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The global veterinary oncology market size was USD 379.91 Million in 2022 and is expected to reach USD 940.76 Million in 2032, and register rapid CAGR of 10.6%

NEW YORK CITY, NY, UNITED STATES, May 9, 2023 /EINPresswire.com/ -- The global Veterinary Oncology Market size was USD 379.91 million in 2022 and is anticipated to grow to USD 940.76 million by 2032, with a significant compound annual growth rate of 10.6% during the forecast period. The market's revenue growth is being propelled by several factors, including an increase in the prevalence of cancer among companion animals, rising pet adoption rates, heightened awareness about animal health, and advancements in veterinary oncology technology such as targeted therapies and immunotherapy.

Companion animals such as dogs, cats, and horses are frequently diagnosed with cancer, which is one of the primary causes of death among them. Nearly 6 million dogs and cats are diagnosed with cancer annually in the United States, according to the Animal Cancer Foundation. The prevalence of cancer among pets is rising, and this is driving up the demand for veterinary oncology services. Additionally, the trend toward pet ownership and pet humanization is fueling revenue growth in the market. Pet owners with increasing disposable income are willing to spend more on their pets' health, including cancer treatment. Pet insurance is also gaining popularity, as it covers the cost of veterinary oncology services.

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Furthermore, advancements in veterinary oncology, such as targeted therapies and immunotherapy, are expected to boost revenue growth in the market. Targeted therapies aim to attack specific molecules or cells that contribute to cancer growth, while immunotherapy stimulates the body's immune system to combat cancer. These treatments are less invasive and have fewer side effects than conventional treatments like chemotherapy and radiation therapy.

However, the high cost of veterinary oncology services and a lack of skilled veterinary oncologists in developing nations are major challenges that could limit market revenue growth.

Segments Covered in the Report –

The global market for veterinary oncology is expected to witness significant growth over the forecast period of 2019-2032. The market's revenue is projected to reach USD Million by the end of 2032. The growth of the market is driven by several factors, including an increase in the prevalence of cancer among animals, advancements in veterinary oncology, and the rising trend of pet ownership and humanization of pets.

The market for veterinary oncology is segmented into two broad categories based on animal type: companion animals and livestock. Companion animals such as dogs, cats, and horses are the primary consumers of veterinary oncology services. The revenue generated from veterinary oncology services for companion animals is expected to witness significant growth during the forecast period. The market for veterinary oncology services for livestock is also projected to witness significant growth during the forecast period.

The market for veterinary oncology is also segmented into three categories based on cancer type: lymphoma, mast cell tumors, and others. Lymphoma is a type of cancer that affects the lymphatic system and is common among animals, particularly dogs. Mast cell tumors are another common type of cancer among animals, and it can occur in both companion animals and livestock. The other category includes several types of cancer that affect animals, such as bone cancer, lung cancer, and skin cancer.

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Strategic development:

Zoetis Inc. was granted approval by the U.S. Food and Drug Administration (FDA) on February 27, 2020, for its drug Tanovea-CA1 (rabacfosadine for injection) to treat lymphoma in dogs. This approval will enable the company to strengthen its oncology product lineup.

Competitive Landscape:

The global veterinary oncology market is fiercely competitive, with a large and small number of players holding the majority of the market share. The market's growth is driven by increasing pet adoption rates, rising prevalence of cancer in companion animals, and technological advancements in veterinary oncology treatments.

Zoetis Inc., Elanco, Boehringer Ingelheim International GmbH, Dechra Pharmaceuticals PLC, VetDC Inc., Aratana Therapeutics Inc., Rhizen Pharmaceuticals S.A., Regeneus Ltd., and CanFel Therapeutics Inc. are some of the major players in the global veterinary oncology market. These companies are heavily invested in research and development to introduce innovative veterinary oncology treatments. They also adopt strategies such as mergers and acquisitions, partnerships, collaborations, and product launches to strengthen their market position.

Zoetis Inc., for instance, has a broad portfolio of veterinary oncology products, including Palladia, which is used to treat mast cell tumors in dogs, and Tanovea-CA1, a treatment for lymphoma in dogs. Elanco recently acquired Kindred Biosciences to expand its portfolio of veterinary oncology products. Boehringer Ingelheim International GmbH has several products in its portfolio, including Cytopoint, which treats atopic dermatitis in dogs.

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In conclusion, the global veterinary oncology market is fiercely competitive, with several major players leading the market share. The market is expected to grow rapidly over the forecast period, and companies are heavily investing in research and development to introduce innovative treatments to meet the growing demand.

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