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Pet Cancer Therapeutics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The pet cancer therapeutics market is estimated to be USD 364. 07 million in 2021. It is expected to reach USD 589. 03 million by 2027, registering a CAGR of 8. 89% from 2022 to 2027. American Veterinary Medical Association 2020, conducted a survey for practice owners wherein it was concluded that an increasing number of veterinary practices are using telemedicine, and precautionary lockdown measures are being carried out with only critical cases being attended on in personal basis.
New York, July 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pet Cancer Therapeutics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06309361/?utm_source=GNW
However, COVID-19, being a pandemic is having a slightly negative impact on the pet cancer therapeutics market. The diagnosis and treatment procedures are witnessing decreasing rates. The pandemic has disrupted the spectrum of cancer care, including delays in diagnosis and treatment and slow clinical trials.
The growing prevalence of several types of cancers in cats and dogs, as well as an increase in animal health awareness is contributing to the growth of the market. According to the Veterinary Cancer Society, cancer was the leading cause of death in 47% of dogs, especially those that are over the age of 10, and 32% of cats, in 2017. The most common cancers in cats are leukemia and lymphoma.
Similarly, according to the Center for Cancer Research, National Cancer Institute, there are approximately 32 million cats and 65 million dogs in the United States. Out of these, around 6 million new cancer diagnoses are made in dogs and a similar number of diagnoses are made in cats, each year. The American Veterinary Medical Association (AVMA) states that dogs get cancer at almost the same rate as humans. Cancer is found mostly in aging animals, but some breeds have higher rates of cancer than others. In addition to these factors, growing pet health awareness and rise in R&D initiatives regarding pet cancer management are expected to propel market growth over the forecast period. However, side effects caused by drugs used for the treatment of pet cancers, the reluctance of pet owners to put their pet animals under medication is expected to restrain the pet cancer therapeutics market.
Key Market Trends
Cancers in Dogs are Expected to Lead the Market
Dogs get cancer at about the same rate as humans, while cats get fewer cancers. Some breeds or families of dogs have a higher incidence of developing cancer at an earlier age, but in most cases, it’s a disease found in aging animals. As per the non-profit organization FETCH a Cure, an estimated 6 million dogs were diagnosed with cancer in the year 2019 across the globe. This indicates that there is a raising need for cancer treatment in dogs, which is likely to boost the demand for cancer therapeutics.
In addition, there is an increase in the adoption of dogs around the world. As per the People’s Dispensary for Sick Animals, in 2011, there had been 8.3 million pet dogs in the United Kingdom, which increased to 9.9 million by 2019. Also, Australia is known to have the highest rate of pet ownership in the world. There are around 24 million pets in the country, and dogs are the most common among them. There are approximately 4.8 million pet dogs in Australia, which also represents a high number of pet dogs.
There is also an increase in research and development initiatives regarding pet cancer management by the players that are expected to propel the market growth, over the forecast period. For instance, in April 2019 Elanco has signed a development and commercialization agreement with VetDC for Tanovea-CA1, the first U.S. Food and Drug Administration (FDA) conditionally approved canine lymphoma treatment.
North America Dominates the Pet Cancer Therapeutics Market
Geographically, North America is expected to retain its significant market share, owing to factors, such as rising pet adoption and increasing per capita animal healthcare expenditure. The American Pet Products Association suggested that around 67% of the US households, or about 85 million families, own a pet, as of 2019. Among these, 63.4 million are dogs, which is the highest in number among pets owned. Also, according to the Animal Cancer Foundation 2018 report, 65 million dogs and 32 million cats in the United States are diagnosed with cancer. Moreover, approximately 6 million new cancer diagnoses are made in pets every year.
In addition, the rise in the prevalence of various animal diseases and injuries has been identified as the major factor fueling the market growth. In addition, the North American Pet Health Insurance Association (NAPHIA), in 2019, reported that the adoption rates of pet health insurance are increased over the years in this region. In 2019, in the United States, the pet insurance rate was about 2.3% in dogs compared to 1.7% in 2017, whereas the cat insurance rate was 0.4% in cats compared to 0.3% in the year 2017.
Moreover, the data published by American Pet Products Association (APPA), in 2019, stated that the total pet healthcare expenditure is estimated to be USD 75.38 billion by the end of the year, while the expenditure in 2018 was USD 72.56 billion. North America also emphasizes establishing proper skills among veterinary practitioners. Hence, all these factors are driving the growth of the pet cancer therapeutics market in North America.
Competitive Landscape
The market players in the pet cancer therapeutics market are involving in various growth strategies such as collaborations, partnerships, agreements, mergers and acquisitions in order to enhance the market presence. Some of the companies which are currently dominating the market are Boehringer Ingelheim GmbH, Elanco, Zoetis, AB Science, Elekta AB, among others
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