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Press Release: Veterinary Oncology Market to Surpass US$ 909.4 Million by 2026
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Veterinary Oncology Market– Insights
Veterinary cancer therapies aim to permanently eradicate the cancerous cells prevalent in pets. The veterinarian recommends specific treatments such as targeted therapy and combination therapy or chemotherapy depending on the type of cancer, stage, and nature of the cancer. The ongoing research activities undertaken by researchers for the development of novel formulations and therapies is expected to accelerate the global veterinary oncology market growth. For instance, in 2015 researchers at the University of Veterinary Medicine Vienna are exploring the molecular basis of cancer progression in canine cell lines. The research states that the modern cancer therapy can be revolutionized with the introduction of targeted therapies.
The global veterinary oncology market size was valued at US$ 401.8 million in 2018, and is expected to witness a CAGR of 10.9% over the forecast period (2019–2026).
Global Veterinary Oncology Market Share (%) Analysis, By Animal Type, 2018
Source: Coherent Market Insights Analysis (2019)
Increasing R&D initiatives and veterinary healthcare expenditure for cancer management is expected to drive growth of the global veterinary oncology market
Increasing number of research grants to launch various anti-cancer therapies for veterinary cancer treatment is expected to be a major factor driving growth of the veterinary oncology market during the forecast period. For instance, in 2017, Animal Cancer Foundation (ACF) received a US$ 1 million grant from the Blue Buffalo Foundation to support comparative oncology research to study similarities between naturally occurring cancers in people and pets and find effective treatment for both species.
Growing expenditure on animal healthcare due to increasing pet healthcare spending by pet owners, especially in the developed economies is another major factor driving the veterinary oncology market growth. For instance, according to the American Pet Products Association report released in March 2018, the overall spending in the U.S. veterinary care increased by 4.1% between 2016 and 2017, from US$ 66.75 billion to US$ 69.51 billion which is expected to bring development in animal treatment.
Global Veterinary Oncology Market- Restraints
High cost associated with chemotherapies, immunotherapies, and targeted therapies are major factors restraining the veterinary oncology market growth. For instance, according to a study conducted by the University of Wisconsin, 2015, the initial veterinary cancer diagnosis costs US$ 1,000 – US$ 2,000 while a standard course of chemotherapy costs US$ 3,000– US$ 5,000, depending on the type and severity of cancer.
Global Veterinary Oncology Market- Regional Insights
On the basis of region, the global veterinary oncology market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold a dominant position in the global veterinary oncology market during the forecast period. This is owing to focus of key market players in the region on adopting strategies such as partnership and acquisitions in order to expand their product portfolio. For instance, in April 2019, Elanco Animal Health signed an agreement to acquire Aratana Therapeutics, a pet therapeutics company focused on developing and commercializing innovative therapeutics for dogs and cats in the U.S.
Asia Pacific is expected to witness a rapid growth in the global veterinary oncology market during the forecast period, owing to the presence of various veterinary foundations focusing on veterinary cancer research. For example, The Australian Animal Cancer Foundation, Australia supports scientific research on veterinary cancer and seeks funds from government and private organizations. The foundation also supports Australian Comparative Oncology Consortium, consisting of Australian veterinary oncology specialists who collaborate to develop novel therapies.
Moreover, high prevalence of cancer in dogs is also expected to boost the market growth in the region. For instance, according to the Australia Canine Center, 2014, cancer affects 1 in every 3 dogs during their lifetime, in Australia.
Global Veterinary Oncology Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2026
Source: Coherent Market Insights Analysis (2019)
Global Veterinary Oncology Market- Competitive Landscape
Key players operating in the global 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.
Veterinary oncology is subspecialty of veterinary medicine that deals with the diagnosis and treatment of cancer in animals. With emerging technologies, the use of biotechnology products in veterinary medicines is increasing. Despite the costs that many times accompany the development of novel biotechnological products, recombinant virus vector vaccines, recombinant proteins such as bioactive cytokines and immunotherapeutic allergens, therapeutic antibodies, and oncolytic viruses are the result of advancements in biotechnology for veterinary medicines. The benefits associated with using biotechnology products are large-scale production, reduced costs, long-term action, and multiple antigen vaccines.
Market Dynamics
Increasing prevalence of veterinary cancer is expected to boost the global veterinary oncology market growth during the forecast period. For instance, according to the Veterinary Cancer Society, in 2016, cancer is the leading cause of death in 47% of dogs diagnosed with cancer over the age of 10 years; and 32% of cats, where Feline Leukaemia Virus (FeLV) is one of the leading cause of lymphoma in cats. Moreover, according to the Animal Cancer Foundation in 2015, around 6 million new cancer cases in dogs and cats are recorded, annually, in the U.S., of which one-third of all tumors in dogs are skin tumors, while around 20% are mast cell tumors.
However, adverse effects associated with chemotherapies, immunotherapies, and targeted therapies such as diarrhoea, anorexia, decreased appetite, lethargy, neutropenia, emesis, lameness, severe weight loss, and musculoskeletal disorder are major factors restraining the veterinary oncology market growth.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 47 market data tables and 45 figures on "Veterinary Oncology Market” - Global forecast to 2026”
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