July 18, 2024
Veterinary Oncology Market

The Advancement In Animal Cancer Treatment To Drive Growth Of The Veterinary Oncology Market

Veterinary oncology deals with cancer treatment in animals. Veterinary oncologists diagnose and treat various types of cancers affecting pets such as dogs, cats, horses, and other domesticated animals. Common cancers seen in pets include mast cell tumors, lymphoma, melanoma, and osteosarcoma. Conventional treatment options for pet cancer include surgery, chemotherapy, radiation therapy, immunotherapy, and targeted therapy. Surgery remains the primary treatment option for most solid tumors in pets. However, chemotherapy and radiation therapy play a significant role in treatment of hematopoietic cancers and non-resectable tumors.

The global Veterinary Oncology Market is estimated to be valued at US$ 657.42 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The veterinary oncology market is expected to witness significant growth over the forecast period owing to rising pet adoption and increasing expenditure on pet healthcare. According to the American Pet Products Association (APPA), around 90.5 million dogs and 94.2 million cats were owned in the U.S. in 2021. Growing human-animal bond and rising awareness about cancer diagnosis and treatment in pets is propelling the demand for veterinary oncology services. Moreover, rapid approval of new targeted therapies and immunotherapies for pets is boosting the market growth. For instance, in February 2022, Zenoaq received conditional approval from the Center for Veterinary Medicine (CVM) of the U.S. Food and Drug Administration (FDA) for ZENEMAXX (toceranib phosphate) injection to treat mast cell tumors in dogs.

Porter’s Analysis
– Threat of new entrants: The threat of new entrants is moderate in the veterinary oncology market due to high capital requirements for R&D and manufacturing. However, emerging players are developing niche products.
– Bargaining power of buyers: The bargaining power of buyers is high as the market is fragmented with local veterinary hospitals and pet owners. Buyers can negotiate on price and demand customized products.
– Bargaining power of suppliers: The bargaining power of suppliers is moderate due to presence of various suppliers. However, established players have a strong supplier network with long-term contracts.
– Threat of new substitutes: The threat of substitute products is low in this market as there are limited treatment options for companion animal cancer.
– Competitive rivalry: Zoetis Inc. and Elanco Industries lead the global market followed by mid-sized players focusing on specific therapies.

Key Takeaways

Global Veterinary Oncology Market Demand is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing pet adoption and animal health expenditure.
– Regionally, North America dominates the veterinary oncology market supported by increasing cancer incidence rate in companion animals and availability of advanced treatment options. Europe remains the second largest market followed by Asia Pacific.
– 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. Zoetis Inc. and Elanco Industries have a strong market presence with their diverse oncology product portfolios. Other players focus on developing novel targeted therapies and combination treatment approaches.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it