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Companion Animal Arthritis Market Innovations in Treatment Solutions | 2024 To 2033 Key Players Zoetis Inc., Virbac S. A., Elanco Animal Health Incorporated, C. H. Boehringer Sohn AG & Co. KG
Companion Animal Arthritis Market Share
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According to The Business Research Company's, The companion animal arthritis market size has grown strongly in recent years. It will grow from $3.4 billion in 2023 to $3.72 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to increasing pet ownership, advancements in veterinary medicine, awareness and education.
The companion animal arthritis market size is expected to see rapid growth in the next few years. It will grow to $5.47 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to aging pet population, innovations in therapeutics, customized nutrition, telemedicine in veterinary care, humanization of pets. Major trends in the forecast period include biologics in veterinary medicine, digital health solutions, nutraceuticals and functional foods, collaborations and partnerships, pet insurance impact, consumer demand for natural and holistic therapies, data-driven veterinary care.
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Market Drivers and Trends:
Rising trend of pet adoption is expected to propel the growth of companion animal arthritis market. Pet adoption helps reduce stress, anxiety, depression, and so on. Pet adoption is a method of getting a dog, cat, and other exotic animals that their prior owners have given up to a shelter or rescue rather than getting one from a pet shop, breeder, or another individual. Pets face the risk of developing arthritis once they start getting into old age. For instance, according to a survey conducted by, The American Pet Products Association, a US-based not-for-profit industry association, approximately half of british homes with pets acquired at least one new animal while the country was in lockdown, while 11.3 million Americans acquired new pets during the pandemic. Additionally, in the survey, 16% of Generation Z respondents and 13% of millennials stated they had adopted a new pet during the pandemic. Therefore, the rising trend of pet adoption contributes significantly to the growth of the companion animal arthritis market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Zoetis Inc., Virbac S. A., Elanco Animal Health Incorporated, C. H. Boehringer Sohn AG & Co. KG, Ceva Santé Animale, Dechra Pharmaceuticals PLC, Vetoquinol S. A., Phibro Animal Health Corporation, NexGen Pharmaceuticals Inc., Norbrook Holdings Limited, Covetrus Inc., Bayer AG, Abbott Laboratories, Qiagen N. V., Becton Dickinson and Company, Quest Diagnostics Incorporated, Hologic Inc., F. Hoffmann-La Roche Ltd., Femasys Inc., Arbor Vita Corporation, VetStem Biopharma Inc., Aratana Therapeutics Inc., Kindred Biosciences Inc., Karyopharm Therapeutics Inc., Regeneus Ltd., VetCell Therapeutics, VetDC Inc., VetPharm Inc., VetStem, VetZ Limited, VetZoo
Companion Animal Arthritis Market 2024 Key Insights:
• The companion animal arthritis market size is expected to see rapid growth in the next few years. It will grow to $5.47 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%.
• Growing Trend Of Pet Adoption Boosts The Companion Animal Arthritis Market
• Advancements In Monoclonal Antibody Therapy For Companion Animal Arthritis Treatment
• North America was the largest region in the companion animal arthritis market in 2023
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