NEWARK, Del, April 07, 2023 (GLOBE NEWSWIRE) -- The global pet cancer therapeutics market size is set to reach US$ 405.90 billion in 2023. Overall sales of cancer therapeutics are likely to surge at 10% CAGR, taking the forecasted market valuation to US$ 1052.80 billion by the end of 2033.
The rising incidence of cancer in cats and dogs, as well as the substantial investments in R&D activities related to oncology treatment and management in pets, are major factors propelling the expansion of the pet cancer therapeutics market. According to the Veterinary Cancer Society, cancer was the leading cause of death in dogs (especially those older than 10 years) and cats (32% of all cat deaths) in 2017.
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Leukemia and lymphoma are the most common types of cancer in cats. Although the incidence of cancer has been shown to increase with age, it has also been noted that some breeds display higher cancer rates than others. More and more cancer drugs and vaccines are becoming available on the market, and rising consumer awareness of the importance of pet health care is also expected to fuel demand. The growth of the pet cancer therapeutics market will be fueled by the efforts of established companies in the industry that have ambitious plans for future product launches and comprehensive product pipelines.
However, the growth of the pet cancer therapeutics market is hampered by factors such as the potential for harmful side effects from cancer therapeutics used to treat oncology conditions in pets and the reluctance of some pet owners to medicate their animals. There is a lack of veterinary oncologists, pet owners aren't well-informed about pet diseases and treatments, and developing and under-developed economies don't spend much on pet healthcare, all of which will slow the market's expansion.
Key Takeaways
- The market is being driven by factors such as increasing pet adoption rates and growing demand for advanced pet healthcare services.
- Rising prevalence of pet cancer and growing pet healthcare expenditure are also stimulating market growth.
- Rapid adoption of innovative pet care medicines and growing research and development initiatives by manufacturers are resulting in the launch of novel products in the market.
- The market growth may be restrained by the high cost of pet cancer therapeutics and the lack of awareness about pet diseases among pet owners.
- Geographically, the Indian pet cancer therapeutics market is expected to grow significantly during the forecast period.
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Competitive Landscape
Many established companies and a growing number of new entrants have created a fiercely competitive environment in the pet cancer therapeutics market. Big players like Zoetis Inc., Elanco, and Merck & Co. rule the market. Due to their extensive product lines and well-established distribution channels, these firms command a sizable portion of the market.
However, a number of new companies are entering the market with the goal of creating groundbreaking treatments for pet cancer. These companies are using cutting-edge research in AI, genomics, and precision medicine to create effective new therapies for canine and feline cancer. Startups like Anivive Lifesciences, Karyopharm Therapeutics, and Morphogenesis are making waves in the industry.
Several incubators and accelerators, such as the Pet Innovation Challenge, the Purina Pet Care Innovation Prize, and the Pet Health Innovation Labs, contribute to the thriving startup ecosystem in the pet cancer therapeutics market. To help early-stage startups develop and commercialise their products, these programmes provide them with funding, mentorship, and networking opportunities.
Additionally, the market is seeing a rise in the prevalence of partnerships and collaborations between mature companies and new entrants. Large corporations are increasingly looking to startups for inspiration and guidance as they develop cutting-edge treatments for pet cancer.
Key Segments
Pet Cancer Therapeutics Industry by Therapy:
- Chemotherapy
- Immunotherapy
- Targeted Therapy
- Combination Therapy
Pet Cancer Therapeutics Industry by Route of Administration:
- Oral
- Injection
Pet Cancer Therapeutics Industry by Species:
- Dogs
- Cats
Pet Cancer Therapeutics Industry by Application:
- Lymphoma
- Mast Cell Cancer
- Melanoma
- Mammary and Squamous Cell Cancer
- Others
Pet Cancer Therapeutics Industry by Geography:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
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Table of Content
1. Executive Summary | Pet Cancer Therapeutics Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
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