Veterinary Oncology Market Reach To US$ 909.4 Million by 2026 | Key Players Growth Analysis, Clinical Assessment and Professional Business Outlook 2020
Global Veterinary Oncology Market
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 was evaluated at US$ 401.8 million in 2018, and is expected to witness a 10.9% CAGR over the forecast period (2019-2026).
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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 to accelerate the global veterinary oncology market development
Increasing number of research grants for the launch various anti-cancer therapies for veterinary cancer treatments is a major factor driving the growth of the global veterinary oncology market. 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.
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Global Veterinary Oncology Market Restraints
High costs associated with chemotherapies, immunotherapies, and targeted therapies, is a significant aspect restraining the global veterinary oncology market growth. According to a study conducted by the University of Wisconsin, in 2015, the initial veterinary cancer diagnosis costs ranged from US$ 1,000 to US$ 2,000, while the cost of a standard course of chemotherapy ranged from US$ 3,000 to US$ 5,000, depending on the type and severity of cancer.
Global Veterinary Oncology Market – Regional Insights
North America is expected to hold a dominant position in the global veterinary oncology market over the forecast timeframe, owing to the rising focus of key market players of the region on adopting strategies, such as partnership and acquisitions, 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 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. Moreover, a high prevalence of cancer among dogs is also expected to boost the market growth in the region. According to the Australia Canine Center, cancer affects one out of every three dogs during their lifetimes.
Global Veterinary Oncology Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2026
Source: Coherent Market Insights Analysis (2019)
Global Veterinary Oncology Market – Competitive Background
The most prominent 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.
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- Global Veterinary Oncology Market, By Animal Type:
- Companion Animal
- Livestock Animal
- Companion Animal
- Global Veterinary Oncology Market, By Therapy Type:
- Combination Therapy
- Targeted Therapy
- Global Veterinary Oncology Market, By Mode of Administration:
- Global Veterinary Oncology Market, By Application:
- Canine Lymphoma
- Osteosarcoma (OSA)
- Mast Cell Cancer
- Multiple Myeloma
- Global Veterinary Oncology Market, By Distribution Channel:
- Hospital Pharmacies
- Government Agencies
- Retail Pharmacies
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