Pet Cancer Therapeutics Market to Observe Strong Development by 2026
Pet cancer therapeutics are novel anti-cancer drugs that have the ability to reduce the effect of cancerous cell. Depending on the type of cancer and its stage, pet cancer therapeutics generally include monotherapy or combination therapy. The ongoing research is mainly focused on the development of novel anticancer drugs (targeted therapy) to improve the efficacy and reduce the side effects of treatment. This has boosted the expansion of the global Pet Cancer Therapeutics Market.
For instance, as of 2015, research was focused on genetic regulatory mechanisms in canine cells to develop targeted therapies for canine cancer treatment. Furthermore, organizations such as Petco Foundation, Animal Cancer Foundation, PetCure Oncology, and Veterinary Cancer Society are conducting oncology research to develop targeted anti-cancer therapies with minimum side effects. In addition, rise in number of research grants to develop anti-cancer therapies for various cancer treatments is a major factor driving the global pet cancer therapeutics market. For instance, in 2017, the Animal Cancer Foundation (ACF) received a research grant of US$ 1 Mn from the Blue Buffalo Foundation to support oncology research that aimed at studying similarities between naturally occurring cancers in people and pets and finding effective treatment in both species.
The global pet cancer therapeutics market can be segmented based on species type, cancer type, route of administration, and geography. Based on species type, the global pet cancer therapeutic market can be calssified into dog, cat, and others. Based on cancer type, the global pet therapeutics market can be divided into lymphoma, melanoma, mast cell cancer, mammary and squamous cell cancer, and others.
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The lymphoma segment is expected to hold significant market share during forecast period because lymphoma is the most common type of cancer occurring in pets, especially in dogs and presence of a robust durg pipeline. In terms of route of administration, the global pet cancer therapeutic market can be split into oral, parenteral, and others. Rise in prevalence of cancer in pets, increased research and development expenditure, and growing trend of pet adoption are the factors propelling the global pet cancer therapeutic market. However, high cost of therapy and side effects associated with it and lack of awareness among pet owners are expected to hamper the market.
Based on gepgraphy, the global pet cancer therapeutic market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is anticipated to a dominant region, followed by Europe. The presence of key players, increase in incidence and prevalence of pet cancer, well-established health care infrastructure, and increased research and development expenditure are expected to propel the pet cancer therapeutic market in North America and Europe.
The market in Asia Pacific is expected to expand at a high CAGR during the forecast period. The expansion is likely to be driven by India and China, owing to increased incidence and prevalence of pet cancer, rise in awareness, increased government initiatives, rise in disposable income, and developing veterinary infrastructure. The global pet cancer therapeutic market in Latin America and Middle East & Africa is anticipated to expand during the forecast period, owing to increase in investments from the market players in these regions.
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Leading players in the global pet cancer therapeutic market include Oasmia Pharmaceuticals AB, Aratana Therapeutics, Inc., AB Science, Zenoaq, Morphogenesis, Inc., Rhizen Pharmaceuticals SA, Boehinger Ingelheim International GmbH, Karyopharm Therapeutics, Inc., VetDC, Inc., Regeneus Ltd., and Zoetis.