Oncology market for pets to exceed $400M in 5 years
The global market for therapeutics for cancer in pets is expected to reach a value of $432 million by 2027, according to a report from market research company, Global Market Insights Inc. Forecasted value comes after a 2020 recorded market size of $220 million.
The uptick in the global market is expected as more people adopt companion animals, pet owners have greater amounts of disposable income, and pets have increasing rates of disease. As spending in companion animal care has risen so too have the rates of incurring pet insurance plans. According to GMI, more than 23,000 pets were treated for cancer in 2019 with more than 106,000 pet insurance claims.
When viewing the market by segments, cancer care for dogs is expected to lead by animal with a forecast of $414 million valuations by 2027. The canine segment is growing as cancer rates increase, and improved ability to diagnose and treat cancers. For instance, melanoma in dogs reached a value of $54 million in 2020.
By segment type, 14% of the market in 2020 was held by targeted therapy; this segment is forecast to grow to a value of $66 million by the end of the period in 2027. Predictions of growth are based on recent advances in care and the ability to provide protein- or gene-targeted therapies. These treatments offer new routes of care whether alone or in combination with surgery, chemotherapy, and radiation.
Oral therapy also is expected to grow by a CAGR of 9.8% at the end of 2027 as the route allows for regimens that are easier for pets and lead to better quality of life. Oral treatment can also be targeted to improve efficacy.
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