VALLEY COTTAGE, New York, August 6, 2018 /PRNewswire/ --
The global Canine Arthritis Treatment Market is expected to reach US$ 3051.8 Mn by 2028, growing at a moderate CAGR of 4.4%, as per a market intelligence outlook by Future Market Insights, a premier market research firm delivering actionable insights to key leaders across the globe. Mostly found in ageing canines, canine arthritis is a degenerative condition that results in joints inflammation and progresses with time if left untreated. The condition further worsens resulting in associated conditions like osteoarthritis, osteophytosis, and loss of cartilage, in response to pain and inflammation. Injuries, obesity, and poor bone development often leads to canine arthritis.
Rising number of chronic diseases in dogs, globally, is the primary factor driving canine arthritis treatment adoption. Additional factors like increasing number of veterinary clinics couple with stem cell transplants and Non-steroidal anti-inflammatory medications (NSAIDs) are likely to push the market for canine arthritis treatment. Non-steroidal anti-inflammatory medications (NSAIDs) segment is expected to made substantial revenue contribution to overall canine arthritis treatment market followed by opioids during forecast period.
North America, followed by Europe and Asia Pacific, is expected to be largest consumer of canine arthritis treatment drugs and therapies, owing to existence of developed regulations and superior healthcare infrastructure. For more collaborative research in the canine arthritis market, Japan and Spain are projected to be promising markets.
Use of NSAIDs to Further Shape Canine Arthritis Market
Ease of FDA approval for novel and innovative canine arthritis treatment drugs coupled with growing adoption of canine stem therapy to treat arthritis and huge investments in research and development for the production of NSAIDs and opioids indicated for arthritis especially in European countries is projected to projected to present opportunities to canine arthritis treatment product manufacturers.
The focus presently is on developing high grade NSAIDs, as these drugs are frequently used to manage canine's condition-offering a dramatic improvement in mobility and quality of life. The demand for NSAIDs in on a perpetual rise as it lowers the production of prostaglandins-associated with driving inflammation leading to arthritis. In terms of treatment, NSAIDs are continue to be the globally accepted mainstay of pharmaceutical treatment for canine arthritis, further shaping the canine arthritis treatment market. Research suggests that more than 60% of canines above the age of 7, suffer from degenerative joint diseases.
According to a Healthcare Expert at Future Market Insights, "Factors such as growing prevalence of chronic diseases in dogs, rising pets adoption, increased consumer spending on veterinary care and fast FDA approvals for drugs used for canine arthritis treatments are expected to boost the global canine arthritis treatment market during the forecast period. Additionally, canine owners opting for canine stem cell therapy over drug medicines is the most lucrative segment in terms of investment opportunities. However, safety issues affecting clinical efficacy of canine pluripotent cells and high therapy costs limit the adoption of canine stem cell therapy. FDA-approved MediVet's Autologous Stem Cell and Aratana's Galliprant to control pain and inflammation associated with arthritis, are expected to contribute to the growth of the canine arthritis treatment market."
However, illicit drugs that are falsely registered could restrain the canine treatment market. Such drugs are not manufactured in accordance with regulations, inversely affecting the dog's health coupled with sales of approved drugs. Research shows that counterfeit medicines are more prevalent in under-developed and developing countries. Growing international trade and ecommerce penetrations are fuelling the sales of sub-standard medicine.
Canine Insurances & Direct Drug Sales to Open Canine Arthritis Treatment Opportunities
Pet insurance is an upcoming trend, especially in mature economies. With only 1% dogs insured in the US, the trend is catching up in the region, opening up opportunities for veterinary insurance vendors. However, this number is as high as 50% for pet dogs in some European countries. Moreover, introduction of third-party payers is expected to boost the turnover of the canine arthritis drugs, mostly for the NSAIDs and stem cell therapy segments globally, and lead to build-up of new sales channels for drugs treating canine arthritis.
Also, canine healthcare products manufacturers are relying on direct sales to end-users in a bid to reach out to a larger consumer base. Furthermore, by adopting this sales route, companies are also providing additional training and support in terms of disease management and adherence to treatment protocols.
Key players including Boehringer Ingelheim, Elanco (Eli Lilly and Company), Zoetis Inc., Bayer AG, Aratana Therapeutics Inc., Vetoquinol S.A., Norbrook Laboratories Limited, VetStem Biopharma, and Dechra Pharmaceuticals Plc are developing cost-effective drugs for canine arthritis treatment and increasing sales through acquisitions to enhance their respective market share. Manufacturers are also focusing in developing novel stem cell therapies for treating arthritis. Moreover, companies are focusing partnering with wholesalers, distributors and other channel partners to gain ownership over value chain.
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.