Companion Animal Arthritis Market Is Driven By Growing Pet Health...

Companion Animal Arthritis Market Is Driven By Growing Pet Health Concerns

Posted 2024-02-09 10:36:59

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.

Market Drivers

The key driver for the companion animal arthritis market is increasing prevalence of obesity in pets. Being overweight puts additional pressure on joints and accelerates cartilage breakdown. According to studies, over 50% of cats and nearly 60% of dogs in the US are overweight or obese. As obesity leads to arthritis at a younger age in pets, awareness about weight management and joint health is growing among owners. This will continue fueling demand for medications and nutrition supplements that can slow disease progression.

The current geopolitical situation is impacting the growth of the companion animal arthritis market. Due to tensions between countries, cross-border trade and business collaborations have become difficult. This negatively impacts market access and alliance opportunities for companies in this market. They will need to explore alternative strategies to expand operations across borders and enter new regions.

Focusing growth efforts within existing countries through effective promotion and partnership initiatives can help companies sustain sales during uncertain times. They must also investigate virtual modes of connecting with international customers and veterinarians through digital platforms. Improving accessibility of arthritis treatments via online channels can support market growth.

North America holds the largest share of the companion animal arthritis market in terms of value currently. This is owing to higher pet ownership rates and greater willingness to spend on pet healthcare. Products pertaining to joint health and mobility have widespread acceptance in the region. Meanwhile, Asia Pacific is emerging as the most lucrative market for arthritis treatments. Rising pet adoption together with increasing disposable incomes is driving demand growth. Veterinary infrastructure development and awareness about arthritis also contribute towards market expansion in Asia Pacific countries. Continued economic development will further stimulate companion animal arthritis treatment adoption.

Most of the Companion Animal Arthritis Market Growth value is concentrated in developed nations including the United States, Canada, Germany, France, UK, Italy, and Japan. Higher standards of living facilitate high-spending on quality veterinary care and joint supplements. Routine arthritis screenings and preventive measures are common among pet owners. The United States accounts for a major portion of the overall market revenue due to its large pet population and advanced animal healthcare system.

Geographically, Asia Pacific presents ample opportunities for future expansion. Veterinary practices are developing in China and India concomitant with climbing pet ownership. Pet owners demonstrate willingness to spend on joint health, as companion animals assume greater significance. In addition, growing middle classes in Southeast Asian nations imply rising budget allocations for pet wellness. The Asia Pacific region thus shows greatest promise for companion animal arthritis market growth over the forecast period from both current low levels and expansion perspective.

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