Pune, March 15, 2022 (GLOBE NEWSWIRE) -- According to the new report published by The Brainy Insights, the global veterinary oncology market is expected to grow from USD 186.96 million in 2020 to USD 611.09 million by 2028 at a CAGR of 10.8% during the forecast period 2021-2028.
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In the near future the global market for veterinary oncology is projected to experience rapid expansion. The market is serving a rising need for pets to treat cancerous ailments. This is a rising issue, since various types of cancers are now increasing among pets. Additionally, therapies such as chemotherapy and radiation therapy are considered to have performed in many cancer stages, rendering them feasible solutions forthese critical life-saving applications.Also, rising regulatory approvals for veterinary oncology products is anticipated to drive the market growth.
Veterinary oncology is a subspecialty of the veterinary medicine that deals with the diagnosis and treatment of animal cancer. Cancer is a common cause of death for pet animals. Various medical modalities are available for veterinary patients, and these modalities are being increasingly implemented in tandem to improve efficacy.
Technological developments in animal cancer care are projected to fuel growth in the global veterinary oncology market throughout the forecast era. Moreover, increasing animal healthcare spending in developed economies as a consequence of enhanced willingness to spend on pet healthcare by owners and government initiatives for veterinary cancer treatment are the key drivers of market growth.In addition, growing numbers of veterinary clinical studies to assess the safety and efficacy of various oncology therapies in pets are further fuelling growth of the market.However, increasing concerns about side effects and limited pet life span remains an issue in the global veterinary oncology market. In addition, in some cases, late diagnosis of cancers is becoming a problem because pet owners are sometimes reluctant to put their pet through painful treatments.
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Key players operating in the global veterinary oncology marketinclude AB Science, Accuray Incorporated, AdvaVet, Inc., BoehringerIngelheim International GmbH, Elanco, Karyopharm Therapeutics, Inc., Karyopharm Therapeutics, Inc., Morphogenesis, Inc., Nippon Zenyaku Kogyo Co., Ltd., One Health, PetCure Oncology, Regeneus Ltd., Rhizen Pharmaceutical SA, Varian Medical System, Inc., VetDC, Zenoaq and Zoetis Inc. among others. The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global veterinary oncology industry.
• For instance, in 2018, Zoetis Inc. declared the completion of the acquisition of Abaxis, a corporation focusing on the development, manufacture and marketing ofdiagnostic instruments for veterinary point-of-care services.
• For instance, in 2015, Aratana Therapeutics, Inc. acquired Vet Therapeutics, Inc. to acquire the advanced pipeline of high-value biological drugs to become a commercial-stage veterinary oncology firm.
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The canine segment held the largest market share of around 26.6% and a market value of USD 49.73 million in 2020.
The animal type segment is divided into companion animal, equine, canine, feline and livestock animal. Due to the high cancer rate and the improved life expectancy in canine populations, the canine segment held the largest market share of around 26.6% and a market value of USD 49.73 million in 2020.In addition, with a growing abundance of canine clinical studies as a biological model, the increasing prevalence of cancer in this population has also engaged researchers to conduct comparative veterinary oncology treatments.
The chemotherapy segment held the largest market share of 34.6% and a market value of around USD 64.68 million in 2020
The therapy type segment includessurgery, radiology, and chemotherapy.Due to increased adoption of chemotherapy as a cancer treatment method in animals, the chemotherapy segment held the largest market share of around 34.6% and a market value of about USD 64.68 million in 2020. Chemotherapy is followed by radiology treatment due to expanded research studies in animals to test the safety and efficacy of Stereotactic Radiosurgery Procedure (SRT). To some level, SRT helps control the tumor and eventually reduces its toxicity.
The lymphoma segment held the largest market share of around 26.9% and a market value of about USD 50.29 million in 2020
The cancertype segment includes lymphoma, osteosarcoma (OSA), mast cell cancer, melanoma and multiple myeloma. Because of the increasing numbers of pet populations affected by the disease, especially canine population, the lymphoma segment held the largest market share of around 26.9% and a market value of about USD 50.29 million in 2020.Lymphoma is followed by mast cell cancer along with mammary and squamous cell cancer. The increased prevalence of mast cell cancer in dogs is projected to further fuel market growth.
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Regional Segment Analysis of the Veterinary Oncology Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
• South America (Brazil and Rest of South America)
Owing to the rising prevalence of veterinary cancer in the United States, which is increasing the need for treatment in the United States, the North America is anticipated to maintain a leading position on the global veterinary oncology market. Coupled with Europe, the growing adoption of pets in this area, frequent medical check-ups, and changing family organisation are anticipated to fuel growth in the veterinary oncology market.
About the report:
The global veterinary oncology market is analysed on the basis of value (USD billion).All the segments have been analysed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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