According to the latest report by IMARC Group, titled “Pet Cancer Therapeutics Market: Global Industry, Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global pet cancer therapeutics market reached a value of US$ 245.2 Million in 2021. Pet cancer therapeutics refer to treatment alternatives that have the capability to lessen the effect of cancerous cell tumor growth in domesticated animals. They aid in the treatment of mast cell cancer, lymphoma, melanoma and mammary and squamous cell cancer in cats, dogs and other pet animals. Pet cancer therapeutics mainly include immunotherapy vaccines, targeted therapies, chemotherapy drugs and combination therapies that are employed depending on the type, nature, and stage of the cancer. They gradually neutralize or shrink the cancer cells using various bacteria and plant-based drugs that prevent the tumor from spreading and affecting other parts of the body. They also help relieve other symptoms such as pain and shortness of breath.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Pet Cancer Therapeutics Market Trends:
The increasing prevalence of cancer in animals is creating a positive outlook for the market. Cancer is primarily observed in aging animals, with certain breeds possessing higher susceptibility than others. In line with this, the increasing domestication of animals and rising awareness among pet owners regarding pet health is favoring the market growth. Apart from this, rapid advancements in diagnostic procedures and the integration of robotics and artificial intelligence (AI) to reduce the need for surgeries and help veterinarians make informed decisions and treatment plans are providing an impetus to the market growth. Additionally, the launch of highly targeted and specific therapies for treating cancer with minimal side effects is positively impacting the market growth. Other factors, including extensive research and development (R&D) activities to engineer novel formulations and therapies, the rising expenditure capacities of consumers, and an increasing number of veterinary oncologists, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market is expected to reach US$ 435.2 Million by 2027, exhibiting a CAGR of 10.1% during 2022-2027.
- On the basis of the therapy, the market has been divided into chemotherapy, radiation therapy, immunotherapy, combination therapy, and others.
- Based on the animal species, the market has been classified into cats, dogs, and others.
- On the basis of the cancer type, the market has been divided into lymphoma, mast cell cancer, melanoma, mammary and squamous cell cancer, and others.
- Based on the end user, the market has been categorized into veterinary hospitals and clinical pharmacies, retail pharmacies, online pharmacies, and others.
- Based on the region, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), Middle East and Africa.??
- The competitive landscape of the industry has also been examined, with the key players being AB Science, Boehringer Ingelheim International GmbH, Elanco Animal Health Incorporated, ELIAS Animal Health LLC, Karyopharm Therapeutics, Pfizer Inc., Regeneus Ltd., Rhizen Pharmaceuticals AG, Torigen Pharmaceuticals Inc., VetDC Inc., Virbac and Zoetis Inc.
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