New York, USA, Jan. 23, 2023 (GLOBE NEWSWIRE) — According to the latest report published by Research Dive, the global companion animal arthritis market is predicted to rise at a tremendous CAGR of 7.0%, thereby garnering a revenue of $5,520.5 million in the 2022-2031 timeframe. This integrated report presents a brief outlook of the current framework of the companion animal arthritis market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
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Dynamics of the Market
Drivers: An overall increase in pet ownership across the world is expected to become the primary growth driver of the companion animal arthritis market in the forecast period. Moreover, growth in pet care expenditure is expected to help the market grow substantially in the forecast period.
Opportunities: An increase in the prevalence of obesity among companion animals is predicted to offer numerous growth opportunities to the market in the forecast period. Along with this, growing demand for companion animal arthritis rapid tests is estimated to push the market forward.
Restraints: Market analysts are however skeptical about the full-paced growth of this market owing to increase in use of anti-inflammatory medicines having various side effects, which might prove to be a restraint for the companion animal arthritis market.
Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The companion animal arthritis market, too, has been significantly affected by the pandemic. Due to the Covid-19 pandemic and the subsequent lockdowns, it became difficult for the pet owners to get routine pet check-ups for their pets from the veterinary doctors. This, in turn, reduced the number of arthritis procedures being conducted on companion animals, leading to a decline in the overall growth rate of the market.
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Segments of the Market
The report has divided the companion animal arthritis market into certain segments based on companion type, arthritis type, treatment, distribution channel, and region.
Companion Type: Dog Sub-segment to be Highly Dominant
By companion type, the dog sub-segment is expected to be highly dominant sub-segment by 2031. A significant rise in dog ownership across the globe is predicted to boost the growth of this sub-segment in the forecast period.
Arthritis Type: Osteoarthritis Sub-segment to Have a High Market Share
By arthritis type, the osteoarthritis sub-segment is expected to have a significant market share during the 2022-2031 timeframe. The increasing prevalence of osteoarthritis in companion animals is predicted to push the sub-segment forward in the forecast period.
Treatment: Medical Sub-segment to Witness Huge Growth
By treatment, the medical sub-segment is expected to grow immensely during the analysis timeframe. The growing use of nonsteroidal anti-inflammatory medicines (NSAIDs) for treating arthritis-related ailments is predicted to push the sub-segment forward in the forecast period.
Distribution Channel: Pet Supply Store Sub-segment to be Significantly Lucrative
By distribution channel, the pet supply store sub-segment is expected to have a significant market share during the 2022-2031 timeframe. The increasing demand for high-end food products and daycare services is predicted to push the sub-segment forward in the forecast period.
Market in the North America Region to be the Fastest Growing
By regional analysis, the companion animal arthritis market in North America region is expected to grow with the highest CAGR by 2031, thereby becoming the most profitable sub-segment. Increased pet adoption along with growth in the pet care expenditure is expected to be the main growth driver of the market in the forecast period.
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Prominent Market Players
Some of the prominent players of the companion animal arthritis market are
- Boehringer Ingelheim International GmbH
- Dechra Pharmaceuticals PLC.
- NexGen Pharmaceuticals
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market- Inquire here to grab full report
For instance, in June 2022, The Dômes Pharma Group, a global pharmaceutical company, announced its partnership with EquiCord, a leading biotechnology firm. The primary aim of forging this partnership, according to both the companies is to develop the world’s first stem cell-based drug to treat canine osteoarthritis. The partnership is expected to provide both the companies all the necessary thrust for developing and manufacturing the drug.
Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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