Global Veterinary Oncology Market, by Animal Type (Companion Animal (Equine, Canine, and Feline), and Livestock Animal), by Therapy Type (Chemotherapy, Combination Therapy, Immunotherapy, and Targeted Therapy), by Mode of Administration (Oral and Intravenous), by Application (Canine Lymphoma, Osteosarcoma (OSA), Mast Cell Cancer, Melanoma, and Multiple Myeloma), by Distribution Channel (Hospital Pharmacies, Government Agencies, and Retail Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 592.8 Million in 2022 and is expected to exhibit a CAGR of 10.9% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Players operating in the global veterinary oncology market are focused on development, licensing, and commercialization of innovative therapeutics for dogs, cats, and horses. For instance, in 2017, the U.S. Food and Drug Administration conditionally approved Tanovea-CA1 (rabacfosadine) for injection for a term of one year. The drug manufactured by VetDC, Inc. is the first animal drug intended for the treatment of canine lymphoma. The conditional approval allows the drug manufacturer to legally sell Tanovea-CA1, before standard of effectiveness for full approval.
Moreover, the patented formulation of doxorubicin and patented XR17 technology by Oasmia Pharmaceuticals AB, specialty pharmaceutical company manufactured Doxosphos Vet is currently under development for the treatment of lymphoma in dogs.
Global Veterinary Oncology Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a negative impact on the global veterinary oncology market, owing to disruption in the supply chain of the drugs and the raw materials shortage for purpose of manufacturing. For instance, in July 2020, according to the data published by the National Center for Biotechnology Information, the measures aimed at restricting the spread of COVID-19 may affect drug production differently, given its peculiar characteristics in terms of manufacturing modalities (concentrated in few countries or taking place in many) and inputs (labour force and chemicals). The measures affected drug production directly, by reducing the workforce available for harvest; or indirectly, by disrupting the supply chain of precursor chemicals, which are often diverted from licit markets. The sale of drugs at the source of production can also be affected. If buyers cannot reach remote locations where drugs are cultivated or produced because of mobility restrictions, the overall supply will be affected.
Global Veterinary Oncology Market: Key Developments
In July 2021, Elanco, Pharmaceutical Company, announced the U.S. Food and Drug Administration approval for Tanovea for the lymphoma treatment in dogs.
In June 2022, the U.S. Food and Drug Administration granted accelerated approval to dabrafenib (Tafinlar, Novartis) in combination with trametinib (Mekinist, Novartis) for the treatment of adult and pediatric patients ≥ 6 years of age and the veterinary animals with unresectable or metastatic solid tumors with BRAF V600E mutation who have progressed following prior treatment and have no satisfactory alternative treatment options.
Browse 47 Market Data Tables and 41 Figures spread through 225 Pages and in-depth TOC on “Global Veterinary Oncology Market”- Forecast to 2030, Global Veterinary Oncology Market, by Animal Type (Companion Animal (Equine, Canine, and Feline), and Livestock Animal), by Therapy Type (Chemotherapy, Combination Therapy, Immunotherapy, and Targeted Therapy), by Mode of Administration (Oral and Intravenous), by Application (Canine Lymphoma, Osteosarcoma (OSA), Mast Cell Cancer, Melanoma, and Multiple Myeloma), by Distribution Channel (Hospital Pharmacies, Government Agencies, and Retail Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/veterinary-oncology-market-2995
Moreover, veterinary pharmaceutical companies are focused on strategic collaborations and license agreements to develop and commercialize cancer treatments for companion animals. For instance, in 2017, Karyopharm, Biotech company and Anivive Lifesciences, pet pharmaceutical company entered into an exclusive global license agreement to research and develop and commercialize Verdinexor (KPT-335), a drug for the treatment of lymphoma, which is in phase 2b of clinical trials.
Key Takeaways of the Global Veterinary Oncology Market:
- The global veterinary oncology market is expected to exhibit a CAGR of 10.9% during the forecast period owing to increasing number of research and development activities. For instance, in May 2019, according to a study by Oregon State University, dogs whose tumors were entirely removed had a 60% lower risk of cancer recurrence. People are becoming more mindful of animal health as there are more pet owners in the U.S. Numerous pet health awareness campaigns are run in the U.S, including National Pet Week.
- Among regions, North America is estimated to account for the largest market share in the global veterinary oncology market over the forecast period, owing to the increasing prevalence of the veterinary oncology in that region. For instance, in January 2019, according to the data published by the World Health Organization, incidence of tumors was high in cattle (78.95%) than in buffaloes (21.05%) in the U.S. It is estimated that 1 in 3 domestic dogs develop cancer, which is the same incidence of cancer among humans.
- Furthermore, 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.
Major players operating in the global veterinary oncology market include Zoetis Inc., Elanco, AB Science, Boehringer Ingelheim International GmbH, Zenoaq, VetDC Inc., Morphogenesis, Inc., Karyopharm Therapeutics, Inc., Regeneus Ltd., AdvaVet, Inc., and Rhizen Pharmaceutical SA.
