Three pivotal trends fueling pet cancer therapeutics market outlook through 2025
The pet cancer therapeutics market is likely to witness sizable revenue growth on account of rising consumer spending on pet healthcare. People are becoming more considerate about their pet’s health, and are spending generously on the best available animal therapeutics. According to the American Society for the Prevention of Cruelty to Animals (ASPCA), on an average, American pet owners spend almost USD 160 on cat’s health and USD 235 per year on dog’s health.
Growing number of pet owners and a surge in number of pets suffering from cancer could broaden the business outlook for pet cancer therapeutic developers. As more people seek for companionship across developed countries, pet adoption could rise at an incremental rate over the years. Apparently, a 2% rise in pet ownership is observed every year.
Dogs are dominating the pet cancer therapeutics landscape. People usually prefer dogs due to their friendly nature. Dog owners are becoming more aware of the benefits of quality veterinary treatment and pet care. Additionally, the prevalence of cancer is high among dogs than cats, which has influenced several therapeutic companies to develop advanced cancer diagnostic tools and therapeutics. Taking November 2020 for instance, TGen disclosed plans to commercially launch its Vidium Animal Health solution that would allow pet parents and veterinary oncologists to access a range of genetic diagnostic tools for better diagnosis, detection and treatment of cancer in dogs.
A research report published by Global Market Insights, suggests that the pet cancer therapeutics market could touch USD 359.4 million by the year 2025. This growth can be attributed to a few of the ongoing trends mentioned below:
Burgeoning demand from the United Kingdom –
Pet cancer vaccines are highly popular among the European regions. Estimates suggest that the UK pet cancer therapeutics industry could touch USD 14.3 million by the end of the forecasted timeframe. With the introduction of new vaccines and high number of pets suffering from chronic diseases like cancer, the industry is projected to achieve lucrative growth. In 2018, UK-based leading pet insurer, Animal Friends Pet Insurance reported that, over the past three years, melanoma cases in dogs, cats, and horses have risen by 35.7%.
Promising opportunities across China –
Factors like growing prevalence of cancer among dogs, rising disposable income of pet owners, and booming dog population might enhance the adoption of pet cancer therapeutics in China. Forecasters claim that the regional market could register a compound annual growth rate of 12.6% during the analysis period.
Implementation of business expansion strategies-
Established companies operating in the pet care therapeutic industry such as Merial, Zoetis, AB Science, Aratana Therapeutics, VetDC, Vetivax, Karyopharms Verdinexor, and Regeneus are focusing on innovative business strategies like acquisitions, public or private financing and partnerships to improve their global market share.
In October 2020, One Health Company, a bio company that emphasizes on closing the gap between human and canine cancer therapeutics, revealed that it has secured a funding of $10 million from the latest financing round led by Borealis Ventures and Polaris Partners. This capital will help the therapeutic company to boost its expansion initiatives to promote FidoCure®, its flagship product.
Source : https://www.gminsights.com/industry-analysis/pet-cancer-therapeutics-market
