by The veterinary oncology market is estimated to be valued at US$ 657.42 Mn or Mn in 2023 and is expected to exhibit a CAGR of 10 % over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Veterinary oncology comprises diagnosis and treatment of cancer in pets and companion animals. Cancer is one of the leading causes of death in pets which has increased the demand for pet cancer treatment. Some common cancers seen in pets include lymphosarcoma, mast cell tumors, melanoma, and osteosarcoma. Chemotherapy, surgery, radiotherapy, immunotherapy, and targeted therapy are some treatment options utilized for veterinary oncology.
Market Dynamics:
Rising incidence of cancer in pets is a key factor driving growth of the veterinary oncology market. According to the American Veterinary Medical Association, nearly half of dogs over the age of 10 will develop cancer. The rising humanization of pets and increasing pet insurance adoption has further augmented the demand for advanced pet cancer treatment over the forecast period.
Moreover, ongoing research and development in targeted therapies and immunotherapies for veterinary oncology offers promising opportunities for market players. For instance, Elanco, a major player in the market, launched an antibody-drug conjugate called Cytopia for treatment of B-cell lymphoma in dogs in 2021.
SWOT Analysis
Strength:
– Growing animal health awareness and rising pet care spending are fueling the veterinary oncology market growth.
– Advancements in veterinary pharmaceuticals and diagnostic tools are improving cancer treatment options for pets.
– Increasing availability of veterinary specialty care centers that offer radiation therapy, chemotherapy and surgery is helping drive the market.
Weakness:
– High treatment cost of veterinary cancer therapies poses a major barrier.
– Limited number of trained veterinary oncologists remains a challenge.
Opportunity:
– Untapped potential in developing regions will provide new opportunities for market expansion.
– Growing research collaborations for developing novel targeted therapies can boost the market.
Threats:
– Strict regulatory environment increases hurdles for product approval.
– Shortage of donor animals can hamper research activities.
Key Takeaways
The Global Veterinary Oncology Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing pet ownership and rising pet care expenditure across the world. The North America veterinary oncology market accounted for maximum share in 2023 owing to continuous developments in companion animal therapies and availability of specialty care facilities.
Regional analysis
Regionally, North America led the veterinary oncology market with over 35% share in 2023 owing to continuous developments in companion animal therapies and availability of specialty care facilities in the region. Rising pet insurance programs also support pet owner’s ability to pay for costly cancer treatments. Europe is projected to witness notable growth during the forecast period due to expanding veterinary infrastructure and growing awareness about animal cancer in the region.
Key players
Key players operating in the veterinary oncology market are Zoetis Inc., Elanco, AB Science, Boehringer Ingelheim International GmbH, Zenoaq, VetDC, Morphogenesis, Inc., Karyopharm Therapeutics, Inc., Regeneus Ltd., AdvaVet, Inc., and Rhizen Pharmaceutical SA. Zoetis Inc. holds a dominant share owing to its extensive portfolio of therapeutic and diagnostic solutions for pet cancer care. Other prominent players are focused on developing novel targeted therapies and immunotherapy solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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