Veterinary Oncology Market Analysis of Key Players Zoetis, Elanco, AB Science, Boehringer Ingelheim International, Zenoaq, VetDC, Morphogenesis

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).

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.

Download A Readymade Sample PDF Copy:
https://www.coherentmarketinsights.com/insight/request-sample/2995

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- 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.

Get Customized Report as per your Need: https://www.coherentmarketinsights.com/insight/request-customization/2995

Contact Us:
Mr.Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email:sales@coherentmarketinsights.com

About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

This release was published on openPR.