The global pet cancer therapeutics market is set to experience extraordinary growth, with projections indicating a rise in sales from USD 400.9 million in 2024 to USD 898.6 million by 2034. This expansion reflects a robust compound annual growth rate (CAGR) of 8.4% over the forecast period from 2024 to 2034.
In 2023, the market generated USD 371.6 million in revenue, underscoring the increasing focus on addressing pet cancer—a critical issue driven by rising cancer incidence among pets. Contributing factors include genetic predisposition and environmental pollutants, which, akin to humans, have heightened the prevalence of cancer in companion animals.
The surge in market growth is also driven by greater awareness among pet owners and veterinarians. There is a growing recognition of the need for specialized and effective cancer treatments for pets, marking a significant evolution in veterinary medicine. This increased awareness is paving the way for advancements in therapeutic solutions tailored to the unique needs of companion animals.
“With the rise in pet cancer cases and increased awareness about effective treatment options, we are witnessing a pivotal moment in veterinary care,” said a from FMI. “Our focus remains on advancing therapeutic options that can significantly enhance the quality of life for pets battling cancer.”
As the pet cancer therapeutics market continues to expand, stakeholders across the veterinary industry are poised to contribute to and benefit from this crucial growth, ensuring that pets receive the best possible care in their fight against cancer.
Key Takeaways: Pet Cancer Therapeutics Market
- The global market for pet cancer therapeutics is expected to experience significant growth over the next decade, with sales increasing from USD 400.9 million in 2024 to USD 898.6 million by 2034.
- This growth will be driven by a CAGR of 8.4% during the forecast period.
- The USA dominates the North American market and is anticipated to maintain its leading position, with a projected CAGR of 9.1%.
- China holds the largest share in the East Asia market and is expected to continue its growth trajectory, with a CAGR of 11.3%.
- India is the dominant player in the South Asia & Pacific region, with a forecasted CAGR of 11.4%.
Dive into Pet Cancer Therapeutics Demand: Our Full Report Delivers In-Depth Trends and Insights!
Competitive Landscape:
Market players are deploying various strategies to maintain a competitive edge. These include differentiating their products through innovative formulations and forging strategic partnerships with healthcare providers for enhanced distribution. Companies are also focusing on finding strategic allies to strengthen their product portfolios and expand their global reach.
Recent Developments in the Pet Cancer Therapeutics Market:
- November 2023: Boehringer Ingelheim acquired Swiss biotech firm T3 Pharmaceuticals AG, with a potential payout of 450 million CHF. T3 Pharmaceuticals specializes in a unique therapy platform that uses live bacteria to deliver immune-modulating proteins to cancer cells and tumor microenvironments.
- September 2023: Zoetis, a leading U.S.-based veterinary drug manufacturer, announced a definitive agreement to acquire Adivo. Adivo is a biotech company focused on developing therapeutic antibodies for companion animals.
Key Players of Pet Cancer Therapeutics Market:
- Zoetis Inc
- Boehringer Ingelheim Animal Health
- Elanco Animal Health
- Virbac
- Vetoquinol
- Dechra Veterinary Products
- Chemovet
- AB Science
- Nova Vive
Key Segments of Pet Cancer Therapeutics Market:
By Drug Class:
In terms of drug class, the industry is divided into- chemotherapy drugs (doxorubicin (adriamycin), carboplatin, cisplatin, vincristine, lomustine (CCNU), cyclophosphamide, methotrexate, vinblastine, chlorambucil and other chemotherapy drugs). Nonsteroidal anti-inflammatory drugs (carprofen, meloxicam, other NSAIDs). Steroids- (prednisone, other steroid). Antiemetics- (ondansetron, other antiemetics). Monoclonal antibodies, immunomodulators, radiopharmaceuticals, tyrosine kinase inhibitors and bisphosphonates.
By Formulation:
In terms of formulation, the industry is segregated into injectable- (injectable solution, powder for injection). Oral- (tablet (regular), orally disintegrating tablets, capsule).
By Application:
In terms of application, the industry is segregated into cancer therapeutics, pain management and antiemetic therapeutics.
By Animal:
In terms of animal, the industry is segregated into dogs, cats and other animal.
By Cancer:
In terms of cancer, the industry is segregated into- lymphoma (lymphosarcoma), mast cell tumors, osteosarcoma and other cancer.
By Distribution Channel:
In terms of distribution channel, the industry is segregated into- institutional sales (specialty veterinary hospitals, veterinary clinics, veterinary oncology centers). Retail sales (compounding pharmacies, online veterinary pharmacies)
By Region:
Key countries of North America, Latin America, Western Europe, Eastern, South Asia, East Asia and Middle East and Africa (MEA) have been covered in the report.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
