Companion Animal Arthritis Market Size is Predicted to Witness 6.8% CAGR till 2030

[sara James]

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