The global veterinary oncology market size is expected to reach USD 578.0 million by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 12.1% from 2022 to 2030. Increasing prevalence of cancer in pets and demand for veterinary diagnostics are projected to drive the market over the forecast period.
Veterinary Oncology Market Report Highlights
- Increasing prevalence of cancer in companion animals, several clinical trial studies to evaluate the safety and effectiveness of cancer therapeutics for pets and technological advancements in veterinary oncology treatment are anticipated to create growth opportunities in the market.
- Chemotherapy accounted for the largest revenue share over the coming years, owing to its increasing adoption for pet cancer treatment either alone or in combination with other therapies.
- Canine segment held the largest revenue in 2021, increasing population of dogs and high prevalence of cancer in dogs as compared to cats.
- Lymphoma dominated the market among other cancer types in 2021, due to the disease’s high mortality rate in companion animals. According to the Veterinary and Comparative Oncology in 2018, Gastrointestinal (GI) Lymphoma is the most common neoplasm that contracts dog population.
- North America held the dominant share of as of 2021, due to the favorable government policies, new product launch by the companies, and huge investment for veterinary oncology treatment.
- Asia Pacific is anticipated to witness lucrative growth due to increasing focus on animal health and expenditure, increasing number of pet population being exposed to cancer, government focus on animal safety, and several initiatives to curb cancer cases in pet animals.
- Some of the key companies are Boehringer Ingelheim, PetCure Oncology, Elanco, Accuray Incorporated, Varian Medical Systems, Zoetis, Karyopharm Therapeutics, Inc. One Health and Regeneus Ltd.
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Adoption of canine cancer registry globally to estimate cancer incidences is another driving factor for the market growth. According to frontiers in Veterinary Science in February 2019, the Swiss Canine Cancer Registry (SCCR) was used as a data source and was compiled for future comparative studies of canine and human cancers. This database is further helpful in mitigating the incidence of malignant tumors in the human population, thereby driving the market growth.
Researchers carrying out studies focused on veterinary oncology are further boosting the veterinary oncology market growth. For instance, University of Illinois in August 2017, carried out study that involves more precise detection of metastasis (spread of cancer through the body) for head and neck tumors in dogs. Moreover, the market players are also focusing on new product innovation and strategic collaborations. For instance, in 2018 AdvaVet, a subsidiary of Oasmia Pharmaceutical AB, developed XR17 technology, which is nanoparticle formulation based that makes a single Active Pharmaceutical Ingredient (API) or multiple APIs water soluble. It is a combination therapy and is also a standard treatment for a number of cancer diseases in pet animals.
Veterinary Oncology Market Insights By Demography
North America dominated the market for veterinary oncology and accounted for the largest revenue share of 45.6%. Major factors attributed to the market growth are increasing focus on pet health, the presence of a large number of pet drug manufacturing companies, and speedy adoption of innovative pet care medications. In Europe, the market for veterinary oncology is anticipated to be the second-largest in terms of revenue due to the presence of regulatory authorities focused on scientific progress in veterinary and comparative oncology. In Asia Pacific, the market is expected to grow over the forecast period owing to increasing awareness about various treatment methods for pets among veterinarians, improving veterinary healthcare infrastructure, and rising animal healthcare expenditure.
Industry Share Analysis By Major Players
The market for veterinary oncology is witnessing immense competition as various large pharma and medical devices companies are offering oncology products for veterinary use. Market players are focusing on implementing new strategies such as regional expansion, mergers, acquisitions, new product introduction, partnerships, and distribution agreements to increase their revenue share and mark their presence. Some of the prominent players in the veterinary oncology market include:
- PetCure Oncology
- Zoetis
- Karyopharm Therapeutics, Inc.
- Varian Medical Systems
- Accuray Incorporated
- Boehringer Ingelheim GmbH
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Veterinary Oncology Market Segmentation
Grand View Research has segmented the global veterinary oncology report on the basis of therapy, animal type, cancer type, and region:
- Therapy Outlook (Revenue, USD Million, 2017 – 2030)
- Animal type Outlook (Revenue, USD Million, 2017 – 2030)
- Cancer type Outlook (Revenue, USD Million, 2017 – 2030)
- Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of Veterinary Oncology Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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