Market Opportunity

Overall Animal Health Market

The U.S. is the single largest pet market, with 87 million pet dogs and 94 million pet cats, according to the American Pet Products Association (“APPA”) 2017–2018 National Pet Owners Survey. According to the same survey, 60 million households own a dog in the U.S. According to The European Pet Food Industry Federation’s 2016 Facts & Figures, there are approximately 63 million pet dogs in the EU and 82 million in total Europe. The number of cats is 74 million in the EU and 102 million in all of Europe.

Pet owners also spend an increasing amount of money on their pets. Total expenditures have risen to $66.8 billion in 2016 and are expected to grow by 3.9% in 2017. The APPA estimates that $16.6 billion of that amount will be spent on veterinary care.

Veterinary Oncology Market

According to the Center for Cancer Research and an estimated six million dogs are diagnosed with cancer each year in the U.S Most existing cytostatics for intravenous use have been designed for humans and have not been optimized or clinically tested for animals.

Among veterinarians, there is a strong interest in pursuing new methods of treatment specifically adapted to animals. When more drugs are approved for use in animals, this is expected to contribute positively to the development of the market. Improved knowledge about diagnosing cancer and about the treatment of cancer is leading to more dogs receiving treatment. In addition, access to oncology specialists is improving, and veterinarians tend to be more and more willing to refer to specialists.