Market Size of Pet Cancer Therapeutics Industry
Study Period | 2021 - 2029 |
Market Size (2024) | USD 444.10 Million |
Market Size (2029) | USD 649.82 Million |
CAGR (2024 - 2029) | 7.91 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Pet Cancer Therapeutics Market Analysis
The Pet Cancer Therapeutics Market size is estimated at USD 444.10 million in 2024, and is expected to reach USD 649.82 million by 2029, growing at a CAGR of 7.91% during the forecast period (2024-2029).
The pet cancer therapeutics market was severely affected by the COVID-19 pandemic owing to the cancellations in elective procedures including pet diagnostics and restrictions in veterinary visits. However, the sector has been recovering well since restrictions were lifted. An increase in pet adoption accelerated by the pandemic, increasing research and development activities and product approvals, and increasing pet health awareness have been leading the market recovery over the last two years. For instance, according to the PDSA, animal wellbeing June 2021 report, 2 million people in the United Kingdom acquired a pet between March 2020 to May 2021. Out of these pets, 10% were dogs, 8% were cats and 13% were rabbits. Such a high rate of pet adoption in the country has increased the focus on the healthcare of animals. This has increased the incidences of veterinary diagnostics, thus increasing the demand for appropriate cancer therapeutics, thereby boosting the market.
In addition, the increasing animal health awareness and high prevalence of cancer in pets are actively affecting the growth of the studied market.
According to Der Deutsche Heimtiermarkt, 47% of the households in Germany has pets in 2021. In addition, 34.7 million dogs, cats, small animals, and ornamental birds were kept by the population in the country. The number of cats adopted was higher in Germany as compared to dogs as 16.7 million cats live in 26% of German households in comparison to 10.3 million dogs in 21% of households. Since, cancer in pets is one of the major reasons of death, the adoption
is directly increase the expenses by the pet owners for pet health, which is ultimately predicted to boost the cancer diagnosis and therapeutics during the forecast period.
Various non profit organizations invests in pet healthcare and research and development activities to develop potential cancer therapeutics. For instance, in June 2022, Petco Love allocated USD 15 million in grant investments to its hundreds of animal welfare partners across the United States in order to provide shelter, treatments to pets and promote pet adoption during pandemic. The organization is engaged in funding various research studies for pet cancer therapeutics and such investments for pet healthcare is projected to boost the market growth during the forecast period.
Additionally, the innovations in cancer therapeutics and increasing product approvals, along with partnerships and fundraising by market players are helping in the market growth. For instance, in December 2021, PetDx, the startup engaged in cancer-detecting blood test for dogs, raised USD 62 million in its Series B funding round. The San Diego-based startup aimed to use its cash influx to get its technology known as OncoK9, which can detect 30 cancers from a blood draw, in front of more veterinarians and become a standard test in pet clinics across the country. Such advancements is projected to boost the pet cancer therapeutics market, as it is projected to ease the early cancer diagnosis, thereby boosting market growth.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, the side effects associated with pet cancer therapy and the increasing cost of animal testing and veterinary services are likely to impede market growth.
Pet Cancer Therapeutics Industry Segmentation
As per the scope of the report, pet cancer therapeutics is a branch of veterinary medicine that deals with cancer treatment in companion animals. The Pet Cancer Therapeutics Market is Segmented by Therapy (Chemotherapy, Radiation therapy, Immunotherapy, Targeted Therapy, and Other Therapies), Animal (Dogs, Cats, Other Animals), Application (Lymphoma, Mast Cell Cancer, Melanoma, Mammary, and Squamous Cell Cancer, Other Applications), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
By Therapy | |
Chemotherapy | |
Radiation therapy | |
Immunotherapy | |
Targeted Therapies | |
Other Therapies |
By Animal | |
Dog | |
Cat | |
Other Animals |
By Application | |
Lymphoma | |
Mast Cell Cancer | |
Melanoma | |
Mammary and Squamous Cell Cancer | |
Other Applications |
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Pet Cancer Therapeutics Market Size Summary
The pet cancer therapeutics market is poised for significant growth over the forecast period, driven by a combination of increased pet adoption, heightened awareness of pet health, and advancements in research and development. The market experienced a downturn during the COVID-19 pandemic due to disruptions in veterinary services and elective procedures. However, it has shown resilience and is on a recovery path, supported by a surge in pet ownership and a growing focus on animal healthcare. The rising prevalence of cancer in pets, particularly among aging animals, has led to increased demand for effective cancer diagnostics and therapeutics. This demand is further bolstered by the efforts of non-profit organizations and market players who are investing in research and development to develop innovative cancer treatments.
The market landscape is characterized by a mix of international and regional players, with key companies actively engaging in product launches, approvals, and strategic partnerships to enhance their market presence. The increasing number of pet insurance policies and the rising expenditure on pet healthcare are also contributing to market growth, as pet owners seek advanced therapeutic options for their pets. Regulatory approvals for new treatments and ongoing clinical trials are expected to further drive market expansion. Despite challenges such as the high cost of veterinary services and potential side effects of therapies, the market is anticipated to grow steadily, supported by continuous innovations and investments in pet cancer therapeutics.
Pet Cancer Therapeutics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Animal Health Awareness
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1.2.2 High Prevalence of Cancer in Pets
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1.3 Market Restraints
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1.3.1 High Cost of Pet Testing and Veterinary Services
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value- USD million)
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2.1 By Therapy
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2.1.1 Chemotherapy
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2.1.2 Radiation therapy
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2.1.3 Immunotherapy
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2.1.4 Targeted Therapies
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2.1.5 Other Therapies
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2.2 By Animal
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2.2.1 Dog
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2.2.2 Cat
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2.2.3 Other Animals
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2.3 By Application
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2.3.1 Lymphoma
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2.3.2 Mast Cell Cancer
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2.3.3 Melanoma
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2.3.4 Mammary and Squamous Cell Cancer
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2.3.5 Other Applications
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Pet Cancer Therapeutics Market Size FAQs
How big is the Pet Cancer Therapeutics Market?
The Pet Cancer Therapeutics Market size is expected to reach USD 444.10 million in 2024 and grow at a CAGR of 7.91% to reach USD 649.82 million by 2029.
What is the current Pet Cancer Therapeutics Market size?
In 2024, the Pet Cancer Therapeutics Market size is expected to reach USD 444.10 million.