The latest report by IMARC Group, titled “Pet Cancer Therapeutics Market Report by Therapy (Chemotherapy, Radiation Therapy, Immunotherapy, Combination Therapy, and Others), Animal Species (Cats, Dogs, and Others), Cancer Type (Lymphoma, Mast Cell Cancer, Melanoma, Mammary and Squamous Cell Cancer, and Others), End User (Veterinary Hospitals and Clinical Pharmacies, Retail Pharmacies, Online Pharmacies, and Others), and Region 2024-2032″, The global pet cancer therapeutics market size reached US$ 295.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 635.9 Million by 2032, exhibiting a growth rate (CAGR) of 8.5% during 2024-2032.
Factors Affecting the Growth of Pet Cancer Therapeutics Industry:
- Increasing Pet Ownership:
The global pet cancer therapeutics market is experiencing substantial growth due to the rising trend of pet ownership. As more individuals choose to bring pets into their homes, the demand for comprehensive healthcare, including cancer treatment, for these beloved companions is on the rise. This factor is particularly evident in developed regions such as North America and Europe, where pet ownership rates are relatively high. The emotional bond between pets and their owners has led to a willingness to invest in advanced medical care, including cancer treatments, which were once considered prohibitively expensive. This increased demand has incentivized pharmaceutical companies to invest in research and development for pet-specific cancer therapeutics. Additionally, the awareness about cancer in pets has grown, leading to early detection and treatment. Regular veterinary check-ups and the availability of advanced diagnostic tools have played a pivotal role in catching cancer at its early stages, further driving the demand for pet cancer therapeutics.
- Advancements in Veterinary Oncology:
Another critical factor driving the pet cancer therapeutics market is the significant advancements in veterinary oncology. Veterinarians now have access to a wide range of treatment options, including chemotherapy, radiation therapy, immunotherapy, and targeted therapies. These treatment modalities are becoming more effective and less invasive, improving the quality of life for pets undergoing cancer treatment. Furthermore, ongoing research in veterinary oncology has led to the development of innovative therapies tailored to specific types of pet cancer. These targeted therapies enhance treatment outcomes and also reduce side effects, making the overall cancer treatment experience more tolerable for pets and their owners.
- Growing Awareness about Pet Health:
The increasing awareness about pet health and well-being has also contributed significantly to the growth of the pet cancer therapeutics market. Pet owners are now more informed about potential health risks and the importance of early intervention. Consequently, there is a proactive approach toward seeking medical care for pets, including cancer diagnosis and treatment. This awareness has led to the emergence of pet health insurance plans that cover cancer treatments, making these therapies more accessible to a broader range of pet owners. The availability of such insurance options has further boosted the demand for pet cancer therapeutics.
Competitive Landscape with Key Player:
- 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
- Zoetis Inc.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/pet-cancer-therapeutics-market/requestsample
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Therapy:
- Chemotherapy
- Radiation Therapy
- Immunotherapy
- Combination Therapy
- Others
Chemotherapy dominates the market due to its long-standing track record as a standard treatment option for various types of cancer in both human and pet populations, making it a widely recognized and frequently prescribed therapeutic approach.
Breakup by Animal Species:
- Cats
- Dogs
- Others
Dogs hold maximum number of shares due to their status as the most popular and widely kept pets worldwide, leading to a higher demand for healthcare products and services, including therapeutics.
Breakup by Cancer Type:
- Lymphoma
- Mast Cell Cancer
- Melanoma
- Mammary and Squamous Cell Cancer
- Others
Mast cell cancer holds maximum number of shares due to its relatively higher prevalence among pets compared to other forms of cancer, driving the demand for specific therapeutic interventions.
Breakup by End User:
- Veterinary Hospitals and Clinical Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Others
Veterinary hospitals and clinical pharmacies dominate the market due to their role as primary healthcare providers for pets, offering a wide range of medical services, including cancer diagnostics and therapeutics.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America’s dominance in the pet cancer therapeutics market is attributed to its high level of pet ownership, well-developed veterinary healthcare infrastructure, and increasing awareness about pet health, which together drive substantial demand for pet cancer therapeutics in the region.
Global Pet Cancer Therapeutics Market Trends:
An aging pet population is a significant driver of the pet cancer therapeutics market. Similar to human medicine, the risk of cancer increases with age in pets. As pets live longer, the incidence of cancer cases also rises. This demographic shift leads to a higher demand for cancer treatment options, contributing to the growth of the market. Additionally, technological advancements in diagnostic tools and treatment options have played a pivotal role in driving the market. The availability of advanced imaging techniques, such as PET-CT scans and MRI, allows for more accurate cancer diagnosis and staging in pets. Other than this, cutting-edge treatment modalities, such as minimally invasive surgeries and precision medicine approaches, have improved treatment outcomes, further propelling the expansion of the market. Besides this, pharmaceutical companies and research institutions are investing more in pet-specific cancer therapeutics. The growing recognition of pets as family members has incentivized research and development efforts, leading to the discovery of new drugs and therapies tailored to various types of pet cancers. This ongoing innovation fosters market growth by providing veterinarians with more effective treatment options.
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
Contact Us
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163
