PUBLISHER: The Business Research Company | PRODUCT CODE: 1409692
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409692
“Pet Cancer Therapeutics Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pet cancer therapeutics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pet cancer therapeutics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The pet cancer therapeutics market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Pet cancer therapeutics involve the use of various treatments and medications to manage or cure cancer in pets. The choice of therapeutics depends on several factors such as the type and stage of cancer, as well as the pet's age and overall health.
The main types of pet cancer therapeutics are tailored to specific cancer types, including melanoma, mast cell cancer, lymphoma, and mammary and squamous cell cancer. Melanoma is a type of cancer that originates from pigment-producing cells called melanocytes. These therapeutics can be administered through various routes, including oral and injection methods, tailored for dogs, cats, and other animals. Different therapies employed in pet cancer treatment include chemotherapy, radiation therapy, immunotherapy, tomo therapy, and others. These therapies are utilized by veterinary hospitals, clinical pharmacies, retail pharmacies, online pharmacies, and other healthcare facilities focused on pet health.
The pet cancer therapeutics market research report is one of a series of new reports from The Business Research Company that provides pet cancer therapeutics market statistics, including pet cancer therapeutics industry global market size, regional shares, competitors with a pet cancer therapeutics market share, detailed pet cancer therapeutics market segments, market trends and opportunities, and any further data you may need to thrive in the pet cancer therapeutics industry. This pet cancer therapeutics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The pet cancer therapeutics market size has grown rapidly in recent years. It will grow from $0.35 billion in 2023 to $0.39 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth observed in the historical period can be attributed to several factors, including the rise in pet ownership, advancements in veterinary medicine, increased awareness of pet health, the humanization of pets, and the expansion of veterinary services. These factors collectively contributed to an increased focus on the health and well-being of pets, leading to growth in the pet healthcare industry, including pet cancer therapeutics.
The pet cancer therapeutics market size is expected to see rapid growth in the next few years. It will grow to $0.59 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The anticipated growth in the forecast period can be attributed to factors such as the growing aging pet population, advancements in cancer treatment for pets, the rise of veterinary oncology services, increased adoption of pet insurance and healthcare plans, and the global expansion of pet care services. Major trends expected in the forecast period include a rise in nutraceuticals and integrative therapies for pet cancer treatment, increased availability of targeted diagnostic tests, collaboration between veterinary and human oncology for cross-disciplinary insights, the introduction of novel chemotherapeutic agents tailored for pets, and a growing awareness with increased education for pet owners about cancer in pets and available treatment options.
The anticipated growth in pet healthcare expenditure is set to drive the expansion of the pet cancer therapeutics market. Pet healthcare expenditure encompasses the funds allocated for veterinary services, medications, and other healthcare-related costs for pets. The rising trend of pet owners' willingness to invest in their pets' well-being is reflected in the increased expenditure on pet healthcare, leading to a higher demand for pet cancer therapeutics. For example, the North American Pet Health Insurance Association's (NAPHIA) 2023 State of the Industry Report revealed a 22% increase in the total number of insured pets in the U.S. by the end of 2022, reaching 4.8 million, compared to 2021. This surge in pet healthcare expenditure is a driving force for the pet cancer therapeutics market.
The growth of the pet cancer therapeutics market is expected to be propelled by the increasing prevalence of pet cancer. Pet cancer involves abnormal and uncontrolled cell growth in domesticated animals, leading to tumor formation. The rising incidence of pet cancer is attributed to environmental toxins, pollutants, and genetic and lifestyle factors. Consequently, there is an escalating demand for advanced and effective cancer therapeutics for pets. According to the Veterinary Cancer Society's (VCS) 2022 predictions, approximately 1 in 4 dogs is diagnosed with cancer during their lifetime, with cancer being a primary cause of death among older pets. Additionally, the National Cancer Institute anticipates approximately 6 million new cancer cases in pets annually, with a projected increase in the coming years. The increasing prevalence of pet cancer is poised to drive the growth of the pet cancer therapeutics market.
Technological advancement emerges as a prominent trend gaining popularity in the pet cancer therapeutics market. Major players are dedicating efforts to develop innovative technologies to enhance their market position. For instance, in May 2021, PetDx, a U.S.-based biotech company in the animal health industry, introduced OncoK9, a cutting-edge blood-based multi-cancer early detection (MCED) test designed specifically for dogs. This technology employs advanced genomic analysis, leveraging next-generation sequencing (NGS) to provide enhanced capabilities for cancer detection.
Strategic partnerships are a significant approach adopted by major companies in the pet cancer therapeutics market to achieve superior disease control. This collaborative strategy involves leveraging each other's strengths and resources to attain mutual benefits and success. One such collaboration occurred in June 2022, when Germany-based pharmaceutical company Boehringer Ingelheim partnered with U.S.-based biopharmaceutical company CarthroniX. The collaboration focuses on identifying new small molecules to target cancers in dogs, potentially offering superior disease control. CarthroniX will supply the small molecules for evaluation by Boehringer Ingelheim, emphasizing their commitment to advancing oncology research in animal health and exploring new therapeutic options for the treatment of canine cancer.
In June 2021, Elanco, a U.S.-based animal health company, acquired Kindred Biosciences for an undisclosed amount. This strategic acquisition positions Elanco to expand its portfolio of animal health products and gain access to new technologies and development platforms. Kindred Biosciences, a U.S.-based biopharmaceutical company, specializes in developing innovative treatments for pets.
Major companies operating in the pet cancer therapeutics market report are AB Science, Boehringer Ingelheim GmbH, Elanco Animal Health, ELIAS Animal Health, Zoetis Inc., Aratana Therapeutics Inc., Anivive Lifesciences Inc., QBiotics Group Ltd., Regeneus Ltd., VetDC Inc., PetCure Oncology at Veterinary Radiosurgery and Imaging Center, Karyopharm Therapeutics Inc., Torigen Pharmaceuticals Inc., virology and bacteriology, Nippon Zenyaku Kogyo Co. Ltd., Vivesto AB, Dechra Pharmaceuticals plc, Elekta Medical Systems India Pvt. Ltd., Norbrook Laboratories Ltd., AdvaVet Inc., Merial Animal Health Ltd., Oasmia Pharmaceuticals AB, Zenoaq Co. Ltd., Rhizen Pharmaceuticals SA, Morphogenesis Inc., Pfizer Inc., Sumitomo Pharma Animal Health Co., Vetivax, CarthroniX Inc
North America was the largest region in the pet cancer therapeutics market in 2023. The regions covered in the pet cancer therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the pet cancer therapeutics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The pet cancer therapeutics market consists of revenues earned by entities by surgery and palliative care. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.