Pet Cancer Therapeutics Industry is projected to register 11.2% CAGR between 2022 and 2030 owing to rising adoption of pets such as cats and dogs worldwide.
Selbyville, Delaware, Aug. 16, 2022 (GLOBE NEWSWIRE) -- The pet cancer therapeutics market value is anticipated to be valued over USD 760 million by 2030. Rising awareness pertaining to pet diseases among pet owners will augment the market outlook, says the report. An upsurge in pet adoption and widespread availability of information on the internet will also increase the prominence of pet cancer therapeutics.
According to a survey of pet ownership conducted in India, in 2021, over 30% of the respondents had dogs as their pets whereas 20% of the respondents had cats. Furthermore, the lack of veterinary oncologists may emerge as a major restraining factor, cites the report. However, increasing government emphasis on oncology studies may benefit the product scenario in the coming years.
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Immunotherapy segment captured more than 17% revenue share in 2021 and is anticipated to record considerable revenue growth by 2030 supported by the versatility and advancements in immunotherapy.
Pet cancer therapeutics market share from the cats species segment is projected to grow at a rate of 9.9% over 2022-2030. This is attributed to a surge in the precursors of feline cancer. The mounting prevalence of lymphoma cases in cats would also drive the need for efficient pet cancer therapeutics.
The mast cell cancer application segment was valued at over USD 95 million in 2021 and is set to depict 9.4% CAGR over the analysis period. Mast cell tumors constitute most skin tumors in dogs, ranging from 7 to 21% of all skin tumors amongst dogs. The liver, spleen, gastrointestinal system, and bone marrow are among the organs that are affected by mast cell tumors. Soaring adoption of therapeutics for mast cell cancer will generate massive market revenue.
Browse key industry insights spread across 145 pages with 183 market data tables & 18 figures & charts from the report, “Pet Cancer Therapeutics Market Analysis By Therapy (Chemotherapy, Immunotherapy, Targeted Therapy, Combination Therapy), By Route of Administration (Oral, Injection), By Species (Dogs, Cats), By Application (Lymphoma, Mast Cell Cancer, Melanoma, Mammary and Squamous Cell Cancer), Industry Analysis Report, Regional Outlook, Growth Potential, COVID-19 Impact Analysis, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents :
Asia Pacific pet cancer therapeutics market is set to reach USD 33 million by 2030. As per the Australian Research Data Commons (ARDC) and Australian Companion Animal Registry of Cancers statistics, in 2019, there were approximately 5 million pet dogs in Australia, and canine cancer was estimated to affect 1 out of 3 dogs during the course of their lifetime. Consequently, high uptake of therapeutics to ensure the well-being of pets will contribute to regional market growth.
The increasing number of pets and veterinary practices, along with surging occurrences of cancer, will favor the industry scenario in the LATAM region. As per the report, the LATAM pet cancer therapeutics market will exhibit significant growth through 2030.
The competitive landscape of the pet cancer therapeutics industry is inclusive of Merial Inc., Zoetis Inc., NovaVive, Elanco Animal Health, AB Science, Anivive Lifesciences, Qbiotics, and ELIAS Animal Health. These companies mainly focus on research & development and improving the therapeutic efficacy to strengthen their market foothold.
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