Press release
Key Factor Supporting Pet Cancer Therapeutics Market Development in 2025: Rising Pet Healthcare Expenditure Sparks Growth In Pet Cancer Therapeutics Market
Pet Cancer Therapeutics
How Large Will the Pet Cancer Therapeutics Market Size By 2025?
In recent times, there has been a swift expansion in the pet cancer therapeutics market size. The forecast indicates an increase from $0.39 billion in 2024 to $0.43 billion in 2025, embodying a compound annual growth rate (CAGR) of 10.8%. Factors that have contributed to the historical period growth include a surge in pet adoption, progress in veterinary medical science, raised awareness regarding pet health, the humanization of pets, and the broadening scope of veterinary services.
How Big Is the Pet Cancer Therapeutics Market Size Expected to Grow by 2029?
The pet cancer therapeutics market is predicted to experience considerable expansion in the upcoming years, increasing to $0.65 billion in 2029 with a CAGR of 10.7%. This progression in the projection period is due to factors like an aging pet population, improvements in cancer treatments, an upswing in veterinary oncology services, pet insurance and healthcare plans, and a worldwide spread of pet care services. Noteworthy trends during this forecast period are anticipated to include the growth of nutraceuticals and integrative therapies, the broader availability of targeted diagnostic tests, collaboration between veterinary and human oncology fields, the launch of new chemotherapeutic agents, and increased understanding and education for pet owners.
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Which Key Market Drivers Powering Pet Cancer Therapeutics Market Expansion and Growth?
The rise in spending on pet healthcare is anticipated to boost the pet cancer therapeutics market's expansion. The total money allocated to veterinary services, medications, and other pet health-related costs is what we refer to as pet healthcare expenditure. The burgeoning expenses on pet health care mirror the escalating inclination of pet owners to put money into their pet's health, leading to the amplified demand for pet cancer treatments. For example, the 2023 State of the Industry Report by the North American Pet Health Insurance Association (NAPHIA), an association of pet health insurance organizations in the United States, reported that the total count of insured pets in the United States stood at 4.8 million at the end of 2022, marking a 22% rise from 2021. Thus, the hike in pet healthcare expenditure is a driving force for the pet cancer therapeutics market.
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Which Fast-Growing Trends Are Poised to Disrupt the Pet Cancer Therapeutics Market?
Leading firms in the pet cancer therapeutics market are advancing technologies, like epigenetic technology, to improve treatment efficiency and precision in cancer cell targeting. This ultimately betters the prognosis for pets battling cancer. Epigenetic technology involves techniques that alter gene expression without modifying the foundational DNA sequence. This can often affect cellular behavior and potential healing results. For instance, the US-based multinational epigenetics corporation, VolitionRx Limited unveiled the Nu.Q Vet Cancer Test in April 2024. This test is conducted on the Element i+ Analyzer and provides swift results, generally within approximately 6 minutes. It uses an enzyme-linked immunosorbent assay to identify circulating nucleosomes in the blood as a potential indicator of cancer.
What Are the Emerging Segments in the Pet Cancer Therapeutics Market?
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 Global Leaders 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 are the Top Profitable Regional Markets for the Pet Cancer Therapeutics Industry?
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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