Veterinary Oncology Industry Overview
The global veterinary oncology market size was estimated at USD 207.5 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 12.1% from 2022 to 2030. The increasing pervasiveness of cancer in the pet population coupled with the rising adoption of veterinary cancer therapy as a treatment method is primarily propelling market growth. Growing expenditure on animal healthcare in developed economies due to rising willingness to spend on pet healthcare by owners and initiatives by the government for veterinary cancer treatment are major factors driving the market. In addition, in October 2019, the American Veterinary Medical Association (AVMA) anticipated that approximately 1 in 4 dogs will develop neoplasia at some stage of their lives.
American Animal Hospital Association (AAHA) stated that neoplastic disease was the most common terminal pathological procedure in 73 out of 82 canines and also the reason for death in canines within 1 year of age. The disease often leads to traumatic injury. Feline Leukemia Virus (FeLV) is a commonly found infectious disease in cats and the feline population detected with FeLV was also reported to be one of the foremost causes of lymphoma in feline. Therefore, with the rising number of these cancer incidents, there is a necessity for effective veterinary oncology treatment in these animals. COVID-19 is likely to change the relationship of humans with companion animals.
Gather more insights about the market drivers, restraints and growth of the Global Veterinary Oncology Market
A majority of pet owners got closer to their pets amid the nationwide lockdowns aimed at curbing disease transmission. As life returns to normal, pet owners are expected to integrate their pets into their daily practices, even more, prioritizing pet-friendly vacations and workplaces. 75% of pet owners surveyed by the American Pet Product Association stated that spending time with their animals helped decrease stress and improve wellbeing amid the pandemic. At animal shelters, adoption rates soared as much as 40% in 2020 over the earlier year in the U.S. The growing pet humanization trend is expected to support market growth.
The increasing number of veterinary clinical studies for evaluating safety and efficacy of different oncologic treatments in pets is further boosting market growth. AVMA created a database called AVMA Animal Health Studies Database (AAHSD) as a tool for investigators performing prospective veterinary clinical studies. Such studies by researchers focused on veterinary oncology treatment are anticipated to fuel market growth over the forecast period.
Supportive government initiatives pertinent to veterinary cancer treatment are also driving the market. For instance, in July 2019, the National Cancer Institute (NCI) supported clinical trial testing for veterinary oncology treatments in animals. The aim of the trials offered by veterinary medical schools worldwide was to find new cancer treatments that will preserve the dog’s quality of life. The trial was also conducted to provide an insight into how the veterinary oncology treatments and approaches being examined in dogs may be translated to help people with cancer, as humans and dogs share similar biology for cancer.
Moreover, spiraling collaborations for RD of targeted therapies for cancer in companion animals is another contributing factor for market growth. For instance, in 2016, Zenoaq company, in collaboration with Nexvet Biopharma, developed Monoclonal Antibodies (MAbs) that attach and inhibit the immuno-oncology targeted programmed cell death protein 1 (PD-1). Such activities represent a promising yet challenging perspective and are also expected to bring a new paradigm in cancer therapy for pets.
Browse through Grand View Research's Animal Health Industry Related Reports
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Veterinary Oncology Industry Segmentation
Grand View Research has segmented the global veterinary oncology report on the basis of therapy, animal type, cancer type, and region:
Therapy Outlook (Revenue, USD Million, 2017 - 2030)
- Surgery
- Radiotherapy
- Chemotherapy
- Immunotherapy
- Others
Animal type Outlook (Revenue, USD Million, 2017 - 2030)
- Canine
- Feline
Cancer type Outlook (Revenue, USD Million, 2017 - 2030)
- Lymphoma
- Mast Cell Cancer
- Mammary and Squamous Cell Cancer
- Others
Veterinary Oncology Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA (Middle East Africa)
Key Companies profiled:
Some prominent players in the global Veterinary Oncology Industry include
- PetCure Oncology
- Zoetis
- Karyopharm Therapeutics, Inc.
- Varian Medical Systems
- Accuray Incorporated
- Boehringer Ingelheim GmbH
- Elanco
- One Health
- Regeneus Ltd
Order a free sample PDF of the Veterinary Oncology Market Intelligence Study, published by Grand View Research.
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