The global Veterinary Oncology Market is estimated to be valued at US$ 592.8 Mn in 2022 and is expected to exhibit a CAGR of 10.9% over the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Veterinary Oncology Market deals with the diagnosis, treatment, and prevention of cancer in animals. The market offers a wide range of products and services, including chemotherapy drugs, radiation therapy, surgical procedures, and supportive care. Pet owners are increasingly opting for cancer treatments for their beloved animals, leading to the growth of this market. The use of advanced diagnostics, such as molecular testing and imaging techniques, play a crucial role in early detection and treatment planning.
B) Market Dynamics:
1. Increasing Pet Ownership: The growing trend of pet humanization and the emotional attachment between owners and their pets are driving the demand for cancer treatments in animals. Pet owners are willing to spend significant amounts on the healthcare of their pets, including cancer treatments.
2. Rising Incidence of Cancer: Just like humans, animals are also susceptible to cancer. The increasing prevalence of cancer in pets, including dogs and cats, is boosting the demand for veterinary oncology products and services. Factors such as environmental pollution, genetic predisposition, and exposure to carcinogens contribute to the rise in cancer cases among animals.
C) SWOT Analysis:
- Strength: Growing awareness about pet healthcare and advances in treatment options.
- Strength: Increasing investments in research and development for veterinary oncology.
- Weakness: High-cost associated with cancer treatments for animals.- Weakness: Limited availability of specialized veterinary oncologists.
- Opportunity: Growing market potential in emerging economies with rising pet adoption rates.
- Opportunity: Introduction of novel therapies and targeted treatments for veterinary oncology.
- Threat: Stringent regulatory approvals for veterinary oncology drugs and treatment methods.
- Threat: Competition from alternative therapies and holistic approaches to cancer treatment in animals.
D) Key Takeaways:
- Market Size: The global Veterinary Oncology Market is expected to witness high growth, exhibiting a CAGR of 10.9% over the forecast period, due to increasing pet ownership and the rising incidence of cancer in animals.
- Regional Analysis: North America is expected to dominate the market, driven by the high adoption of pets, advanced healthcare infrastructure, and increasing awareness about veterinary oncology treatments. However, Asia Pacific is anticipated to be the fastest-growing region, owing to the growing pet population and rising disposable income.
- Key Players: Key players operating in the global 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. These companies focus on research and development activities, strategic collaborations, and mergers and acquisitions to strengthen their market position and develop innovative treatments for veterinary oncology.In conclusion, the Veterinary Oncology Market is witnessing significant growth due to increasing pet ownership and the rise in cancer cases among animals. The market offers a wide range of products and services to diagnose, treat, and prevent cancer in pets. Key players in the industry are investing in research and development activities to introduce novel therapies and targeted treatments. North America currently dominates the market, but Asia Pacific is expected to exhibit the highest growth rate.
