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.
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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.
Preview Analysis On Canine Arthritis Treatment Market Segmentation By treatment type – Non-steroidal anti-inflammatory drugs, Opioids, Stem Cell Therapy; route of administration – Oral, Injectable: https://www.futuremarketinsights.com/reports/canine-arthritis-market