Pune, April 13, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a global Healthcare market research firm, has published competitive intelligence market research report on “Companion Animal Arthritis Market “. The Companion Animal Arthritis market size was valued at USD 2.3 Bn in 2021. The total Companion Animal ArthritisMarket revenue is expected to grow at a CAGR of 7 percent from 2022 to 2029, reaching USD during the forecast period.
| Market Size in 2021 | USD 2.9 Bn |
| Market Size in 2029 | USD 5.5 Bn |
| CAGR | 7percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 265 |
| No. of Tables | 129 |
| No. of Charts and Figures | 121 |
| Segment Covered | Animal Type, Type, Treatment & Distribution Channel |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Companion Animal ArthritisMarket Scope and Research Methodology
The report on Companion Animal Arthritis Market provides an in-depth analysis of the industry. Key highlights of the report include the market size and the growth rate. Insights of the report include the major applications and drivers of the market, challenges to growth and opportunities for Companion Animal Arthritis market growth. The report covers a thorough regional analysis of the Companion Animal Arthritis industry at local, regional and global level. Segments covered in the report are by therapy, animal type, distribution & region.
The new entrants in the Companion Animal Arthritis market were researched for growth prospects and future business outlooks. The analysis acts as a guide for stakeholders, investors, market players and followers and new entrants with an overall view of the Companion Animal Arthritis market for formulating investment approaches and marketing tactics. Bottom-up approach was used to estimate the Companion Animal Arthritis size.
Companion Animal Arthritis Market Overview
The companion animal arthritis market is expected to grow due to a rise in pet ownership and pet care expenditure worldwide, with the number of US homes with pets and pet care expenditures at an all-time high in 2022, as many pet owners view their pets as family members and invest more time and money in their care. However, the lack of good veterinary care in some countries may limit market growth opportunities. Industry growth is driven by several factors, including the growing companion animal population, the increase in the prevalence of arthritis, the rise in risk factors for the condition, government-supported awareness efforts, and the methods employed by major corporations.
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Increasing prevalence of obesity among the companion animals to Drive the Growth of Companion Animal Arthritis Market
The prevalence of obesity among companion animals is a significant factor driving the growth of the Companion Animal Arthritis market. Overfeeding and lack of physical activity in pets are the primary reasons for obesity, and pet owners often reward their pets with food, leading to overfeeding. Companion animals confined to houses or small yards without regular exercise are more likely to become overweight. In dogs, the risk of obesity is linked to the obesity of their owners, who may not walk their dogs enough. In cats, neutering increases the risk of obesity because of the lowered basal metabolic rate and reduced inclination to roam.
North America has a high prevalence of obesity in dogs, with 56% of dogs and 60% of cats classified as overweight or obese. The increasing prevalence of obesity in companion animals, including horses, is expected to drive the growth of the Companion Animal Arthritis market. Approximately 30% of the general canine population is obese, and 40-45% of dogs aged 5-11 years old weigh higher than normal. The market is expected to witness significant growth during the forecast period due to these factors.
North America region is expected to fuel the Companion Animal ArthritisMarket growth
By Region the market is segmented into North America, South America, Asia Pacific, Europe & Milled East Africa. According to a report, North America dominated the global Companion Animal Arthritis market in 2022 and is predicted to continue as the fastest-growing segment in the forecast period. The increase in pet adoption, especially dogs and cats, is contributing to the rise in demand for companion animal arthritis treatments in countries like the U.S. and Canada. The availability of treatments due to advancements in veterinary facilities is also driving the growth of this market in North America. In Europe, the presence of major players like Boehringer Ingelheim International GmbH contributed to the region holding the second-largest revenue share in 2022.
The Asia Pacific region is expected to have the highest CAGR during the forecast period, mainly due to rising animal healthcare expenditure and disposable income in key markets. The high adoption of companion animals, incidence of parasitic infections, and increasing awareness about the disease in developing countries like India are further boosting the growth of the market in this region. Additionally, a growing number of research activities, funding, and awareness campaigns in the field of veterinary health management are driving the growth of the Companion Animal Arthritis Market.
