Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Pet Cancer Therapeutics Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global pet cancer therapeutics market has entered a period of substantial growth, according to the latest market research report now available for review. The comprehensive analysis provides an in-depth look at the trends, growth drivers, and the competitive landscape of the industry.
In 2023, the market size reached $0.35 billion and is anticipated to surge to $0.39 billion in 2024, with a CAGR of 11.8%. This burgeoning growth is spurred by various factors including increased pet ownership, advancements in veterinary healthcare, and heightened awareness of pet health among owners.
Critical Growth Drivers Identified
- Increased pet ownership and humanization trends
- Technological advancements in veterinary oncology
- Higher incidence of pet cancer with a growing aging pet population
- Expansion and accessibility of veterinary services worldwide
It also pinpoints the significant role of pet healthcare expenditure in propelling market growth. With pet owners showing willingness to spend more on the health and wellness of their pets, the demand for cancer therapeutics is on the upswing.
Anticipated Market Growth and Emerging Trends
Looking ahead, the market is projected to reach $0.59 billion by 2028, with a CAGR of 10.6%, as reflected in the findings. Several trends that are expected to shape the market's future include:
- The introduction of novel chemotherapeutic agents
- Advancements in targeted diagnostic tests for cancer
- Rising prevalence of pet insurance and healthcare plans
- Growth in nutraceuticals and integrative therapies
- Increased collaboration between veterinary and human oncology research
Significant Technological Advancements in the Industry
The pet cancer therapeutics market is also witnessing a surge in technological innovation. The report calls attention to recent breakthroughs such as PetDx's OncoK9, a cutting-edge blood-based test for early cancer detection in dogs. Strategic partnerships are also reshaping the landscape. For example, Boehringer Ingelheim's collaboration with CarthroniX to discover new drug molecules for canine cancer is a testament to the industry's commitment to advancing cancer treatment for pets.
Regional Insights and Market Dominance
North America is identified as the dominant region in the pet cancer therapeutics market for 2023. The geographical coverage of the report includes:
The analysis presents a segmented view of the market, catering to different types of cancer such as melanoma, mast cell cancer, lymphoma, and others. It details the adoption of various therapies including chemotherapy, radiation therapy, and immunotherapy across different types of healthcare facilities.
A selection of companies mentioned in this report includes
- AB Science
- Boehringer Ingelheim GmbH
- Elanco Animal Health
- ELIAS Animal Health
- Zoetis Inc.
- Aratana Therapeutics Inc.
- Anivive Lifesciences Inc.
- QBiotics Group Ltd.
- Regeneus Ltd.
- VetDC Inc.
- PetCure Oncology at Veterinary Radiosurgery and Imaging Center
- Karyopharm Therapeutics Inc.
- Torigen Pharmaceuticals Inc.
- virology and bacteriology
- Nippon Zenyaku Kogyo Co. Ltd.
- Vivesto AB
- Dechra Pharmaceuticals plc
- Elekta Medical Systems India Pvt. Ltd.
- Norbrook Laboratories Ltd.
- AdvaVet Inc.
- Merial Animal Health Ltd.
- Oasmia Pharmaceuticals AB
- Zenoaq Co. Ltd.
- Rhizen Pharmaceuticals SA
- Morphogenesis Inc.
- Pfizer Inc.
- Sumitomo Pharma Animal Health Co.
- Vetivax
- CarthroniX Inc.
For more information about this report visit https://www.researchandmarkets.com/r/erb953
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