The global Veterinary Oncology Market is estimated to be valued at US$ 657.42 Mn or Million 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 consists of therapeutics and diagnostic devices used for the diagnosis and treatment of cancer in pet animals, especially dogs and cats. Early detection and diagnosis is key to effective treatment of cancer in companion animals. Imaging modalities such as MRI, CT scan, PET scan help detect the exact location and spread of tumor, aiding targeted chemotherapeutic or radiation therapy. Surgery plays a major role for localized solid tumors while chemotherapy and radiation therapy are used for both localized and disseminated cancers. Immunotherapy is an emerging trend offering more targeted treatment approach.
Market key trends:
One of the key trends in the veterinary oncology market is rising adoption of targeted therapies. Conventional cytotoxic chemotherapies lack specificity and cause damage to normal cells. Targeted therapies such as tyrosine kinase inhibitors specifically attack cancer cells while sparing normal cells and thus have better efficacy and fewer side effects. For example, kinase inhibitors are being evaluated for cancers like mast cell tumors in dogs. Also, immunotherapies utilizing checkpoint inhibitors, cancer vaccines are gaining popularity. By unleashing the body's own immune system, these therapies can provide longer lasting responses compared to traditional options.
Porter’s Analysis
Threat of new entrants: The veterinary oncology market requires heavy R&D investments and regulations which make the entry of new players difficult.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and differentiated products from existing players.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of alternate suppliers globally.
Threat of new substitutes: Substitutes have low threat as veterinary oncology drugs and treatment modalities have high customer loyalty and switching costs.
Competitive rivalry: The market is highly competitive due to the presence of global and regional players offering a variety of veterinary oncology drugs and treatments.
Key Takeaways
The Global Veterinary Oncology Market Demand is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing pet adoption and rising awareness about animal health. North America is expected to dominate the global market during the forecast period owing to the growing number of veterinary practitioners, higher healthcare expenditure, and rising incidence of cancer in companion animals.
Regional analysis
North America dominates the global veterinary oncology market due to growing pet healthcare expenditure and pet adoption rates in the region. Europe is also expected to account for a significant market share during the forecast period due to the growing companion animal population and availability of advanced treatment options. Asia Pacific is anticipated to grow at the fastest CAGR during the forecast period due to increasing pet humanization coupled with rising veterinary healthcare spending in emerging economies.
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. Key players are mainly focusing on R&D of novel drug formulations and therapies to expand their product portfolios.
