-- A notable increase in dog ownership around the world, developing veterinary healthcare infrastructure and rising treatment options for canine arthritis are the key factors for the growth of the global canine arthritis treatment market.
As per the findings of Future Market Insights, the global canine arthritis treatment market is projected to experience significant growth during the forecast period, due to increasing prevalence of obesity induced arthritis among dogs and rise in awareness about the companion animal health. Moreover, ease in the FDA approval for novel and innovative canine arthritis treatment drugs will create growth opportunities for the market players.
The global canine arthritis treatment market valued in 2019 is estimated at ~ US$ 1.9 Bn, and is expected to increase at a CAGR of ~ 4% during the forecast period of 2019-2029.
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Key Takeaways from Canine Arthritis Treatment Market Study
Non-steroidal anti-inflammatory medications are referred as a first choice of veterinarian for the treatment of inflammation and pain. These medications are known to have effects, for example, decreasing tingling, allergic reaction, swelling, and pain. Canines approved non-steroidal anti-inflammatory medications have demonstrated acceptable safety profile, which is in contrast to non-approved NSAIDs.
Growth prospects of the canine arthritis market are relatively high in North America as compared to other regions, attributed to rise in the adoption rate of canines, increasing veterinary expenditure on their health, and greater awareness about the pet health.
Market players remained focused on capitalizing on veterinary hospitals and clinics, as they provide an entire animal care and service support for better pet health.
Oral formulations of major non-steroidal anti corticosteroids medications will continue to account for major share of the manufacturers’ bottom lines, in the view of increasing demand for their ease of administration and better animal compliance.
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“An upsurge in the growth of the canine arthritis treatment market can be attributed to the high demand for efficient monitoring and diagnosis of arthritis among companion animals as well as rising awareness about the veterinary epidemiology of diseases,” says the FMI Analyst
Robust Clinical Development Pipeline to Dictate Stakeholders’ Strategies
Elanco, Ceva Sante Animale, Boehringer Ingelheim are among the leading players in the canine arthritis treatment market. These manufacturers continue to dominate the market landscape of canine arthritis treatment by ensuring product availability, collaborating with the local distributors, strengthening manufacturing facilities, and strategizing R&D for diversification of product portfolio.
What did Analysts Uncover during the Study?
A comprehensive view of the canine arthritis treatment market has led our analysts to conclude that, the market is growing at an impressive rate, with North America and Europe holding a large share of the global canine arthritis treatment market. Increase in the pet adoption rate in developed economies, increase in the disposable expense on the companion animals, and rise in awareness regarding pet health are anticipated to propel the market growth.
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Canine arthritis treatment market, a new study from Future Market Insights, opines on the evolution of the canine arthritis treatment market from 2014 – 2018 and presents demand projections from 2019 – 2029 on the basis of treatment (non-steroidal anti-inflammatory medications, opioids, and stem cell therapy), route of administration (oral and injectable), and distribution channel (veterinary hospitals, retail pharmacies, drug stores, and e-Commerce) across six major regions.
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