The global Companion Animal Arthritis Market size is expected to reach USD 5.18 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.8% from 2022 to 2030. The key drivers for the market are the increasing prevalence of osteoarthritis in companion animals due to their longer life duration and the vulnerability of older pets to get degenerative joint diseases owing to their cartilage weakness. As per a study published in 2019 in the International Journal of Science, Environment, and Technology, the incidence of osteoarthritis was found to be more common among the 5-10 years old dog population. The study also reported that male dogs are more prone to arthritis compared to female dogs.
The
COVID-19 pandemic created barriers and challenges in the global companion
animal health industry that include decreased marketing and sales
activities, low veterinary clinic admission, cancellation of routine pet
check-ups, and a low number of arthritis surgery performed in veterinary
hospitals. However, the governments and veterinary organizations of various
countries implemented strategies and safety measures to resume veterinary
practices during the pandemic. According to the American Veterinary Medical
Association, telemedicine services were widely incorporated in veterinary
clinics and hospitals to curb the impact of lockdowns.
The
increasing pet care expenditure in both developing and developed economies is a
significant opportunity considered for market growth. According to the American
Kennel Club (AKC), pet owners in the U.S. were seen to spend more money on
their pet’s wellness and related healthcare products. The American Pet Products
Association reported that the overall pet industry sale exceeded USD 100 billion
by the end of 2020. The AKC also stated that online veterinary product shopping
increased by 86% after the emergence of the pandemic. The trend of owning
popular breeds of dogs also enhanced the required routine veterinary care
services among them. These factors are expected to boost the growth of the
market.
Related Press
Release@ Companion
Animal Arthritis Market Report
Companion Animal Arthritis Market Report Highlights
- By animal
type, the dogs' segment dominated the market in 2021. This is owing to the
high prevalence of osteoarthritis among dog species because of factors
such as aging, joint disorders, accidents, obesity, diabetes, and old
injuries
- Based on
treatment, the medication segment dominated the market in 2021 with a
share of over 55.0%. This is owing to the growing research and development
activities in veterinary medicines, coupled with a large number of
NSAID launches for arthritis treatment in companion animals. Novel
treatment options such as monoclonal antibodies, oil-infused collars
to alleviate pain, etc. are gaining more attention in the market
- Based on
indication, the osteoarthritis segment is expected to register a lucrative
growth rate over the forecast period owing to the increasing prevalence of
the condition, coupled with the growing awareness among pet parents
regarding it. According to the Morris Animal Foundation, nearly 14 million
dogs in the U.S. are suffering from osteoarthritis
- By
distribution channel, the veterinary hospitals and clinics segment held
the largest revenue share of over 30.0% in 2021. This is owing to the
growing number of veterinary practices with better infrastructure
facilities. Developing countries such as India, Japan, and China are
recruiting a significant number of trained and licensed veterinarians for
better animal healthcare
- North
America dominated the market with a share of over 30.0% in 2021. The Asia
Pacific market is anticipated to grow at the fastest rate over the
forecast period. The economic, social, and technological advancements in
the North American region are boosting the development of veterinary care
in its countries
- The market
is relatively competitive owing to the presence of major animal health
players such as Zoetis, Elanco, and Virbac. The various strategic
initiatives implemented by companies such as collaborations, acquisitions,
partnerships, and product launches are greatly contributing to the growth
of the market
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