Pet Cancer Therapeutics Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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How has the pet cancer therapeutics market size evolved in recent years?
The market size of pet cancer therapeutics has seen a rapid expansion in the past few years. Its value is anticipated to increase from $0.39 billion in 2024 to $0.43 billion in 2025, with a compound annual growth rate (CAGR) of 10.8%. The growth experienced in the previous period is due to several factors including: a surge in pet adoption, advancements in the field of veterinary medicine, heightened awareness about pet health, the humanization of pets, and expansion in veterinary services.
What are the predictions for the pet cancer therapeutics market size in the coming years?
Anticipated to experience swift expansion in the approaching years, the pet cancer therapeutics market is predicted to escalate to a value of $0.65 billion by 2029, with a compound annual growth rate (CAGR) of 10.7%. This projected growth within the forecast period is largely attributable to the increasing number of elderly pets, enhancements in cancer therapies, growth of veterinary oncology services, pet healthcare and insurance plans, and the worldwide proliferation of pet care services. The period also anticipates significant trends such as the surge in nutraceuticals and integrative therapies, amplified availability of targeted diagnostic tests, cooperative initiatives between veterinary and human oncology sectors, the unveiling of innovational chemotherapeutic drugs, as well as the escalating cognizance and education among pet owners.
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What key factors are fueling the growth of the pet cancer therapeutics market?
The surge in spending on pet healthcare is anticipated to fuel the expansion of the pet cancer therapeutics market. The term pet healthcare expenditure pertains to the funds allocated for veterinary care, medicines, and other health-related costs for pets. Pet owners are showing an increasing tendency to spend on their pets’ health, which could lead to a higher demand for pet cancer treatments. For instance, as per the 2023 State of the Industry Report by the North American Pet Health Insurance Association (NAPHIA), an association of US pet health insurance organizations, the total count of insured pets in the United States by the end of 2022 stood at 4.8 million; this marks a 22% rise since 2021. Consequently, the uptick in pet healthcare spending is spurring the growth of the pet cancer therapeutics market.
How is the global pet cancer therapeutics market divided into key segments?
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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Who are the key firms paving the way for growth in the pet cancer therapeutics market?
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.
Which trends are expected to transform the pet cancer therapeutics market?
Leading firms in the pet cancer therapeutics market are advancing technologies like epigenetic technology to boost treatment effectiveness and accuracy in combating cancer cells, thereby enhancing results for pets battling cancer. Epigenetic technology involves techniques that adjust gene expression without altering the underlying DNA sequence, often impacting cellular activity and likely treatment results. For instance, VolitionRx Limited, an American multinational epigenetics company, introduced the Nu.Q Vet Cancer Test in April 2024. The Nu.Q Vet Cancer Test works with the Element i+ Analyzer, providing fast results typically in approximately 6 minutes. It harnesses an enzyme-linked immunosorbent assay to detect circulating nucleosomes in the blood, a telltale sign of cancer presence.
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What regions are contributing significantly to the growth of the pet cancer therapeutics market?
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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