Prognosis: Canine Arthritis Treatment Market will grow 4.4% in the next decade
Article author: Swapna Supekar, Future Market Insights
Future Market Insights (FMI) delivers key insights on the global canine arthritis treatment market in its upcoming report titled “Canine Arthritis Treatment Market: Global Industry Analysis 2013–2017 and Opportunity Assessment 2018 – 2028”. In terms of revenue, the global canine arthritis market is projected to register a CAGR of 4.4% over the forecast period, owing to various factors, regarding which FMI offers detailed insights and forecasts in this report.
The Canine Arthritis Treatment is segmented based on treatment type, route of administration of the drugs, end users and regions. Based on the treatment type, the Canine Arthritis Treatment is segmented into non-steroidal anti-inflammatory drugs, opioids and stem cell therapy. The non-steroidal anti-inflammatory drugs are expected to the leading segment in the canine arthritis treatment market over the forecast period. Non-steroidal anti-inflammatory drugs segment in canine arthritis treatment is expected to account high revenue share and grow at a CAGR of 4.5% over the forecast period.
The canine arthritis treatment market is also segmented into the route of administration of the drugs. The oral segment in canine arthritis treatment market is expected to have a large share and the injectable route of administration segment in canine arthritis treatment is expected to grow at a CAGR of 5.1% over the forecast period. Based on end users, the canine arthritis treatment market is segmented into veterinary hospitals and clinics, retail pharmacies, drug stores and e-commerce. The veterinary hospitals and clinics segment in canine arthritis treatment market are expected to the leading segments in the global canine arthritis treatment market over the forecast period. The veterinary hospitals and clinics end-user segment in canine arthritis treatment market is expected to account a relatively high market share and is expected to grow at a CAGR of 4.1% over the forecast period.
The growth of the global canine arthritis treatment market is primarily driven by growing prevalence of chronic diseases in dogs, rising adoption of pets, increased consumer spending on veterinary care, fast FDA approvals for veterinary medicines used to treat arthritis.
Non-steroidal anti-inflammatory drugs (NSAIDs) are the most popular and in-demand treatment drugs for canine arthritis treatment owing to their safety profile, ease of usage and the ability to manage pain at its best. Most early clinical research is focused on stem cells to treat various chronic diseases such as arthritis, tendonitis, and lameness in dogs. A large area of focus in veterinary medicine is the treatment of osteoarthritis in dogs, which becomes more prevalent with the age.
Globally, more than 20.0% of dogs are suffering from arthritis, which is a common form of canine joint and musculoskeletal disease.
Increasing humanization and adoption of pets in the EU and U.S. is expected to drive the growth of the canine arthritis treatment market in these countries. Growing trend of using pets as a status symbol is also expected to fuel the patient pool in the veterinary clinics and contribute to the growth of the canine arthritis treatment market. Besides, pets are also adopted for therapeutic and psychological benefits, which consequently is expected to surge the growth of the market for canine arthritis treatment.
Growing healthcare standards for veterinary care and pet insurance in matured economies are some of the key trends witnessed in the canine arthritis market. It has been estimated that less than 1% of pet dogs in the U.S. have insurance cover. However, this number is as high as 50% for pet dogs in some European countries, such as the Netherlands (48%), Sweden (40%), the U.K. (25%) and Norway (14%). The increasing spending on vet care and the higher expectation of care from the vets have all led to rise in the standard of care. This is expected to increase the demand for quality vet care services and enhanced canine arthritis treatment options such as the stem cell therapy and veterinary drugs.
This report assesses trends that are driving the growth of each segment of canine arthritis treatment on the global as well as regional level, and offers potential takeaways that could prove substantially useful to manufacturers looking to enter the canine arthritis treatment market.
North America is expected to be a dominant regional market for canine arthritis treatment, accounting for a high revenue share in 2017. The U.S canine arthritis treatment market is expected to hold a large share and to grow at a CAGR of 4.1% over the forecast period. Europe and Asia Pacific excluding Japan canine arthritis treatment markets collectively are expected to grow at CAGRs of 4.9% and 5.6%, respectively. The Japan and Middle East canine arthritis treatment markets are estimated to expand at CAGRs of 3.6% and 3.0%, respectively, over the forecast period.
The companies are focusing on developing novel therapies especially in stem cell Canine Arthritis Treatment. However, the higher cost associated with stem cell Canine Arthritis Treatment would hamper the revenue generation of Canine Arthritis Treatment stem cell therapy providers.
We at Medrego are working towards affordable and effective canine joint problem therapy in cooperation with Universities in Europe, as well as best veterinarians.
The overall growth is not big, but we believe in rocket hight growth for the segment of stem cell treatments with in the sector.