Global Pet Cancer Therapeutics Market Grows Steadily at a CAGR of 8.69%

Introduction

Pet cancer therapeutics are specialized medical treatments and medications designed to diagnose, treat, and manage cancer in dogs and cats. It has a high likelihood of reducing the effects of cancer, allowing for comprehensive cancer treatment with minimal side effects. Similar to human cancer treatments, these may include chemotherapy, immunotherapy, radiation therapy, targeted therapies, and palliative care. Veterinary oncologists administer these treatments to improve the quality of life for pets afflicted with various types of cancer. The veterinarian will recommend a specific treatment plan based on the type of cancer, its stage, and its characteristics.

Market Dynamics

High Prevalence of Cancer in Pets Drives the Global Market

There are roughly one hundred distinct types of animal cancer. Cancer can manifest in domesticated animals' skin, bones, breast, head and neck, lymphatic system, abdomen, and testicles. Leukemia is the most prevalent form of cancer in cats, whereas lymphoma and cancer of the mammary gland are the most prevalent forms of cancer in dogs.

According to the article Lifetime Prevalence of Malignant and Benign Tumors in Companion Dogs: Cross-sectional Analysis of Dog Aging Project Baseline Survey, published in May 2022, the lifetime prevalence of malignant tumors increased with increasing dog size class compared to toy and small dogs. The prevalence was 1.65, 2.92, 3.67, and 2.99 for medium, standard, large, and giant dogs, respectively. Such a high cancer mortality rate drives market expansion.

Increasing R&D for Cancer Therapy Launch Creates Tremendous Opportunities

The increasing number of research grants to launch multiple anti-cancer therapies for treating veterinary cancer is anticipated to create opportunities for the global market for pet cancer therapeutics shortly. In 2017, the Blue Buffalo Foundation awarded the Animal Cancer Foundation (ACF) a generous donation of USD 1 million. This funding was to assist with comparative oncology research to investigate the parallels between naturally occurring malignancies in people and animals. By exploring these connections, the ultimate goal is to identify and develop viable treatment strategies that can benefit both species.

Furthermore, in 2016, the Petco Foundation and Blue Buffalo Foundation made a substantial contribution of USD 2.35 million towards advancing pet cancer research and treatment. This investment was prompted by the recognition that pet cancer stands as the primary cause of illness and untimely mortality among impacted animal populations on a global scale. As a result, such contributions are anticipated to create opportunities for market expansion.

Regional Analysis

North America is the most significant global pet cancer therapeutics market shareholder and is anticipated to exhibit a CAGR of 8.83% during the forecast period. The expanding pet population and rising pet care expenditures are driving market expansion in North America. As per the American Pet Products Association's (APPA) 2021–2022 National Pet Owners Survey, 90.5 million American households, or 70% of all households, own pets, up from 56% of all American households in 1988. Approximately 69 million American households owned a dog in 2019–20, and 45.3 million households owned a cat. In addition, the continuous development and introduction of new products for companion animals by major market players is augmenting market growth in the region. For example, in October 2021, the Morris Animal Foundation, a non-profit pioneer in improving animal health, awarded a nearly USD 41,777 grant in partnership with Blue Buffalo and Pet Valu Canada to improve cancer treatment in cats, focusing on intestinal lymphoma. As a result, the factors above are anticipated to stimulate regional market expansion.

Europe is estimated to exhibit a CAGR of 9.34% over the forecast period. The market for pet cancer therapeutics is anticipated to expand due to factors like rising pet healthcare expenditures, an increase in pet adoption, and an increase in the number of pet cancer cases among the region's pet population. The December 2021 research article "Risks and treatments surrounding cancer" states that 1 in 4 or even 1 in 3 dogs will eventually develop cancer, whereas 1 in 5 cats will be diagnosed. Therefore, the rising cancer incidence in the pet population will propel market growth over the forecast period. In addition, major corporations are engaged in activities to innovate cancer treatment for companion animals, thereby stimulating market expansion. For instance, in June 2022, Boehringer Ingelheim, a global leader in animal health headquartered in Germany, and CarthroniX, a biopharmaceutical company specializing in the development of small molecule-based therapies for degenerative and aging-related diseases, formed a research collaboration to pursue small molecule therapeutics in canine oncology.

Key Highlights

• The global pet cancer therapeutics market was valued at USD 395.74 million in 2022. It is estimated to reach USD 837.75 million by 2031, growing at a CAGR of 8.69% during the forecast period (2023–2031).
• Based on therapy, the global pet cancer therapeutics market is bifurcated into chemotherapy, radiation therapy, immunotherapy, targeted therapy, and other therapies. The targeted therapy segment dominates the global market and is projected to exhibit a CAGR of 8.46% over the forecast period.
• Based on animals, the global pet cancer therapeutics market is segmented into dogs, cats, and other animals. The dog segment owns the highest market share and is estimated to exhibit a CAGR of 9.29% during the forecast period.
• Based on application, the global pet cancer therapeutics market is divided into lymphoma, mast cell cancer, melanoma, mammary and squamous cell cancer, and other applications. The mast cell cancer segment is the largest revenue contributor to the market and is predicted to exhibit a CAGR of 8.91% throughout the forecast period.
• North America is the most significant global pet cancer therapeutics market shareholder and is anticipated to exhibit a CAGR of 8.83% during the forecast period.

Competitive Players

Competitive Players

The key global pet cancer therapeutics market players are AB Science, Boehringer Ingelheim GmbH (Merial), Vivesto AB (AdvaVet Inc.), Elanco, ELIAS Animal Health, Karyopharm Therapeutics, Inc., Torigen Pharmaceuticals Inc., Dechra Pharmaceuticals PLC (Anivive Lifesciences), Elekta, Virbac, and Zoetis.

Recent Developments

Market News

• In March 2023, Hill's Pet Nutrition released a new therapeutic pet diet, Prescription Diet ONC Care, intended to combat appetite loss and provide high-quality nutrition for cats and canines with cancer.
• In August 2023, The Canine Tumor Genome Atlas, the first genomic data bank of its kind, was launched at UC Davis, where groundbreaking work in comparative oncology continues. It may eventually store hundreds of gene samples from companion dogs diagnosed with oral melanomas, osteosarcomas, and gliomas.

Segmentation

Global Pet Cancer Therapeutics Market: Segmentation

By Therapy

• Chemotherapy
• Radiation Therapy
• Immunotherapy
• Targeted Therapy
• Other Therapies

By Animal

• Dog
• Cat
• Other Animals

By Applications

• Lymphoma
• Mast Cell Cancer
• Melanoma
• Mammary and Squamous Cell Cancer
• Other Applications

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa