Pet Cancer Therapeutics Market revenue to cross USD 432 Mn by 2027: Global Market Insights Inc.
Major pet cancer therapeutics market players include Zoetis Inc., Elanco Animal Health, Merial Inc., Anivive Lifesciences, AB Science, Qbiotics, NovaVive, and ELIAS Animal Health.
SELBYVILLE, Del., Jan. 19, 2022 /PRNewswire/ -- The pet cancer therapeutics market size is anticipated to record a valuation of USD 432 million by 2027, according to the most recent study by Global Market Insights Inc. The rising disposable income, increasing adoption of pets, and growing prevalence of pet diseases have augmented the spending on pet healthcare.
Surging investments by pet owners, especially in developed countries are projected to drive the market expansion. The increasing pet care expenditure is expected to foster the demand for pet cancer therapeutics, as the growing expenditures would encourage pet owners to undergo cancer diagnosis and treatment for their pets.
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Moreover, the rising pet care expenditures have further led to the increased adoption of pet health insurance. In 2019, a pet health insurance company received 106,585 pet insurance claims regarding pet cancer diagnosis and treatment for 23,502 pets. This development highlighted that pet cancer and related conditions are amongst the most common types of pet medical claims. Thus, the increasing pet care expenditure and surged acceptance of pet health insurance will accelerate the demand for pet cancer diagnosis & treatment, thereby facilitating the market growth in the coming years.
The targeted therapy segment held 14% of the market share in 2020 and is anticipated to reach USD 66 million by 2027. This segment growth is owing to versatility and novel advancements in targeted cancer therapy. Targeted therapy refers to a cancer treatment that employs drug molecules to target certain genes and proteins. Targeted therapeutics provide versatility and compatibility to be used as a primary route of treatment as well as in combination with other therapeutic approaches such as radiation therapy, chemotherapy, and even surgery. In addition to this, technological developments and the incorporation of advanced technologies have resulted in novel modalities in veterinary oncology.
The oral segment is predicted to witness 9.8% growth rate through 2027. This notable segment expansion is primarily attributed to several factors such as reduced frequency of administration and improved quality of life compared to other route forms. Further, orally administered drugs can be targeted to particularly affected regions for localized treatment that assist in increasing the efficacy of the treatment.
The dogs segment is slated to exceed USD 414 million by 2027 led by the rising prevalence of cancer among dogs and notable developments to diagnose & manage canine cancer. According to the VCA Hospitals article, in 2021, lymphoma is one of the common cancers in dogs, accounting for approximately 15% to 20% of novel diagnosed cancer cases in dogs. This condition affects middle-aged & older dogs, and some breeds are increasingly susceptible to canine lymphoma. Breeds such as Golden Retrievers, Saint Bernards, Bull Dogs, Basset Hounds, Bullmastiffs, and Scottish Terriers among others are at increased risk of developing lymphoma. In order to tackle the rising prevalence and susceptibility associated with canine cancer, several private firms are heavily investing in R&D activities to provide novel solutions.
The melanoma segment valued at USD 54 million in 2020. Melanoma is a tumor of melanocytes, or pigmented cells in dogs, and is aggressive cancer owing to its high metastatic potential. The oral cavity, skin, mucocutaneous junctions, and paws are the most common places of occurrence of melanomas.
China pet cancer therapeutics market captured 10% of revenue share in 2020 and will account for USD 1 million by 2027. This revenue share is credited to the rising prevalence of tumors among pets and increasing pet care expenditure across the country. Tumor represents one of the most common medical ailments among pet dogs. The Animal Diseases Journal, in 2021, reported the incidence of tumors among pet dogs ranges from 0.282% to 1.701% that represents a serious threat to pet health. In this study, the epidemiological analysis of canine tumor cases registered in veterinary hospitals was performed from 2008 to 2019. Among the 7895 registered cases, the prevalence of tumor cases was 3.18%. The rising prevalence of tumor cases to facilitate the demand for pet cancer therapeutics. Additionally, as per a news article, in 2018, the pet care expenditure per pet surged to USD 788 highlighting a 15% increase as compared to the previous year.
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Some of the prominent players operating in the market are Zoetis Inc., Elanco Animal Health, Merial Inc., Anivive Lifesciences, AB Science, Qbiotics, NovaVive, and ELIAS Animal Health. These leaders are engaged in implementing numerous strategic initiatives such as collaborations, product launches, research activities to expand their product portfolio and market presence.
Table of Contents (ToC) of the report:
Chapter 3 Pet Cancer Therapeutics Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact factors
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By therapy
3.4.2 By route of administration
3.4.3 By species
3.4.4 By application
3.5 COVID-19 impact analysis
3.6 Product pipeline analysis
3.7 Regulatory landscape
3.8 Porter's analysis
3.9 Competitive landscape, 2020
3.10 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/pet-cancer-therapeutics-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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SOURCE Global Market Insights Inc.
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