The global pet cancer therapeutics market size is projected to exceed around USD 345.2 million by 2026, the market is estimated to grow at 10.6% CAGR during the forecast period. Increase in the trend of pet adoption globally is one of the factors that is expected to boost the growth of the global pet cancer therapeutics market.
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The rising pet adoption rate coupled with the increasing disposable income of pet owners is one of the major factors driving the demand for pet cancer therapeutics market. Also, robust drugs for the treatment of pet cancer is expected to stimulate market growth during the forecast period. The increasing the number of pet dogs and cats suffering from cancer will boost the demand for devices that are used for the treatment of cancer in pets. According to the American Veterinary Cancer Society, around 50% of the dogs above the age of 10 are suffering from and cancer and they die because of it. The rise in need to control cancer is one of the major reasons behind the development of pet cancer therapeutics. However, the cost of pet cancer drugs is high and the increasing instances of adverse drug events are the restraining factors that are expected to hinder the growth of overall pet cancer therapeutics market. Moreover, the lack of awareness related to pet diseases among the pet owners will hinder the expansion of pet cancer therapeutics market.
Chemotherapy is the most common and conventional medication for pet cancers that are used from the past few years. But, the vaccines for pet cancers have been developed and are introduced by healthcare device manufacturers to the global pet cancer therapeutics market. With the rising number of chemotherapy drugs in the pipeline, the market is expected to witness significant growth in the upcoming years. The pet dogs are more disposed to develop cancers as compared to cats which will drive the dog’s segment growth in the coming years. However, the introduction of specific cat cancer medicines is expected to stimulate the cat cancer therapeutics market growth. Moreover, the key manufacturers in the pet cancer therapeutics market are focused on continuous product innovation strategy in order to expand their product offerings to compete with other established players and strengthen its foothold in the global pet cancer therapeutics market.
The North America region is expected to hold a major share of the global pet cancer therapeutics market followed by Europe region. The dominance in the North America region is due to the huge presence of the pet cancer therapeutics solution providers in the U.S. The pet cancer therapeutics market in the U.Sis expected to grow at a rapid pace. Also, the presence of a huge number of pet drug manufacturing companies, quick adoption of innovative pet care medicines and growing disposable income of pet owners are expected to boost the growth of pet cancer therapeutics market globally. Also, the market in Australia is expected to grow significantly owing to the rising pet-keeping trend and convenience of advanced pet care medicines. Some of the leading players in the global pet cancer therapeutics market such as Aratana Therapeutics, Oasmia Pharmaceutical, and other established players are focusing on continuous product innovation as well as geographical expansion by partnerships & mergers and acquisitions.
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The global pet cancer therapeutics market is segmented into medicine type, species, cancer type, and region. On the basis of medicine type, the global pet cancer therapeutics market is segmented into vaccines and chemotherapy drugs. On the basis of species, the global pet cancer therapeutics market is segmented into dogs and cats. On the basis of cancer type, the global pet cancer therapeutics market is segmented into melanoma, mammary, squamous cell cancer, mast cell cancer, mammary, and lymphoma.On the basis of the region, the global pet cancer therapeutics market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The major players associated with the global pet cancer therapeutics market are Aratana Therapeutics, Vetivax, Regeneus, Zoetis, AB Science, Merial, and VetDC, etc.The pet healthcare companies are focusing on improvement of drugs for mast cell cancer and melanoma that are the most common cancer types. The introduction of innovative medicines for the treatment of various cancer is expected to accelerate market growth. Moreover, the key players are strategically focused on forming the partnership, acquisition, and continuous product innovation in order to compete in the market and gain a leading position in the pet cancer therapeutics market. These factors are anticipated to offer growth opportunities for the key players in the pet cancer therapeutics market.
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