SEATTLE, Sept. 16, 2022 /PRNewswire/ -- According to Coherent Market Insights, the global 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 % during the forecast period (2022-2030).

Key Trends and Analysis of the Global Veterinary Oncology Market:

Major players operating in the market are focused on getting the approval by the regulatory bodies and launching new drug in the market, which is expected to drive the global veterinary oncology market growth over the forecast period. For instance, in July 2021, QBiotics Group Limited, life sciences company announced that STELFONTA (tigilanol tiglate injection) 1mg/mL received the US Food and Drug Administration approval and can be used publicly for the treatment of non-metastatic skin-based (cutaneous) mast cell tumors in dogs. STELFONTA is an intra-tumoral injection indicated for the treatment of non-metastatic cutaneous mast cell tumors and non-metastatic subcutaneous mast cell tumors located at or distal to the elbow or the hock in dogs. QBiotics Group Limited (QBiotics), life sciences company developing novel small molecule anticancer and wound healing pharmaceuticals, announced the Australian Pesticides and Veterinary Medicines Authority (APVMA) had approved its lead veterinary product STELFONTA (tigilanol tiglate). This approval represents Australia's first pharmaceutical treatment available for all grades of canine non-metastatic Mast Cell Tumor.

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Key Market Takeaways:

• The global veterinary oncology market is expected to exhibit a CAGR of 10.9% during the forecast period due to the increasing adoption of inorganic growth strategies such as collaboration by the key players in the market. For instance, in November 2020, Virbac, Pharmaceutical Company and QBiotics Group Limited, life sciences company collaborated to accelerate launch and sale of the innovative product STELFONTA (tigilanol tiglate injection) 1mg/mL.
• Among animal type, the companion animal segment is expected to hold major revenue share in 2026, owing to increasing R&D activities and manufacturing facility based on veterinary oncology for companion animals. For instance, in April 2018, Zoetis, Inc., Pharmaceutical Company established its animal vaccine research and manufacturing facility in Suzhou, China, which is focused on development and production of quality vaccines for companion animals.
• 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 instance, 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.
• Key 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.

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Detailed Segmentation:

Global Veterinary Oncology Market, By Animal Type:

• Companion Animal
• Livestock Animal

Global Veterinary Oncology Market, By Therapy Type:

• Chemotherapy
• Combination Therapy
• Immunotherapy
• Targeted Therapy

Global Veterinary Oncology Market, By Mode of Administration:

Global Veterinary Oncology Market, By Application:

• Canine Lymphoma
• Osteosarcoma (OSA)
• Mast Cell Cancer
• Melanoma
• Multiple Myeloma

Global Veterinary Oncology Market, By Distribution Channel:

• Hospital Pharmacies
• Government Agencies
• Retail Pharmacies

Global Veterinary Oncology Market, By Region:

• North America
• Europe
• By Country:
• U.K.
• Germany
• Italy
• France
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• By Country:
• China
• India
• Japan
• ASEAN
• Australia
• South Korea
• Rest of Asia Pacific
• o Latin America
• By Country:
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Middle East & Africa
• By Country:
• GCC Countries
• Israel
• South Africa
• Rest of Middle East & Africa

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SOURCE Coherent Market Insights