Portland, OR, Feb. 07, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Companion Animal Arthritis Market generated $2.9 billion in 2021, and is estimated to reach $5.5 billion by 2031, witnessing a CAGR of 7% from 2022 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $2.9 Billion |
| Market Size in 2031 | $5.5 Billion |
| CAGR | 7% |
| No. of Pages in Report | 298 |
| Segments Covered | Companion Type, Arthritis Type, Treatment, Distribution Channel, and Region |
| Drivers | Rise in the prevalence of arthritis among companion animals |
| Increase in the adoption of pets | |
| Increase in spending on animal healthcare | |
| Opportunities | An increase in the population of pet dogs along with supportive awareness programs regarding their health |
| Restraints | Lack of proper treatment facilities for companion animal arthritis conditions |
| Increase in the cost of treatment for companion animal arthritis conditions |
Covid-19 Scenario:
- The companion animal arthritis market was negatively impacted by the COVID-19 pandemic. This is due to a significant reduction in sales, marketing activities, and awareness regarding companion animal arthritis products. Moreover, the period witnessed low veterinary admissions and cancellation of routine pet check-ups due to the lockdown imposed across nations globally.
- Companion animal arthritis treatment providers faced hurdles such as providing safe treatment environment and adopting digital healthcare practices or telemedicine consulting services to ensure the continuity of businesses.
- However, governments and veterinary organizations across the globe adopted plans and safety measures to restart veterinary treatment facilities including companion animal arthritis treatment. To mitigate the impact of lockdowns, the American Veterinary Medical Association recommended necessary measures to be implemented across veterinary clinics and hospitals to curb the spread of the COVID-19 virus.
The report offers a detailed segmentation of the global companion animal arthritis market based on companion type, arthritis type, treatment, distribution channel, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on companion type, the dog segment held the largest share in 2021, accounting for nearly half of the global companion animal arthritis market and would rule the roost through 2031. The paraffin segment, however, is estimated to witness the fastest CAGR of 7.2% during the forecast period. The report also discusses the cat and horse segments.
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Based on arthritis type, the osteoarthritis segment held the largest share in 2021, capturing nearly three-fifths of the global companion animal arthritis market, and would continue to dominate in terms of revenue through 2031. The same segment is estimated to witness the fastest CAGR of 7.1% during the forecast period. The report also discusses the rheumatoid arthritis segment.
In terms of treatment, the medical segment captured the largest market share of over two-fifths in 2021 and is expected to maintain its dominance during the forecast period. The same segment is likely to achieve the fastest CAGR of 7.5% through 2031. The report also studies the small segment.
In terms of distribution channel, the pet supply store segment captured the largest market share of nearly two-fifths in 2021 and is expected to maintain its dominance during the forecast period. The online store segment, however, is likely to achieve the fastest CAGR of 7.8% through 2031. The report also studies the veterinary hospitals and clinics and others segments.
Based on region, the market in North America was the largest in 2021, accounting for two-fifths of the global companion animal arthritis market and is expected to maintain its leadership status during the forecast period. The same market is expected to manifest the highest CAGR of 7.4% from 2022 to 2031. The other regions analyzed in the study include Europe, LAMEA and Aisa-Pacific.
Leading players of the global companion animal arthritis market analyzed in the research include Covetrus, Inc., Zoetis, Elanco, Virbac, Dechra Pharmaceuticals Plc, Vetoquinol Animal Health Pvt. Ltd., Phibro Animal Health Corp, Boehringer Ingelheim GmbH, Bayer AG, and Ceva Sante Animale.
The report analyzes these key players of the global companion animal arthritis market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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