Canine Arthritis Treatment Market set to witness surge in demand over the forecast period of 2019 to 2027
Canine arthritis is a condition of pets that results in inflammation in joints and lead to a substantial increase in the inflammation due to lack of proper treatment. It commonly affects to the joints such as knee, elbow, shoulder, hip and spinal cord. There are various causes of canine arthritis in dogs such as accidental injuries, obesity, and failure in the bone development. Among all canine arthritis, the osteoarthritis is most common. One of the five adult dogs is suffering from osteoarthritis. This rising prevalence of the osteoarthritis is creating demand for its novel drugs. This is the key factor fuelling the growth of the global canine arthritis treatment market.
The report presents an in-depth study of the global canine arthritis treatment market which focuses on market dynamics, segmentation, and competitive analysis. The report offers useful guidelines to help key players and new entrants to hold a strong position in the canine arthritis treatment market. The report is the analysis and prediction of revenue mainly based on widespread primary and secondary research methodologies.
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Global Canine Arthritis Treatment Market: Drivers and Restraints
According to the American Pet Products Association, pet owners in the US spent more than US$7.4 bn, while pet owner in Europe spent near about US$6.1 bn on the vet care in 2017. This expenditure indicates the rising awareness about the health of the pet among the pet owners. This high awareness is fuelling adoption of the canine arthritis treatments and likely to propel the growth of the global canine arthritis treatments market. Additionally, rising prevalence of the diseases such as allergies, reduced energy, lower appetite, arthritis, lameness, dysplasia, and behavioral anxieties among dogs and cats globally increasing demand for the innovative therapies and drugs in order to withdraw symptoms of canine arthritis. This has surged the adoption of the canine arthritis treatments and likely to fuel the growth of the global canine arthritis treatment market.
However, expensive treatments and possible side effects of the treatments are expected to hamper the growth of the global canine arthritis treatment market.
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Global Canine Arthritis Treatment Market: Geographical Analysis
On the basis of region, the canine arthritis treatment market could be segmented into North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Of these regions, in terms of value, North America is expected to dominate the global canine arthritis treatment market and continue its dominance over the forecast period. This growth is attributable to the higher consumption from countries like the US. According to the American Pet Products Association, the number of pet and expenditure on their health is higher in the US. Thus, the region is accounting for the higher revenue in the global canine arthritis treatment market. However, Europe and the Asia Pacific are expected to grow with higher CAGR over the forecast period. The factors such as growing disposable income and raising awareness about the pet health are leading to conduct higher growth in both the regions.
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Global Canine Arthritis Treatment Market: Companies Mentioned
Some of the key players operating in the canine arthritis treatment market are Elanco (Eli Lily and Company), Ceva Santé Animale, Vetoquinol S.A., Norbrook Laboratories Limited, and Aratana Therapeutics Inc. From past few years, numerous key players have received approval for their new drugs or treatments, which is inspiring other key players to invest in the research and development (R&D) activities in order to develop the novel drugs and treatment on canine arthritis.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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