthritis sub-segment is expected to be the most productive and is predicted to hold the maximum share of the market over the forecast timeframe. The rising cases of osteoarthritis in middle-aged and adult dogs are predicted to uplift the growth of the market sub-segment during the analysis timeframe.
  • By treatment, the medical sub-segment is expected to be most beneficial and is predicted to hold the highest share of the market during the estimated period. The growing use of nonsteroidal anti-inflammatory medicines (NSAIDs) to manage joint discomfort and inflammation in dos is expected to propel the growth of the companion animal arthritis market sub-segment over the forecast timeframe.
  • By distribution channel, the pet supply store sub-segment is predicted to be most gainful and is expected to have the fastest growth throughout the analysis period. The increasing interest in having pets such as dogs, fish, birds, and many more, among millennials, is expected to fuel the growth of the market sub-segment during the estimated timeframe.
  • By region, the North America region of the companion animal arthritis market is expected to experience the fastest growth throughout the forecast period. The rising number of pet adoption and pet care expenditure, the increase in treatment availability, and the presence of a huge number of veterinary clinics are the factors expected to drive the regional growth of the market over the analysis timeframe.

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Key Players of the Market

The major players of the companion animal arthritis market include

  • Vetoquinol
  • Dechra
  • Phibro Animal
  • Virbac
  • Boehringer Ingelheim
  • Elanco
  • NexGen Pharmaceuticals
  • Zoetis
  • Ceva
  • Norbrook

These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.

For instance, in June 2020, AniV8, Inc., a leading developer of clinical sensor technology to diagnose and monitor diseases affecting companion animals announced its collaboration with Elanco Animal Health, the global leader in animal health. With this collaboration, the organizations aimed to develop the first wearable health monitor to diagnose and monitor osteoarthritis pain in dogs and cats.

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Further, the report also summarizes other important aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.

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