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on June 27, 2024
The latest report by IMARC Group, titled “Pet Cancer Therapeutics Market Report by Therapy (Chemotherapy, Radiation Therapy, Immunotherapy, Combination Therapy, and Others), Animal Species (Cats, Dogs, and Others), Cancer Type (Lymphoma, Mast Cell Cancer, Melanoma, Mammary and Squamous Cell Cancer, and Others), End User (Veterinary Hospitals and Clinical Pharmacies, Retail Pharmacies, Online Pharmacies, and Others), and Region 2024-2032", The global pet cancer therapeutics market size reached US$ 295.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 635.9 Million by 2032, exhibiting a growth rate (CAGR) of 8.5% during 2024-2032.
Factors Affecting the Growth of the Pet Cancer Therapeutics Industry:
- Rising Incidence of Pet Cancer:
The increasing prevalence of cancer among pets, particularly dogs and cats, is a major factor driving the growth of the pet cancer therapeutics industry. As pets are living longer due to improved nutrition and veterinary care, age-related diseases, including cancer, are becoming more common. Pet owners are increasingly seeking advanced medical treatments to extend the lives of their furry companions, leading to a higher demand for effective cancer therapies. Additionally, heightened awareness about pet health and the availability of diagnostic tools for early detection of cancer are contributing to the growing incidence rates being reported, further fueling the demand for specialized cancer treatments in veterinary medicine.
- Advancements in Veterinary Oncology:
Technological and scientific advancements in veterinary oncology are significantly boosting the pet cancer therapeutics industry. Innovations in diagnostic imaging, such as MRI and CT scans, and molecular diagnostics are enabling more accurate and early detection of cancer in pets. Moreover, the development of targeted therapies, immunotherapy, and personalized medicine is improving treatment outcomes and reducing side effects. These advancements are making cancer treatment more effective and accessible, encouraging pet owners to opt for advanced therapeutic options. Ongoing research and collaboration between veterinary and human oncology are also paving the way for new treatments and expanding the range of available therapies for pets.
- Increasing Veterinary Expenditure and Insurance Coverage:
The rise in veterinary expenditure and the growing adoption of pet insurance are crucial factors driving the growth of the pet cancer therapeutics industry. Pet owners are willing to spend more on high-quality veterinary care, including cancer treatments, as pets are increasingly viewed as family members. The availability of pet insurance policies that cover cancer treatments is making it financially feasible for more owners to pursue advanced therapies. This trend is particularly evident in developed regions, where pet insurance penetration is higher. The increasing willingness to invest in pet health, coupled with insurance coverage, is leading to greater access to and demand for specialized cancer treatments, thereby propelling the industry's growth.
Competitive Landscape with Key Player:
- AB Science
- Boehringer Ingelheim International GmbH
- Elanco Animal Health Incorporated
- ELIAS Animal Health LLC
- Karyopharm Therapeutics
- Pfizer Inc.
- Regeneus Ltd.
- Rhizen Pharmaceuticals AG
- Torigen Pharmaceuticals Inc.
- VetDC Inc.
- Virbac
- Zoetis Inc.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/pet-cancer-therapeutics-market/requestsample
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Therapy:
- Chemotherapy
- Radiation Therapy
- Immunotherapy
- Combination Therapy
- Others
Chemotherapy represented the largest segment due to its widespread use in treating various types of cancer in pets, offering effective tumor reduction and symptom management.
Breakup by Animal Species:
- Cats
- Dogs
- Others
Dogs accounted for the largest market share due to their higher incidence of cancer compared to other pets, driving demand for specialized therapeutic options tailored to canine physiology and oncological needs.
Breakup by Cancer Type:
- Lymphoma
- Mast Cell Cancer
- Melanoma
- Mammary and Squamous Cell Cancer
- Others
Mast cell cancer represented the largest segment as it is one of the most common types of cancer in dogs, necessitating targeted therapeutic approaches and supportive care strategies.
Breakup by End User:
- Veterinary Hospitals and Clinical Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Others
Veterinary hospitals and clinical pharmacies accounted for the largest market share owing to their role in providing specialized cancer treatments, including chemotherapy, surgery, and supportive care, tailored to the needs of pets diagnosed with cancer.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America's dominance in the pet cancer therapeutics market is attributed to substantial investment in research and development (R&D), leading to advanced technological developments in this field.
Global Pet Cancer Therapeutics Market Trends:
The global pet cancer therapeutics market is experiencing robust growth driven by several key trends. Advances in veterinary oncology, such as targeted therapies and immunotherapies, are improving treatment efficacy and expanding available options. Increasing awareness and early detection of pet cancers has escalated the demand for specialized treatments. The rise in pet insurance coverage, which often includes cancer therapies, is making advanced treatments more accessible to pet owners. Additionally, the humanization of pets, where they are increasingly seen as family members, is leading to higher veterinary expenditure on their health. Collaborative research between human and veterinary medicine is fostering innovation, driving the rapid evolution of the global pet cancer therapeutics market.
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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