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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?
The market size of pet cancer therapeutics has experienced a swift escalation in recent years, escalating from $0.39 billion in 2024 to $0.43 billion in 2025. This growth represents a compound annual growth rate (CAGR) of 10.6%. The historical growth surge can be aligned with factors such as an increase in pet adoption, advancements in the field of veterinary medicine, heightened awareness about pet health, the trend of treating pets as family members, and the proliferation of veterinary services.
How Big Is the Pet Cancer Therapeutics Market Size Expected to Grow by 2029?
The market for pet cancer treatments is projected to experience a substantial rise in the coming years, expanding to a market size of $0.65 billion by 2029 with a compound annual growth rate (CAGR) of 10.6%. The anticipated growth in the forecast period is primarily driven by factors such as an increase in the elderly pet population, advancements in cancer therapies, a rise in veterinary oncology services, expanded pet insurance and health plans, and a global growth of pet care services. Key trends projected to shape the market in the forecast period encompass the growing popularity of nutraceuticals and integrative treatments, improved access to targeted diagnostic examinations, collaborations between human and veterinary oncology sectors, the launch of new chemotherapeutic drugs, and enhanced awareness and education for pet owners.
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Which Key Market Drivers Powering Pet Cancer Therapeutics Market Expansion and Growth?
The upward trend in pet healare spending is set to fuel the expansion of the pet cancer therapeutics market. Pet healare spending encompasses the funds expended on veterinary care, medications, and other health-related costs for pets. This escalated spending on pet health signifies the increasing tendency of pet owners to prioritize their pets' health, leading to a potential rise in the need for pet cancer therapeutics. For instance, the North American Pet Health Insurance Association (NAPHIA) unveiled in its 2023 State of the Industry Report that by the end of 2022, the number of insured pets in the U.S. had reached 4.8 million, marking a 22% surge from 2021. Hence, the surge in pet healare spending is stimulating the growth of the pet cancer therapeutics market.
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Which Fast-Growing Trends Are Poised to Disrupt the Pet Cancer Therapeutics Market?
Key players in the pet cancer therapeutics market are in the process of innovating technologies like epigenetic technology to augment the effectiveness and precision of cancer treatment, thereby bettering the prognosis for pets afflicted with cancer. Epigenetic technology encompasses processes that alter gene expression without affecting the basic DNA sequence, often impacting cell behavior and potential treatment results. For example, in April 2024, the American multinational epigenetics firm VolitionRx Limited introduced the Nu.Q Vet Cancer Test. Able to deliver speedy results - usually in about 6 minutes - this test is operated on the Element i+ Analyzer. It employs an enzyme-linked immunosorbent assay to identify circulating nucleosomes in the blood, an 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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