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Companion Animal Arthritis Market Segmentation
Based on Animal Type, Dogs segment to dominate the Companion Animal ArthritisMarket over the forecast period
Based on animal type, the market is segmented into dogs, cats and others. In 2021, the global market for pets was dominated by dogs with a share of over 60%, due to their high disease prevalence and rising adoption rates. The increasing dog population in every region is further fuelling market growth, with 45 percent of American households owning dogs in 2020 and nearly 88 million European households owning pets. The COVID-19 pandemic has also driven people worldwide to adopt companion animals for psychological comfort.
Based on Type, Osteoarthritis segment to dominate the Companion Animal ArthritisMarket over the forecast period
Rheumatoid arthritis segment is expected to grow significantly during the forecast period. Rheumatoid arthritis in dogs is a chronic condition that causes severe pain and inflammation in joints. Although it is less common than osteoarthritis, it still affects small cats and dogs significantly. Canine rheumatoid factor immunologic tests can diagnose rheumatoid arthritis in dogs in veterinary clinics or hospitals. Research studies have indicated that corticosteroids, cyclosporine, and NSAIDs are effective treatments for rheumatoid arthritis in companion animals.
Based on Treatment, Medication segment to dominate the Companion Animal ArthritisMarket over the forecast period
By treatment, the market is categorised into Exercise, Medical and Others. The Companion Animal Arthritis market is dominated by the medication segment in 2022. This is due to the increasing prevalence of arthritis among pets caused by risk factors such as obesity, age, and nutritional impairments. Veterinary pharmaceutical companies are launching new products such as NSAIDs, opioids, steroids, stem cells, antibodies, and supplements to meet the rising demand for arthritis treatment among pet owners.
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Based on Distribution, Veterinary Hospitals segment to dominate the Companion Animal ArthritisMarket over the forecast period
The Companion Animal Arthritis market comprises various segments Veterinary Hospitals & Clinics, Retail Pharmacies, Online Stores and Others. The veterinary hospitals and clinics segment dominated the market in 2022. This is due to the increasing number of veterinary hospitals and clinics with advanced infrastructures that are crucial for pet healthcare. These clinics and hospitals help pet owners understand the proper dosage of arthritis medicine and ensure timely diagnosis, which is important for managing the condition. The growth of the veterinary hospitals and clinics segment is also attributed to the increasing number of veterinary professionals globally.
By Animal Type
- Dog
- Cat
- Others
By Type
- Osteoarthritis
- Rheumatoid Arthritis
- Others
By Treatment Type
- Medication
- Exercise
- Others
By Distribution Channel
- Online Store
- Pet Supply Store,
- Veterinary Hospitals
- Clinics
- Others
Companion Animal ArthritisMarket Key Players Include:
- Virbac,
- Dechra Pharmaceuticals plc,
- Vetoquinol Animal Health Pvt Ltd,
- Phibro Animal Health Corp
- Boehringer Ingelheim GmbH,
- Bayer AG,
- Ceva Sante Animale
- Abbott Laboratories
- Qiagen N.V.
- Becton, Dickinson and Company
- Quest Diagnostics, Inc.
- Hologic, Inc.
- F. Hoffmann-La Roche
- Femasys, Inc.
- Arbor Vita Corporation
- NURX, Inc.
- Seegene, Inc.
- Thermo Fisher Scientific, Inc.
- bioMérieux SA
BOEHRINGER INGELHEIM INTERNATIONAL GMBH:
Boehringer Ingelheim aim at severing humankind by improving human & animal health. As a successful, Organization, they work together with integrity to become the no one company in animal health. The company strives on innovation for providing diagnostics & treatment solution for Animals.
VIRBAC
Having a presence in in more than 100 countries The company is focusing on linking the needs of caregivers with the latest technological products and services to diagnose, prevent and treat the majority of pathologies, all while improving the quality of life for animals
Key questions answered in the Companion Animal Arthritis Market are:
- What is Companion Animal Arthritis Market?
- What was the Companion Animal Arthritis market size in 2021?
- What is the expected Companion Animal Arthritis market size by 2029?
- What is the growth rate of the Companion Animal ArthritisMarket?
- Which are the factors expected to drive the Companion Animal Arthritis market growth?
- Which factors are expected to restrain the Companion Animal Arthritis market growth?
- Which segment dominated the Companion Animal Arthritis market growth?
- What is the demand pattern for the Companion Animal Arthritis market?
- Which region held the largest share in the Companion Animal Arthritis market?
- Who are the key players in the Companion Animal Arthritis market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by animal type, arthritis type, treatment & distribution channel.
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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