Pet Cancer Therapeutics Market Forecast and Insights: Exploring Growth Trends, Market Size, and Emerging Opportunities
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
How Are Key Drivers in the Industry Acting as Catalysts for the Growth of thePet Cancer Therapeutics Market?
The anticipated rise in pet healthcare expenditure is set to spur the pet cancer therapeutics market’s expansion. Pet healthcare expenditure pertains to the funds allocated for veterinary services, medication, and other health-related costs for pets. This escalation in pet healthcare spending mirrors the emerging trend of pet proprietors’ readiness to invest in their pets’ welfare, which could lead to a rise in demand for pet cancer therapeutics. For instance, as stated in the 2023 State of the Industry Report released by the North American Pet Health Insurance Association (NAPHIA), a US-based association for pet health insurance companies, there were 4.8 million pets insured in the US by the end of 2022, marking a 22% surge from 2021. Thus, the upsurge in pet healthcare expenditure is fuelling the growth of the pet cancer therapeutics market.
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#What Growth Opportunities Will Drive the Pet Cancer Therapeutics Market’s CAGR Through 2034?
In recent times, there’s been a swift increase in the size of the pet cancer therapeutics market. Projected to rise from $0.39 billion in 2024, the market will stage a significant surge to reach $0.43 billion in 2025 at a compound annual growth rate (CAGR) of 10.8%. Factors such as a surge in pet ownership, progression in veterinary medical field, heightening awareness of pet health, humans increasingly treating their pets with human-like compassion, and the expansion of veterinary facilities could be attributed to this historic growth.
The market for pet cancer therapeutics is anticipated to increase significantly in the coming years, potentially reaching a value of $0.65 billion by 2029 with a compound annual growth rate (CAGR) of 10.7%. This expansion in the predicted period can be credited to factors such as a rise in the aging pet population, advancements in cancer therapies, an increase in veterinary oncology services, the prevalence of pet insurance, and healthcare plans and global growth in pet care services. The forecast period is expected to see growing trends such as the popularity of nutraceuticals and integrative therapies, better access to targeted diagnostic tests, cooperation between veterinary and human oncology sectors, the introduction of new chemotherapeutic treatments, and the rise in awareness and education among pet owners.
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What Are the Current Market Growth and Trends in thePet Cancer Therapeutics Market That Industry Players Should Watch?
Leading corporations in the pet cancer therapeutics industry are focusing on advancements like epigenetic technology to improve treatment effectiveness and accuracy in eradicating cancer cells, ultimately enhancing outcomes for pets battling cancer. Epigenetic technology involves techniques that trigger changes in gene expression without altering the DNA sequence itself, often affecting cellular behavior and the result of possible treatments. For example, VolitionRx Limited, a multi-national epigenetic company based in the US, launched the Nu.Q Vet Cancer Test in April 2024. This test can be executed using the Element i+ Analyzer, and typically yields results within approximately 6 minutes. It utilizes an enzyme-linked immunosorbent assay to identify circulating nucleosomes in the bloodstream, which can signal the existence of cancer.
What Are the Major Market Players Making an Impact on thePet Cancer Therapeutics Market Growth?
Major companies operating in the pet cancer therapeutics market include AB Science, Boehringer Ingelheim GmbH, Elanco Animal Health, ELIAS Animal Health, Zoetis Inc., Anivive Lifesciences Inc., QBiotics Group Ltd., Regeneus Ltd., VetDC Inc., PetCure Oncology at Veterinary Radiosurgery and Imaging Center, Torigen Pharmaceuticals Inc., virology and bacteriology, Nippon Zenyaku Kogyo Co. Ltd., Vivesto AB, Dechra Pharmaceuticals plc, Norbrook Laboratories Ltd., AdvaVet Inc., Oasmia Pharmaceuticals AB, Zenoaq Co. Ltd., Morphogenesis Inc., Sumitomo Pharma Animal Health Co., Vetivax, CarthroniX Inc.
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How Are the Key Segments of the Pet Cancer Therapeutics Market Driving Opportunities and Innovations?
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
Subsegments:
1) By Melanoma: Surgical Interventions, Chemotherapy, Immunotherapy, Targeted Therapy
2) By Mast Cell Cancer: Surgery, Chemotherapy, Tyrosine Kinase Inhibitors, Radiation Therapy
3) By Lymphoma: Chemotherapy Protocols, Steroid Therapy, Radiation Therapy, Immunotherapy
4) By Mammary And Squamous Cell Cancer: Surgical Treatment, Chemotherapy, Radiation Therapy, Palliative Care Options
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What Regions Are At the Forefront of #How Are Key Drivers in the Industry Acting as Catalysts for the Growth of thePet Cancer Therapeutics Market?# Market Expansion?
North America was the largest region in the pet cancer therapeutics market in 2024. 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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