Overview and Scope
Pet cancer therapeutics involve the use of various treatments and medications to manage or cure cancer in pets. These therapeutics depend on several factors such as the type and stage of cancer, along with the pet’s age and overall health.
Sizing and Forecast
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 in the historic period can be attributed to rise in pet ownership, advancements in veterinary medicine, increased awareness of pet health, humanization of pets, expansion of veterinary services..
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 growth in the forecast period can be attributed to growing aging pet population, advancements in cancer treatment, rising veterinary oncology services, pet insurance and healthcare plans, global expansion of pet care services.. Major trends in the forecast period include rise in nutraceuticals and integrative therapies, increased availability of targeted diagnostic tests, collaboration between veterinary and human oncology, introduction of novel chemotherapeutic agents, growing awareness and pet owner education..
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Segmentation & Regional Insights
The pet cancer therapeutics market covered in this report is segmented –
1) By Cancer Type: Melanoma, Mast Cell Cancer, Lymphoma, Mammary And Squamous Cell Cancer
2) By Species: Dogs, Cats, Other Species
3) By Therapy: Chemotherapy, Radiation Therapy, Immunotherapy, TomoTherapy, Other Therapies
4) By End User: Veterinary Hospitals, Clinical Pharmacies, Retail Pharmacies, Online Pharmacies, Other End Users
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
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Major Driver Impacting Market Growth
Increased pet healthcare expenditure is expected to propel the growth of the pet cancer therapeutics market going forward. Pet healthcare expenditure refers to the amount of money spent on veterinary services, medicines, and other healthcare-related expenses for pets. The increasing expenditure on pet healthcare reflects the growing trend of pet owners’ willingness to invest in the well-being of their pets, which can translate to increased demand for pet cancer therapeutics. For instance, according to the 2023 State of the Industry Report, published by the North American Pet Health Insurance Association (NAPHIA), a US-based pet health insurance organizations association, the total number of pets insured in the U.S. at year-end 2022 was 4.8 million, a 22% increase since 2021. Therefore, increased pet healthcare expenditure is driving the pet cancer therapeutics market.
Key Industry Players
Major companies operating in the pet cancer therapeutics market are developing strategic partnerships to provide superior disease control. Strategic collaboration refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. The collaboration aims to identify new small molecules to target cancers in dogs, potentially providing superior disease control. For instance, in June 2022, Boehringer Ingelheim, a Germany-based pharmaceutical company partnered with CarthroniX, a US-based biopharmaceutical company to pursue small molecule therapeutics in canine oncology. The collaboration aims to identify new molecules to target cancers in dogs. CarthroniX will provide the small molecules, which will be evaluated by Boehringer Ingelheim for their effectiveness in canine cancer. This partnership reflects the commitment of both companies to advancing the field of oncology research in animal health and finding new potential therapeutic options to support veterinarians in the care of animals, particularly in the treatment of cancer, which is the leading disease-related cause of death in dogs.
The pet cancer therapeutics market report table of contents includes:
1. Executive Summary
2. Pet Cancer Therapeutics Market Characteristics
3. Pet Cancer Therapeutics Market Trends And Strategies
4. Pet Cancer Therapeutics Market – Macro Economic Scenario
5. Global Pet Cancer Therapeutics Market Size and Growth
….
31. Global Pet Cancer Therapeutics Market Competitive Benchmarking
32. Global Pet Cancer Therapeutics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Pet Cancer Therapeutics Market
34. Pet Cancer Therapeutics Market Future Outlook and Potential Analysis
35. Appendix
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