by Veterinary oncology involves the prevention, diagnosis and treatment of cancer in animals. Cancer in pets is very common and the increasing pet ownership rates globally has fueled the need for effective cancer treatment options for companion animals. Advances in veterinary oncology techniques aid in extending the survival period and improving quality of life for pets suffering from cancer.
The global Veterinary Oncology Market is estimated to be valued at US$ 657.42 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the veterinary oncology market is the development of novel drug therapies. Companies are investing heavily in R&D activities to develop targeted cancer drugs for pets. For instance, AB Science has developed masitinib, a tyrosine kinase inhibitor for the treatment of mast cell tumors in dogs. Similarly, rapid diagnostic techniques aid early detection and help monitor cancer progression or treatment response. Innovation in radiotherapy methods such as stereotactic radiosurgery minimally invasive surgery are also contributing to market growth. Additionally, rise in awareness about cancer in pets and increase in disposable income in developing regions supports veterinary healthcare expenditure including cancer treatment.
SWOT Analysis
Strength: Veterinary oncology market has seen significant advancements in diagnostic and therapeutic solutions over the past few years. There is a rising adoption of innovative treatment options such as chemotherapy, immunotherapy, and targeted therapies.
Weakness: High cost of cancer treatment options remains a major challenge for pet owners. Lack of awareness about animal cancer diagnosis and therapy in developing regions also limits market growth.
Opportunity: Growth in companion animal adoption and increasing spending on pet care presents an opportunity for players in this market. Rising incidence of cancers among livestock also opens up opportunities.
Threats: Stringent regulatory approvals for pet cancer drugs and long product development cycles are major threats faced by market players.
Key Takeaways
Global Veterinary Oncology Market Demand is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing pet adoption and rising pet healthcare expenditure.
Regional analysis
North America dominated the market and accounted for the largest revenue share in 2023. This can be attributed to growing pet healthcare spending and presence of major market players in the region. Asia Pacific region is expected to grow at the fastest rate during the forecast period due to rising awareness about pet care and increase in per capita pet care expenditure in developing countries.
Key players operating in the veterinary oncology market include Zoetis Inc., Elanco, AB Science, Boehringer Ingelheim International GmbH, Zenoaq, VetDC, Morphogenesis, Inc., Karyopharm Therapeutics, Inc., Regeneus Ltd., AdvaVet, Inc., and Rhizen Pharmaceutical SA. Rising research activities by these companies for developing advanced therapeutics will boost the market growth during the assessment period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
