The adoption of precision medicine is anticipated to openup the new avanue for Veterinary Oncology Market
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The veterinary oncology market deals with diagnosis and treatment of cancer in animals. Various techniques are used for diagnosis of cancer in pets which includes ultrasound, X-rays, biopsy, CT and MRI scans. The major treatments available are surgery, chemotherapy, radiation therapy and immunotherapy. Advancements in precision medicine and targeted therapies have improved treatment outcomes in veterinary oncology.
Market Dynamics:
The growth of the veterinary oncology market is driven by rising pet adoption and increased pet care spending. According to American Pet Products Association, pet care expenditure in the US was estimated to be over USD99 billion in 2020 and is expected to reach USD123 billion by 2025. Growing humanization of pets has pushed pet owners to demand advanced treatment options for cancer, fueling demand for veterinary oncology services and therapies.
Another major driver is increasing research and development activities leading to new product approvals. Key players are investing in development of novel targeted therapies and immunotherapies to expand treatment options for veterinary cancer. For instance, in 2021, AB Science received approval for its canine lymphoma drug, masitinib. Such approvals of new targeted therapies are positively impacting the veterinary oncology market growth.
Segment Analysis
The global veterinary oncology market is dominated by the companion animal segment which holds around 70% share of the total market. Veterinary oncology mainly deals with diagnosis and treatment of cancer in companion animals like dogs and cats. The incidence of cancer is quite high in dogs and cats just like humans. According to studies, nearly 50% of dogs above the age of 10 are likely to develop cancer. Thus, the companion animal segment experiences higher demand for advanced cancer diagnostic tools and therapeutics.
PEST Analysis
Political: The veterinary oncology market is indirectly regulated by various laws regarding animal welfare and use of chemical/biological substances. The government regularly monitors new product developments and approvals in this space.
Economic: Rising pet adoption and increasing spending on pet care is positively impacting the market growth. Owners are willing to spend more on advanced healthcare for companion animals.
Social: People nowadays consider pets as family members. This has increased awareness about various pet diseases including cancer. Early diagnosis and treatment is gaining prominence.
Technological: Companies are investing in development of novel targeted drug therapies, combination therapies, immunotherapy and other advanced diagnostic tools like PET scans for accurate cancer detection in animals.
Key Takeaways
The Global Veterinary Oncology Market Growth is expected to witness high growth at a CAGR of 10% over the forecast period of 2023 to 2030, reaching a market size of US$ 1,386.17 Mn by 2030 due to rising pet adoption and increasing pet healthcare expenditure across the world.
Regionally, North America dominates the veterinary oncology market owing to high pet care standards, rising veterinary healthcare costs, and growing incidence of cancer in companion animals in the region. Key players like Zoetis Inc, Elanco, AB Science, and Boehringer Ingelheim International GmbH are increasingly focused on the North American market for veterinary oncology.
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. These players are focused on developing innovative targeted drug therapies and diagnostic tools for accurate detection and treatment of various cancers in companion animals.