LOS ANGELES, March 26, 2019 (GLOBE NEWSWIRE) -- The global pet cancer therapeutics market size is anticipated to around USD 345.2 million by 2026, this market is anticipated to grow with 10.6% CAGR during the forecast time period. The increasing pet healthcare expenditure is expected to drive the growth of the global pet cancer therapeutics market.
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Increasing inclination of pet adoption such as dogs and cats due to the better economic status of the people will drive the pet cancer therapeutics market. Also, the increasing occurrence of pet cancer and rise in spending on healthcare of pets will stimulate the growth of the global pet cancer therapeutics market. Increase in investment in research and development initiatives to treat pet cancer will result in continuous product launch in the global market in the coming years. The key players with a strong product portfolio are estimated to expand the market share with their advanced treatments. The adverse effects of cancer drugs on pets and lack of awareness about pet diseases are the restraining factors that can hamper the market growth. The higher cost of pet cancer therapeutics will also hamper pet health in most of the developing countries across the globe. Also, the continuous launch of novel drugs for pet cancer treatment is expected to augment the global pet cancer therapeutics market.
The pet cancer vaccines are reasonably new and less used drugs than chemotherapy; thus, it is expected to grow at a high growth rate in the coming years. The dog cancer therapeutics market in the species segment is expected to hold a major share of the global pet cancer therapeutics market. Timely launch and a high number of advertised drugs for dog cancer treatment is estimated to boost the growth of the global market. Also, the dog cancer therapeutics market will grow significantly at high growth rate as compared to the cats. The presence of less number of drugs for the treatment of cancer in cats has resulted in low share. Though, with specific cat cancer medicine, the market is expected to grow significantly. Lymphoma is the most common cancer type that occurs mainly in dogs. Many pet cancer treatment providers have a strong product portfolio for the treatment of lymphoma which is projected to boost the market growth over the forecast period. However, due to the shifting attention of the companies from mast cell cancer treatment to other treatments may result in slow growth rate of mast cell cancer therapeutics market in the coming years.
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The global pet cancer therapeutics market is segmented into medicine type, species, cancer type, and region. On the basis of medicine type, the global pet cancer therapeutics market is segmented into vaccines and chemotherapy drugs. On the basis of species, the global pet cancer therapeutics market is segmented into dogs and cats. On the basis of cancer type, the global pet cancer therapeutics market is segmented into melanoma, mammary, squamous cell cancer, mast cell cancer, mammary, and lymphoma. On the basis of the region, the global pet cancer therapeutics market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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North America region is expected to dominate the global pet cancer therapeutics market followed by Europe region. The market in the North America region is expected to grow significantly due to the huge presence of the pet cancer therapeutics solution providers in the U.S. The pet cancer therapeutics in Europe region is anticipated to hold a significant share in the upcoming years. The demand for pet cancer therapeutics in developing countries such as India is expected to increase at a significant pace owing to the growing awareness, accessibility of various pet cancer medicine and increasing pet healthcare spending.
The prominent players operating in the global pet cancer therapeutics market are Aratana Therapeutics, Vetivax, Regeneus, Zoetis, AB Science, Merial, and VetDC, etc. The large players in this market hold substantial market share and have a global presence. There is a high level of competition among the players as they have targeted different pet cancers with the differentiated product offering. The continuous product launches, strategic partnerships, and geographic expansion are some of the strategies commenced by the key players to gain a competitive advantage in the global market.
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