Pet Cancer Therapeutics Market size is set to surpass USD 432 million by 2027, according to a new research report by Global Market Insights Inc.
Market growth is attributed to a host of factors such as a large number of pet cancer therapeutics under development, the rising pet healthcare expenditure, and growing awareness concerning pet diseases. The major players are focusing on the discovery, development, licensing, and commercialization of novel pet cancer therapeutics. In order to advance pet cancer research, prominent leaders are collaborating to develop and commercialize pet cancer therapeutics. The notable surge in the development activities has led to early detection of pet malignancies and the adoption of novel treatments with enhanced safety profiles that are expected to increase the market potential.
Acceptance of supportive initiatives to promote awareness regarding pet cancer to drive the market expansion
Supportive initiatives that aid in increasing awareness among pet owners regarding pet diseases including cancer is projected to prove conducive for the industry growth. For instance, the National Pet Cancer Awareness Month initiated by the Nationwide & the Animal Cancer Foundation to raise funds and promote awareness regarding pet cancer. This campaign raises awareness against multiple pet cancers such as lymphoma, splenic cancer, thoracic cancer, bladder cancer, & oral cancer among others. Moreover, initiatives adopted by some of the prominent players are anticipated to propel the market progression.
Increasing use of targeted therapy as a potential alternative to chemotherapy and novel advancements will spur the market value
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The targeted therapy segment held 14% of the market share in 2020 and is poised to reach more than USD 66 million by 2027. This growth is due to the increasing use of targeted therapy as a potential alternative to conventional chemotherapy treatment and novel advancements. Targeted therapies employ drugs that restrict the progression of cancerous cells by disrupting individually expressed molecules responsible for tumor cell progression, survival, metastasis, & microenvironment.
Targeted therapy has revolutionized modern cancer therapeutics among pets. Currently, in veterinary oncology, two approved targeted therapeutics are available namely, toceranib and masitinib. In addition, research & development activities concerning targeted therapy in pet cancer will stimulate business potential.
Browse key industry insights spread across xx pages with 184 market data tables & 18 figures & charts from the report, “Pet Cancer Therapeutics Market Size 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), COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Several clinical benefits associated with the injection route of administration to accelerate the market revenue
The injection segment in the pet cancer therapeutics market is projected to cross USD 278 million by 2027 owing to the multiple clinical benefits associated with the injection route of administration. Administering therapeutics using the injection route refers to the introduction of a drug formulation into the bloodstream. This route of drug administration represents the optimal approach to deliver a dose quickly and precisely, as the administrated therapeutics enter into the systemic circulation. This assists in reducing the potential delay concerned with absorption processes, further helping in achieving its intended therapeutic efficacy faster than other routes. Also, the injected medications offer 100% bioavailability as the active ingredient reaches the site of action without undergoing alterations and changes.
Substantial prevalence of cancer among cats will augment the market growth
The cats segment accounted for 4% of revenue share in 2020 and is predicted to witness 8.8% growth rate through 2027. This expansion is credited to the rising prevalence of feline cancer. According to the Flint Animal Cancer Center article, in 2019, approximately one among five cats is estimated to be diagnosed with cancer at some point in their lifetimes. Certain types of cancers are increasingly prevalent in cat species that inflict substantial disease burden and propel veterinary care spending. Lymphoma, mast cell tumour, squamous cell carcinoma, and bone cancer are the most prevalent forms of cancer reported in domestic cats. Cats aged from 2 to 6 years are increasingly susceptible to cancer.
High prevalence and incidence rates of lymphoma among pets to boost the market expansion
The lymphoma segment capture 24% of the market share in 2020 and is slated to exceed USD 133 million by 2027. High prevalence and incidence rates of lymphoma, especially among dogs are predicted to fuel the market potential. Lymphoma affects the lymph nodes & lymphatic system among pets and has the potential to spread throughout the entire body. Canine lymphoma is a cancer of malignant lymphocytes. The increasing incidence rate of lymphoma is anticipated to influence the need for pet cancer therapeutics, thereby accelerating the industry expansion during the forecast period.
Adoption of facilitative initiatives to promote awareness regarding pet cancer in UK will spur the market progression
UK pet cancer therapeutics market is poised to expand at more than 11% CAGR during 2021 to 2027 on account of the high prevalence of pet cancer and the usage of facilitative initiatives to promote awareness regarding pet cancer. According to the British Small Animal Veterinary Association (BSAVA), in 2019, the overall incidence of canine cancer was 63 per 100,000 dogs.
Moreover, the number is estimated to surge with the advancing age and rising obesity among dogs. In order to promote awareness regarding pet cancer, several public organizations have adopted initiatives that has encouraged pet owners to undergo cancer diagnosis and opt for adequate pet cancer therapeutics.
Players are emphasizing on strategic initiatives and innovative product launch to expand business operations
Some of the prominent leaders operating in the market are Zoetis Inc., Elanco Animal Health, Merial Inc., Anivive Lifesciences, AB Science, Qbiotics, NovaVive, and ELIAS Animal Health. These companies are engaged in strategic collaborations, partnerships and agreements to gain competitive advantage over their competitors.