Rockville, Oct. 06, 2023 (GLOBE NEWSWIRE) -- As per a study done by skilled analysts at Fact.MR, a provider of market research and competitive intelligence, the global veterinary oncology market is predicted to expand at a high-value CAGR of 12% and reach a valuation of US$ 800 million by the end of 2033.
Veterinary oncology relates to the care provided to pets diagnosed with cancer, aiming to improve their overall quality of life. Among companion animals, cancer ranks as the primary cause of mortality, with skin cancer and bone cancer being most prevalent in dogs and cats. Skin cancer, largely attributed to continuous sun exposure in domestic animals, stands as the most commonly diagnosed cancer type. In making treatment decisions for conditions like cancer, veterinarians collaborate with pet owners and employ the HHHHHMM scale to assess the pet's quality of life.
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The market is expanding significantly, mostly as a result of the rising incidence of pet cancer and the expanding use of veterinary cancer therapy as a form of treatment. This growth is further fueled by the rising costs of veterinary treatment in industrialized nations, as pet owners are increasingly ready to spend money on the health of their animals. Government programs targeted at enhancing veterinary cancer care are also aiding market growth.
- According to the American Veterinary Medical Association's (AVMA) forecast from October 2019, approximately 25% of dogs are anticipated to experience neoplasia at some point in their life.
There are more veterinary clinical studies being conducted to evaluate the efficacy and safety of a variety of cancer medications, which bodes well for the future growth of the veterinary oncology market.
- The Pre-Medical Cancer Immunotherapy Network of Canine Trials and comparative oncology programs were credited with playing a crucial part in the execution of trials of cutting-edge treatments for many forms of pet cancers, including canine cancers, according to a 2020 National Cancer Institute assessment.
| Report Attributes | Details |
| Value Projection (2033) | US$ 800 Million |
| Growth Rate (2023-2033) | 12% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 30 Tables |
| No. of Figures | 127 Figures |
Key Takeaways from Market Study
- The global market for veterinary oncology is valued at US$ 260 million in 2023.
- Worldwide demand for veterinary oncology is predicted to increase at a noteworthy CAGR of 12% through 2033.
- By the end of 2033, the market is projected to reach US$ 800 million.
- The chemotherapy category accounted for a leading revenue share of 25% in 2023.
- Due to rising incidence of the disease in pets, particularly dogs, the lymphoma cancer type segment dominated the market for veterinary oncology and accounted for the biggest revenue share of 39% in 2023.
- With a 45% market share in 2023, North America led the global veterinary oncology market.
- At a CAGR of 11.5%, the market in Asia Pacific is predicted to expand faster than others during the forecast period.
- From 2023 to 2030, the United States veterinary oncology market is projected to expand at a compound annual growth rate (CAGR) of 6%.
- The canine category holds the most substantial market share, accounting for 26% in 2023.
“Increased public awareness of the management and treatment of cancer in pets is anticipated to fuel the growth of the veterinary oncology market. During the projection period, expansion of veterinary clinical centers devoted to the creation of cutting-edge treatment solutions will also open attractive market opportunities,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- Elanco
- Morphogenesis
- Accuray Incorporated
- Regeneus Ltd.
- PetCure Oncology
- Zoetis
- Karyopharm
- Varian Medical Systems, Inc.
- OHC (One Health Company)
Market Competition
The field of veterinary oncology is currently witnessing a heightened emphasis on cancer treatments, leading prominent companies within the sector to prioritize the innovation and launch of novel products. The market displays a moderate level of fragmentation, with numerous firms actively participating in this domain.
- In November 2022, the University of Wisconsin School of Veterinary Medicine obtained a US$ 75,000 grant aimed at delivering life-saving cancer care to pets and their families. The grant will be disbursed to eligible clients on a first-come, first-served basis, with a maximum amount of US$ 4,000 per client.
What Does the Future Hold for Veterinary Oncology in the US?
"Growing Animal Population and More Government Support for Cancer Treatment"
The market in the United States is anticipated to grow at a CAGR of 6% between 2023 and 2030.
The market for veterinary oncology in North America has consistently held a sizable share and is anticipated to continue doing so for the duration of the forecast period. This continuing dominance can be attributed to a number of things, including widespread pet ownership, an increase in cancer cases, the availability of top-notch veterinary care and services, and the rising cost of veterinary healthcare in the area.
The United States Food and Drug Administration (FDA) granted Tanovea-CA1 (rabacfosadine for injection), a drug developed by Zoetis Inc. for the treatment of canine cancer, approval on February 27, 2020. The company's cancer product line has significantly expanded as a result of this approval.
It is projected that the market for veterinary oncology will be dominated by the US. This can be attributed to several factors, including the nation's sizable animal population, high spending on animal medicine compounding, and a pronounced occurrence of animal cancer cases.
With a significant 45% market share in 2023, North America dominated the veterinary oncology industry.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global veterinary oncology market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on therapy (radiology, chemotherapy, combination therapy, immunotherapy, targeted therapy), mode of administration (oral, intravenous), cancer type (lymphoma, mast cells, mammary & squamous cells), animal type (canine, feline), and distribution channel (hospital pharmacies, government agencies, retail pharmacies), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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About Fact.MR:
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