The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Companion Animal Arthritis Global Market Report 2024, the companion animal arthritis market is expected to show significant growth in the forecast period.

The companion animal arthritis market has experienced robust growth in recent years, evolving into a crucial sector within the pet healthcare industry. The market size surged from $3.4 billion in 2023 to $3.72 billion in 2024, boasting a notable compound annual growth rate (CAGR) of 9.7%. Looking ahead, the forecast anticipates even more robust growth, reaching $5.47 billion by 2028 at a CAGR of 10.1%. This expansion is fueled by factors such as increased spending on pet healthcare, innovations in therapeutics, and a growing focus on the well-being of our four-legged companions.

Growth Of Companion Animal Arthritis Market Fueled By Increased Spending On Pet Healthcare:

• Financial Commitment to Pet Well-being:
  • The increased spending on pet healthcare is expected to boost demand for companion animal arthritis solutions.
  • Pet owners are demonstrating a growing commitment to improving the overall well-being and quality of life of their beloved animals.
• Rising Expenditure Trends:
  • According to the American Pet Products Association Inc., spending on supplies, live animals, and OTC medicine was $32.1 billion in 2023, reflecting a slight increase from $31.5 billion in 2022.
  • Expenditure on veterinary care and products also rose from $35.9 billion in 2022 to $37 billion in 2023.

Major Players in the Companion Animal Arthritis Market:

• Prominent Companies:
  • Zoetis Inc., Virbac S. A., Elanco Animal Health Incorporated, and others play a pivotal role in advancing solutions for companion animal arthritis.
  • These companies contribute to the growth and innovation in the market.
• Market Dynamics:
  • Increased spending on pet healthcare has a direct impact on the growth of major companies operating in the companion animal arthritis market.

View More On The Companion Animal Arthritis Market Report 2024 – https://www.thebusinessresearchcompany.com/report/companion-animal-arthritis-global-market-report

Increasing Focus On Introducing Stem Cell Treatment To Gain A Competitive Edge:

• Stem Cell Therapy as a Game-Changer:
  • Major companies are focusing on developing stem cell treatments to gain a competitive edge.
  • Stem cell therapy holds promise in providing relief and regeneration of damaged joints in animals with arthritis.
• Innovative Offerings:
  • UK-based animal health company TVM introduced DogStem in January 2023, the first licensed stem cell therapy for canine osteoarthritis in Europe.
  • DogStem, utilizing mesenchymal stem cells from equine umbilical cords, demonstrates effectiveness in reducing pain and enhancing mobility.

Zoetis Acquired NewMetrica:

• Strategic Acquisition:
  • In September 2022, Zoetis, a key player in the market, acquired NewMetrica for an undisclosed amount.
  • The acquisition enhances Zoetis’ capabilities in quality-of-life evaluations, deepening the understanding of an animal’s well-being, particularly in conditions like canine arthritis.
• Quality-of-Life Focus:
  • NewMetrica, a UK-based provider, specializes in scientifically developed instruments to measure quality-of-life in animals, aligning with Zoetis’ commitment to comprehensive care.

Market Segmentation:

• Comprehensive Segmentation:
  • The companion animal arthritis market is segmented based on types of animals, indications, treatments, and distribution channels.
  • This segmentation allows for tailored approaches in addressing the diverse needs of pet owners and their furry friends.

Trends Shaping the Future of Companion Animal Arthritis Market:

• Biologics in Veterinary Medicine:
  • Advancements in biologics contribute to more effective treatments for companion animal arthritis.
  • These innovative solutions offer a new dimension to veterinary care.
• Digital Health Solutions:
  • The integration of digital health solutions enhances monitoring and care, ensuring pet owners have real-time insights into their animals’ well-being.
• Nutraceuticals and Functional Foods:
  • Customized nutrition and the introduction of nutraceuticals and functional foods cater to specific dietary needs, promoting joint health in companion animals.
• Collaborations and Partnerships:
  • Collaborations and partnerships within the industry foster innovation and the development of comprehensive solutions.
  • These alliances contribute to a holistic approach in addressing companion animal arthritis.

Conclusion:

As the companion animal arthritis market continues to expand, driven by increased spending on pet healthcare, innovative therapies, and a humanized approach to pet well-being, the future looks promising. With a forecasted CAGR of 10.1%, leading to a market size of $5.47 billion by 2028, the industry is not only addressing the immediate needs of pets but is also paving the way for advanced and compassionate veterinary care. The bond between humans and their animal companions is stronger than ever, and the companion animal arthritis market reflects this enduring connection.

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