Global Companion Animal Arthritis Market to Generate $5,520.5 Million by 2031, Owing to Rise in Pet Ownership across the Globe

Arthritis, especially osteoarthritis, is one of the most common ailments that companion animals like dogs, cats, and horses suffer from. Osteoarthritis results in the wearing out of the protective cartilage that covers the ends of the bones of animals. Though all the bones of the animal body are affected, osteoarthritis primarily affects the joints of knees, shoulders, and hip. Changes in animal behaviour are considered to be the main symptom of osteoarthritis. Contrary to the common idea, osteoarthritis can also develop in animals at a younger age also.

Forecast Analysis of the Companion Animal Arthritis Market

According to the report published by Research Dive, the global companion animal arthritis market is expected to gather a revenue of $5,520.5 million by 2031 and grow at 7.0% CAGR in the 2022–2031 timeframe. In the recent years, there has been an increase in the adoption of pets across the globe. This global growth in pet ownership is expected to be the primary growth driver of the global market in the coming years. Along with this, an overall increase in the pet care expenditure is expected to push the companion animal arthritis market further. Also, the increase in prevalence of obesity in companion animals is predicted to offer numerous investment and growth opportunities to the market in the analysis timeframe, 2022–2031. However, growing use of anti-inflammatory medicines, which have numerous side effects, may restrain the growth of the market in the forecast period.

Regionally, the companion animal arthritis market in the North America region is expected to be the most dominant and have the fastest growth rate by 2031. An increase in the overall adoption of pets and growing pet expenditure are expected to become the two main growth drivers of the market in this region during the forecast period. Some prominent market players include Zoetis, Ceva, Vetoquinol, Virbac, Norbrook, Boehringer Ingelheim International GmbH, Dechra Pharmaceuticals PLC., Elanco, NexGen Pharmaceuticals, and many others.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the companion animal arthritis market to flourish. For instance:

• In March 2021, Morris Animal Foundation, an animal health charity based in the US, announced that it was partnering with Elanco Animal Health Incorporated, a leading pharmaceutical company specializing in pets vaccines. The partnership by Morris Animal Foundation is aimed at getting better insights and understanding with respect to the nature of osteoarthritis and how it affects pets in general.
   
• In June 2022, The Dômes Pharma Group, a leading pharmaceutical company, announced that it was partnering with EquiCord, a global biotech company. This partnership is aimed at developing the world’s first stem cell-based drug to treat canine osteoarthritis. The partnership will help both companies to integrate their resources and work together in a coherent manner to develop the drug at the earliest.
   
• In September 2022, Zoetis, a global animal health company, announced that it had signed an acquisition agreement with NewMetrica, a company developing instruments that help in measuring the quality of life in animals. This acquisition is expected to help the acquiring company, i.e., Zoetis to substantially increase its foothold in the market in the coming period.

Covid-19 Impact on the Companion Animal Arthritis Market

The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The companion animal arthritis market faced a similar fate due to the pandemic. Due to the Covid-19 outbreak, it became difficult for pet owners to get an appointment with veterinary doctors. Also, there was an overall decrease in routine pet check-ups, thereby reducing the number of arthritis procedures being conducted on companion animals. These factors led to a decline in the overall growth rate of the market.