May 18, 2024
Companion Animal Arthritis Market

Companion Animal Arthritis Market Estimated To Exhibit High Growth Owing To Rising Pet Healthcare Expenditure

Arthritis is a common joint disorder among cats and dogs, causing pain and limiting mobility. The increasing prevalence of arthritis among companion animals has driven the demand for effective therapeutics for pain management and joint health. Major pharmaceutical companies offer a variety of drug types for arthritis including non-steroidal anti-inflammatory drugs (NSAIDs), corticosteroids and cytopaint modulating drugs which help relieve discomfort and inflammation. In addition, laser therapy and stem cell therapy are gaining popularity for their regenerative effects.

The global companion animal arthritis market is estimated to be valued at US$ 3.83 BN in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the companion animal arthritis market are Vetoquinol, NexGen Pharmaceuticals, Norbrook, Eltech K-Laser s.r.l, Zoetis, Virbac, Elanco, Boehringer Ingelheim International GmbH, Ceva, and Dechra Pharmaceuticals PLC. The rising adoption of pets and increasing pet healthcare expenditures present significant opportunities for players in the companion animal arthritis market. Several pharmaceutical companies are focusing on developing novel combination therapies and stem cell therapies to better manage pet arthritis. With growing pet ownership in regions such as Asia Pacific and Latin America, the global companion animal arthritis market is expected to witness high growth with companies expanding their geographical footprint in emerging markets.

Market drivers

The key driver aiding the growth of the companion animal arthritis market is the rising expenditure on pet healthcare. According to recent studies, pet healthcare spending has grown by over 40% in the last five years alone. Owners are increasingly willing to spend on premium therapeutics to improve the quality of life of their arthritic pets. This rise in disposable income allocated for pet wellness aids the demand for arthritis medication and therapies from major pharmaceutical brands. Increased healthcare accessibility in emerging nations is another factor fueling the overall market expansion.

PEST Analysis

Political: Regulations regarding animal welfare and healthcare have become more stringent across various countries, driving growth in this market. Regulations require effective pain management for companion animals experiencing joint pain and arthritis.

Economic: Rising disposable incomes and increased spending on veterinary care and pet insurance have fueled market growth. Owners are increasingly willing to spend on advanced therapeutic options for improved quality of life of pets.

Social: People are treating pets as integral family members rather than mere animals. The humanization of pets has raised awareness about pain management and increased adoption of innovative joint therapies for arthritis.

Technological: Advanced formulations that offer sustained release and minimally invasive delivery have gained popularity. Laser therapy and stem cell therapy are innovative treatment modalities being researched for arthritis. Mobile apps have enabled connectivity between vets and owners for compliance and treatment monitoring.

North America accounts for the largest Companion Animal Arthritis Market Size share in terms of value given higher spending capabilities, pet ownership, and accessibility to advanced treatment options. The rising popularity of joint supplements and nutraceuticals has boosted the region’s market growth over the forecast period.

Asia Pacific is projected to be the fastest growing regional market attributed to increasing pet adoption, growing pet care expenditure, and rising incidence of joint disorders among aging pets. Favorable government initiatives promote animal welfare and availability of affordable treatments in several emerging countries of the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it