Press release
Global Pet Cancer Therapeutics Market Projected to Surpass $0.65 Billion by 2029 with 11% Annual Growth
The augmentation in the amount expended on pet healthcare is anticipated to stimulate the expansion of the pet cancer therapeutics market in the future. This spend entails the costs on veterinary services, medication, and other health-related necessities for pets. The observed surge in healthcare expenditure for pets is an indicator of pet owners' increasing readiness to invest in their pets' health, thereby potentially fuelling the demand for pet cancer treatments. The 2023 State of the Industry Report by the North American Pet Health Insurance Association (NAPHIA), a US pet health insurance group, revealed a telling 22% increase in insured pets in the US, reaching 4.8 million by the end of 2022, as compared to the previous year. Therefore, the escalating outlay on pet healthcare is what's propelling the pet cancer therapeutics market.
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What growth opportunities are expected to drive the pet cancer therapeutics market's CAGR through 2034?
The market size of animal cancer treatments has expanded swiftly in the past few years. This progression is expected to continue, growing from $0.39 billion in 2024 to $0.43 billion in 2025, with a compound annual growth rate (CAGR) of 10.8%. The historic period's expansion can be credited to factors such as the increase in pet ownership, developments in veterinary science, heightened consciousness about pet wellness, treating pets more humanely, and the broadening scope of veterinary services.
In the coming years, the pet cancer therapeutics market is anticipated to experience a swift expansion. It is projected to increase to $0.65 billion in 2029, exhibiting a compound annual growth rate (CAGR) of 10.7%. The expected growth within the forecast period is linked to factors such as the rising elderly pet population, advancements made in cancer treatments, an increase in veterinary oncology services, pet insurance and healthcare plans, and the global proliferation of pet care services. Key trends forecasted for this period encompass a surge in nutraceuticals and integrative therapies, enhanced availability of targeted diagnostic tests, collaboration between veterinary and human oncology sectors, the release of innovative chemotherapeutic agents, and the growth in awareness and education of pet owners.
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What are the emerging trends shaping the future of the pet cancer therapeutics market?
Leading firms in the pet cancer therapeutics sector are adopting cutting-edge technologies such as epigenetics to augment the accuracy and effectiveness of cancer treatment, thereby bettering prognosis for pets diagnosed with cancer. Epigenetic technology pertains to techniques that alter gene behavior without affecting the basic DNA structure, often impacting cellular conduct and potential treatment consequences. For instance, in April 2024, a international epigenetics firm based in the United States named VolitionRx Limited introduced the Nu.Q Vet Cancer Test. The test is run on the Element i+ Analyzer and provides speedy results, typically in around 6 minutes. It employs an enzyme-linked immunosorbent assay to identify circulating nucleosomes in the bloodstream, which could signify cancer's presence.
Which growth-oriented segments of the pet cancer therapeutics market are leading the industry's development?
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 leading the charge in 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
What companies are at the forefront of innovation 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.
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What Is Covered In The Pet Cancer Therapeutics Global Market Report?
• Market Size Forecast: Examine the pet cancer therapeutics market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the pet cancer therapeutics market for a structured understanding.
• Key Players Overview: Analyze major players in the pet cancer therapeutics market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the pet cancer therapeutics market.
• Segment Contributions: Evaluate how different segments drive overall growth in the pet cancer therapeutics market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the pet cancer therapeutics market.
• Industry Challenges: Identify potential risks and obstacles affecting the pet cancer therapeutics market.
• Competitive Landscape: Review strategic developments in the pet cancer therapeutics market, including expansions, agreements, and new product launches.
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