As per the current market research conducted by the CMI Team, the global Pet Cancer Therapeutics Market size is expected to record a CAGR of 9.2% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 526.5 Million. By 2033, the valuation is anticipated to reach USD 1,162.4 Million.

Pet Cancer Therapeutics Market: Growth Factors and Dynamics

  • Increasing Pet Ownership and Humanization Trends: The growing number of pet owners who consider their pets as family members has fueled the demand for advanced veterinary care, including cancer therapeutics. Humanization trends, where pets are treated as companions and receive similar healthcare standards as humans, are driving pet owners to seek advanced treatment options for conditions like cancer.
  • Advancements in Veterinary Medicine: Veterinary medicine has witnessed significant advancements in diagnostic tools, treatment modalities, and surgical techniques for cancer in pets. These advancements include targeted therapies, immunotherapies, and minimally invasive surgical procedures, improving the prognosis and quality of life for pets diagnosed with cancer.
  • Rising Incidence of Pet Cancer: Similar to humans, pets are also susceptible to cancer, with certain breeds being predisposed to specific types of cancer. The increasing prevalence of risk factors such as environmental pollutants, genetic predispositions, and aging populations of pets has contributed to the rising incidence of cancer in companion animals, driving the demand for effective cancer therapeutics.
  • Growing Awareness and Education: Pet owners are becoming increasingly aware of the signs and symptoms of cancer in pets, leading to earlier diagnosis and intervention. Veterinary professionals also play a crucial role in educating pet owners about preventive measures, regular screenings, and treatment options for pet cancer, fostering greater awareness and demand for cancer therapeutics.
  • Expansion of Veterinary Oncology Services: The expansion of veterinary oncology services, including the establishment of specialized cancer treatment centers and the availability of board-certified veterinary oncologists, has significantly contributed to the growth of the pet cancer therapeutics market. These dedicated facilities offer comprehensive cancer care, including diagnosis, treatment planning, chemotherapy, radiation therapy, and palliative care, enhancing access to advanced cancer treatments for pets.

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Pet Cancer Therapeutics Market: Partnership and Acquisitions

  • In 2023, The Canine Tumor Genome Atlas, a groundbreaking genomic data bank, was launched at UC Davis, focusing on comparative oncology. It aims to store gene samples from companion dogs diagnosed with oral melanomas, osteosarcomas, and gliomas, paving the way for advanced research in canine cancer.
  • In 2022, Petco Love allocated USD 15 million in grants to its animal welfare partners across the United States to support shelter operations, provide medical treatments for pets, and promote pet adoption efforts, particularly during the pandemic.

Pet Cancer Therapeutics Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the Pet Cancer Therapeutics Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

  • Disruption in Veterinary Services: During the COVID-19 pandemic, many veterinary clinics and hospitals faced operational challenges, including reduced hours, appointment cancellations, and limitations on non-essential procedures. This disruption in veterinary services affected the diagnosis and treatment of pet cancer, leading to delays in care and decreased demand for pet cancer therapeutics.
  • Financial Constraints for Pet Owners: Economic uncertainties resulting from the pandemic led to financial constraints for many pet owners, affecting their ability to afford expensive cancer treatments for their pets. Some pet owners may have postponed or foregone cancer treatment altogether due to financial constraints, impacting the demand for pet cancer therapeutics.
  • Resumption of Veterinary Services: With the easing of COVID-19 restrictions and the rollout of vaccination campaigns, veterinary clinics and hospitals have gradually resumed normal operations. This has facilitated the resumption of routine screenings, diagnostic procedures, and cancer treatments for pets, driving the demand for pet cancer therapeutics.
  • Rise in Pet Adoption and Ownership: The COVID-19 pandemic led to a surge in pet adoption and ownership as people sought companionship and emotional support during periods of lockdown and social distancing. The increase in pet ownership has translated into a higher demand for veterinary services, including cancer diagnosis and treatment, contributing to the recovery of the pet cancer therapeutics market.
  • Expansion of Telemedicine and Remote Consultations: The pandemic accelerated the adoption of telemedicine and remote consultations in veterinary medicine, allowing pet owners to consult with veterinarians and specialists virtually. This has facilitated access to veterinary care, including cancer consultations and treatment planning, particularly for pet owners in remote areas or those facing mobility restrictions.

List of the prominent players in the Pet Cancer Therapeutics Market:

  • Zoetis Inc.
  • Elanco Animal Health
  • Boehringer Ingelheim Animal Health
  • Virbac
  • Aratana Therapeutics
  • AB Science
  • VetDC Inc.
  • Regeneus Ltd.
  • CanFel Therapeutics
  • Merial
  • Karyopharm Therapeutics Inc.
  • Rhizen Pharmaceuticals SA
  • Vetoquinol S.A.
  • Ceva Santé Animale
  • Sentia Medical Sciences Inc.
  • Others

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