Canine Arthritis Treatment Global Market Size, Share, Emerging Trends, Growth Drivers, Analysis, Report and Forecast 2024-2033 | Bayer AG, Zoetis Inc., Royal Canin SAS, Virbac Group, VetStem Inc.

"The Business Research Company recently released a comprehensive report on the Global Canine Arthritis Treatment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The canine arthritis treatment market size has grown strongly in recent years. It will grow from $2.33 billion in 2023 to $2.35 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to the aging pet population, growing awareness among pet owners, focus on preventive care, increasing disposable income, and increasing veterinary care expenditure.

The canine arthritis treatment market size is expected to see strong growth in the next few years. It will grow to $2.90 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to a rise in pet insurance coverage, growing cases of arthritis, rising pet ownership rates, growing demand for minimally invasive surgical procedures, and increasing prevalence of arthritis in dogs. Major trends in the forecast period include innovative treatments, advancements in veterinary medicine, demand for advanced therapies, integration of technology, and innovative technologies.

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Market Drivers and Trends:

The rising pet ownership rate is expected to propel the growth of the canine arthritis treatment market going forward. Pet ownership refers to the responsibility and care taken by individuals or households in providing for the needs, well-being, and companionship of domesticated animals kept primarily for pleasure rather than utility. The rising pet ownership rates are due to factors such as lifestyle changes, the humanization of pets, and higher disposable incomes. Pet owners use canine arthritis treatments to manage and alleviate the symptoms of arthritis in their dogs, aiming to improve their pets' quality of life and maintain mobility. For instance, in October 2023, according to the American Pet Products Association, a US-based non-profit association, there were 86.9 million US households that owned a pet, which is 66% of households in 2022. Therefore, the rising pet ownership rate is driving the growth of the canine arthritis treatment market.

Major companies operating in the canine arthritis treatment market are developing innovative treatments, such as bedinvetmab injections, to address canine joint health and mobility. Bedinvetmab is a monoclonal antibody injection that works by targeting and neutralizing nerve growth factor (NGF), a protein involved in pain used in veterinary medicine. For instance, in May 2023, Zoetis Inc., a US-based animal health company, received approval from the Food and Drug Administration (FDA) for Librela, a bedinvetmab injection. It is the first monoclonal antibody (mAb) approved by the FDA for use in dogs and works by binding to and inhibiting the biological activity of canine nerve growth factor (NGF), which is involved in the regulation of pain associated with OA. It is administered by subcutaneous injection once a month, making it a convenient and long-term solution for canine OA pain management.

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Major Key Players of the Market:

Merck & Co. Inc., Bayer AG, Eli Lilly and Company, Zoetis Inc., Boehringer Ingelheim Animal Health, Elanco Animal Health Incorporated, Royal Canin SAS, Virbac Group, Ceva Sante Animale S.A., Hill's Pet Nutrition Inc., Vetoquinol SA, Norbrook Laboratories Limited, American Regent Inc., Thorne Healthtech Inc., VetStem Inc., Eltech K-Laser s.r.l., Liquid Health Inc, Nutri-Vet LLC, OrthoPets LLC, Rejuvenate Bio Inc.

Canine Arthritis Treatment Market 2024 Key Insights:

• The canine arthritis treatment market size is expected to see strong growth in the next few years. It will grow to $2.90 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Rising Pet Ownership Rates Drive Growth In Canine Arthritis Treatment Market
• Innovative Solutions Enhanced Canine Arthritis Treatments Market
• North America was the largest region in the canine arthritis treatment market in 2023

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