Canine Arthritis Treatment Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LANDON, GREATER LANDON, UK, July 18, 2024 /EINPresswire.com/ -- The canine arthritis treatment market has shown robust growth in recent years, with expectations to continue rising significantly. Starting from $2.33 billion in 2023, the market is projected to reach $2.90 billion by 2028, growing at a compound annual growth rate (CAGR) of 5.5%.
Rising Pet Ownership Rates Drive Market Growth The increasing rates of pet ownership globally are a key driver behind the growth of the canine arthritis treatment market. With more households embracing pets as family members, there is a heightened awareness and commitment to ensuring their health and well-being. This trend has significantly boosted the demand for canine arthritis treatments, aimed at enhancing the quality of life for pets affected by arthritis. According to the American Pet Products Association, approximately 66% of U.S. households owned pets in 2022, highlighting a substantial market base for treatments catering to pet health needs.
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Key Players and Market TrendsLeading companies in the canine arthritis treatment market such as Merck & Co. Inc., Bayer AG, and Zoetis Inc. are driving innovation through the development of advanced therapies . For instance, Zoetis Inc. introduced Librela, a bedinvetmab injection, approved by the FDA to manage osteoarthritis (OA) pain in dogs. This monoclonal antibody targets nerve growth factor (NGF), a key protein involved in pain regulation, offering a novel approach to pain management in canine arthritis.
Innovations like Librela illustrate the market's focus on improving treatment efficacy and convenience for pet owners, thereby shaping the competitive landscape.
Major Trends Shaping the MarketInnovative treatments and advancements in veterinary medicine are pivotal trends in the forecast period. Companies are integrating technology to develop more effective therapies and improve treatment outcomes. Additionally, there is a growing preference for minimally invasive surgical procedures and the use of advanced therapies like monoclonal antibodies, reflecting ongoing advancements in the field of veterinary care.
Market SegmentsThe canine arthritis treatment market is segmented based on:1. Treatment Type: Drugs, Supplements, Surgical Procedures, Other Treatment Types2. Route of Administration: Oral, Parenteral, Other Routes of Administration3. Arthritis Type: Osteoarthritis, Rheumatoid Arthritis, Osteochondrosis, Traumatic Arthritis4. Distribution Channels: Veterinary Clinics and Hospitals, Retail Pharmacies, Online Pharmacies
Regional Insights: North America Leads, Asia-Pacific to Grow RapidlyNorth America emerged as the largest region in the canine arthritis treatment market in 2023, driven by high pet ownership rates and advanced veterinary healthcare infrastructure . Meanwhile, Asia-Pacific is expected to witness the fastest growth during the forecast period, fueled by increasing disposable incomes, rising pet adoption rates, and growing awareness of pet health issues.
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Canine Arthritis Treatment Global Market Report 2024 from TBRC covers the following information:1. Market size data for the forecast period: Historical and Future2. Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.3. Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.The Canine Arthritis Treatment Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on canine arthritis treatment market size, canine arthritis treatment market drivers and trends, canine arthritis treatment market major players, competitors' revenues, market positioning, and market growth across geographies. The canine arthritis treatment market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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July 18, 2024, 08:46 GMT
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Originally published at https://www.einpresswire.com/article/728531898/canine-arthritis-treatment-market-size-share-and-growth-analysis-for-2024-2033
