The veterinary oncology market is estimated to be valued at US$ 592.8 Million 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.
Veterinary oncology refers to the study and treatment of cancer in animals. With the increasing prevalence of cancer among pets and the growing pet population, the demand for effective oncology treatments has witnessed significant growth. Moreover, the advancements in veterinary diagnostics and therapeutics have further fueled the growth of the veterinary oncology market. The market offers a wide range of treatment options, including chemotherapy, radiation therapy, immunotherapy, and targeted therapy, among others. These treatments aim to improve the quality of life of pets and increase their life expectancy. The market also includes diagnostic tests and imaging modalities for early detection and accurate diagnosis of cancer in animals.
The veterinary oncology market is driven by various factors. Firstly, the rising pet humanization trend, where pets are considered as integral family members, has increased the demand for better healthcare for animals, including cancer treatments. Secondly, the increasing awareness about the early detection and treatment of cancer in pets is driving the demand for veterinary oncology services. Additionally, technological advancements in veterinary diagnostics and therapeutics have resulted in more efficient and targeted treatment options, thus driving market growth. Overall, the veterinary oncology market is expected to witness significant growth over the forecast period, driven by these drivers.
Market Key Trends:
The veterinary oncology market is witnessing a significant growth trend due to the increasing prevalence of cancer in animals. With advancements in veterinary medicine and diagnostics, the ability to diagnose and treat cancer in animals has improved, leading to a higher demand for veterinary oncology products and services. Moreover, pet owners are increasingly willing to spend on cancer treatments for their beloved pets, further driving the market growth.
Strength: The Veterinary Oncology Market benefits from the growing awareness and acceptance of cancer treatments for animals, leading to increased demand for oncology products and services.
Weakness: Limited availability of specialized veterinary oncology centers and the high cost associated with cancer treatments for animals pose challenges for market growth.
Opportunity: The expanding pet insurance industry and the emergence of targeted therapeutics offer significant growth opportunities for the veterinary oncology market.
Threats: Competition from alternative therapies and the lack of reimbursement policies for veterinary oncology treatments pose threats to the market growth.
The global veterinary oncology market is expected to witness high growth, exhibiting a CAGR of 10.9% over the forecast period from 2022 to 2030. This growth can be attributed to the increasing prevalence of cancer in animals and the willingness of pet owners to spend on cancer treatments. Regionally, North America is anticipated to be the fastest-growing and dominating region in terms of market share, driven by the presence of well-established veterinary healthcare infrastructure and increased awareness among pet owners.
Key players operating in the 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 key players play a crucial role in driving market growth through their innovative product offerings, strategic partnerships, and geographical expansions. They are actively focusing on advancements in targeted therapeutics and diagnostic tools, further contributing to the growth of the veterinary oncology market.
- Source: Coherent Market Insights, Public sources, Desk research
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