Market Research Report
Pet Cancer Therapeutics Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||704736|
|Published||Content info||109 Pages
Delivery time: 2-3 business days
|Pet Cancer Therapeutics Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: November 1, 2019||Content info: 109 Pages||
The growing prevalence of several types of cancers in cats and dogs, as well as an increase in R&D initiatives regarding cancer management in animals, is contributing to the growth of the market. In addition to the aforementioned factor, 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.
As per the scope, Cancer is one of the major causes of death in pets, mainly in dogs that are older than 10 years. However, according to experts, around half of all the prevalent cancers can be cured, if diagnosed early. The success rate of various treatments in preventing and curing neoplasia, and cancer in the pet population, has observed a significant rise over the past few years, as a result of the recent advancements in early recognition, diagnosis, and treatment.
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 for developing cancer at an earlier age, but in most cases, it's a disease found in aging animals. According to the Veterinary Cancer Society, cancer is the leading cause of death in 47% of dogs, especially those that are over age 10, and also in 32% of cats. In addition, the growing pet health awareness and a rise in the R&D initiatives regarding pet cancer management 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 is expected to retain its significant market share, owing to factors, such as rising pet adoption and increasing per capita animal healthcare expenditure. In addition, the rise in the prevalence of various animal diseases and injuries has been identified as the major factor fueling market growth. Approximately, 90 million dogs are owned in the United States, as per reported by the American Pet Products Association (APPA). In addition, the data published by 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 on establishing proper skills among veterinary practitioners. Hence, all these factors are driving the growth of the pet cancer therapeutics market in North America.
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. For instance, In April 2019, Elanco Animal Health has signed an agreement to acquire Aratana Therapeutics, pet therapeutics company focused on developing and commercializing innovative therapeutics for dogs and cats and in Jan 2018, Aratana Therapeutics was granted conditional approval for its canine osteosarcoma vaccine, live Listeria vector (AT-014), by the USDA's Center for Veterinary Biologics.