|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 11 Billion||USD 15 Billion||7%||2022|
Pet Cancer Therapeutics Market
The global pet cancer therapeutics market size was evaluated at $11 billion in 2022 and is slated to hit $15 billion by the end of 2030 with a CAGR of nearly 7% between 2023 and 2030.
Pet cancer therapeutics is a new anti-cancer medicine that has the capacity for reducing the negative impact of cancer tissues. In addition to this, pet cancer therapeutics encompasses combination therapy as well as monotherapy. Apparently, the current research activities mainly focus on the proliferation of new anti-cancer medicines for enhancing efficiency and minimizing treatment side effects.
Rise in the occurrence of cancer in pets will proliferate the growth of the market across the globe
Growing trend of adopting pets like cats & dogs across the globe will promote the expansion of the pet cancer therapeutics market over the forecast timeline. An increase in the occurrence of pet cancer in developed nations will proliferate the global market progression in the years to come. Additionally, a surge in the pet populace in countries like the U.S., UK, and Germany will culminate in humungous market demand over the estimated timespan.
Furthermore, a rise in awareness about pet ailments along with a rise in the tendency towards spending on pet care as well as treatment of pets will exponentiate the growth of the market globally over the forecasting years. Additionally, the rise in various kinds of cancers in dogs & cats and the surge in the funding of research activities pertaining to cancer therapy in canines & cats will prompt business growth over the span of the next few years. New product launches will contribute majorly towards the expansion of the market in the upcoming years. For instance, in March 2023, Novartis declared that the newly launched Novartis Pluvicto™, a targeted radioligand therapy for prostate cancer, received approval from the U.S. FDA.
Less availability of veterinary doctors can restrict the global industry expansion
Low availability of veterinary oncologists along with adverse effects caused due to pet cancer treatment can put brakes on the global pet cancer therapeutics industry surge. High treatment costs can put up a huge hurdle in the growth path of the industry across the globe.
Surge in the unmet medical requirements to open new growth avenues for the global market
Rise in the unmet medical needs and growing potential of pet cancer treating drugs will open new growth opportunities for the global pet cancer therapeutics market. Apart from this, a rise in the allocation of funds for pet cancer treatment research activities will promote the growth of the market in the coming years.
Government objection to use of high drug doses in treating pets suffering from cancer can prove a huge challenge for the global industry expansion
Government restrictions on the high dosage of medicines for treating cancer in pets along with a need for approval of the pet cancer therapies from state authorities can prove to be a big challenge for the global pet cancer therapeutics industry.
The global pet cancer therapeutics market is sectored into route of administration, cancer type, species type, and region.
In route of administration terms, the global pet cancer therapeutics market is segregated into parenteral, oral, and others segments. Furthermore, the oral segment, which amassed nearly 65% of the global market revenue in 2022, is expected to record the highest CAGR in the forecasting timeframe. The growth of the segment in the forecast timeline can be due to benefits offered by the oral route of administrating medicines to pets such as ease & comfort and home treatment along with lesser visits to hospitals & clinics.
Based on the cancer type, the global pet cancer therapeutics industry is sectored into melanoma, mast cell cancer, lymphoma, mammary & squamous cell cancer, and others segments. Moreover, the mast cell cancer segment, which accumulated a huge share of the global industry in 2022, is slated to lead the global industry over the projected timespan. The segmental growth over the assessment timeline can be subject to a rise in the occurrence of mast cell cancers in pets.
Based on the species type, the global pet cancer therapeutics market is divided into cats, dogs, and others segments. Moreover, the dogs segment, which dominated the segment in 2022, is predicted to dominate the global market share in the upcoming years. The segmental surge over the predicted timespan can be due to a rise in the occurrence of cancer in dogs due to inbreeding.
|Report Attributes||Report Details|
|Report Name||Pet Cancer Therapeutics Market|
|Market Size in 2022||USD 11 Billion|
|Market Forecast in 2030||USD 15 Billion|
|Growth Rate||CAGR of 7%|
|Number of Pages||213|
|Key Companies Covered||Karyopharm Therapeutics Inc., Zoetis, Oasmia Pharmaceuticals AB, Zenoaq, AB Science, Aratana Therapeutics Inc., Rhizen Pharmaceuticals SA, Morphogenesis Inc., Boehringer Ingelheim International GmbH, Regeneus Ltd., VetDC Inc., and others.|
|Segments Covered||By Route of Administration, By Cancer Type, By Species Type, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
North American market is anticipated to retain its numero uno position over the expected timeline
The growth of the pet cancer therapeutics market in the North American sub-continent over the forecast timeline is due to the huge presence of reputed industry participants in countries like the U.S. Additionally, a large-scale product penetration as well as product innovation to effectively treat various kinds of pet cancers will elevate the market growth over the estimated timeline. Apart from this, a rise in spending on veterinary care of pets by pet owners and supportive government guidelines related to research on pet cancer in countries such as the U.S. will proliferate the regional market size.
Asia-Pacific pet cancer therapeutics industry is set to register the fastest CAGR in the next couple of years due to the presence of key players in the developing countries of the region.
The global pet cancer therapeutics market profiles key players such as:
By Route of Administration
By Cancer Type
By Species Type
Pet cancer therapeutics is a new anti-cancer medicine having the capacity to reduce the negative impact of cancer tissues.
The global pet cancer therapeutics market growth can be owing to an increase in the occurrence of pet cancer in developed nations.
According to a study, the global pet cancer therapeutics industry size was $11 billion in 2022 and is projected to reach $15 billion by the end of 2030.
The global pet cancer therapeutics market is anticipated to record a CAGR of nearly 7% from 2023 to 2030.
The Asia-Pacific pet cancer therapeutics industry is set to register the highest CAGR over the forecasting timeline due to the presence of key players in the developing countries of the region.
The global pet cancer therapeutics market is led by players such as Karyopharm Therapeutics, Inc., Zoetis, Oasmia Pharmaceuticals AB, Zenoaq, AB Science, Aratana Therapeutics, Inc., Rhizen Pharmaceuticals SA, Morphogenesis, Inc., Boehringer Ingelheim International GmbH, Regeneus Ltd., and VetDC, Inc.
The pet cancer therapeutics market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTEL analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five force analysis, and value chain analysis.