Press release
Veterinary Oncology Market Predicts 12% CAGR Through 2033 With a US$ 800 Million
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The veterinary oncology market (수의 종양학 시장) is witnessing significant expansion, largely driven by the increasing incidence of pet cancer and the growing adoption of veterinary cancer therapies. This growth is further propelled by the escalating costs of veterinary care in developed countries, as pet owners increasingly prioritize their animals' health. Additionally, government initiatives aimed at improving veterinary cancer care are contributing to market growth.
According to the American Veterinary Medical Association's (AVMA) forecast from October 2019, it's projected that around 25% of dogs will experience neoplasia at some stage in their lives. The number of veterinary clinical trials assessing the effectiveness and safety of various cancer treatments is on the rise, promising positive prospects for the future expansion of the veterinary oncology market. The Pre-Medical Cancer Immunotherapy Network of Canine Trials and comparative oncology programs have been recognized for their pivotal role in conducting trials of innovative treatments for various pet cancers, including those affecting canines, as highlighted in a 2020 assessment by the National Cancer Institute.
Key Takeaways from Market Study
The global market for veterinary oncology is valued at US$ 260 million in 2023.
Worldwide demand for veterinary oncology is predicted to increase at a noteworthy CAGR of 12% through 2033.
By the end of 2033, the market is projected to reach US$ 800 million.
The chemotherapy category accounted for a leading revenue share of 25% in 2023.
Due to rising incidence of the disease in pets, particularly dogs, the lymphoma cancer type segment dominated the market for veterinary oncology and accounted for the biggest revenue share of 39% in 2023.
With a 45% market share in 2023, North America led the global veterinary oncology market.
At a CAGR of 11.5%, the market in Asia Pacific is predicted to expand faster than others during the forecast period.
From 2023 to 2030, the United States veterinary oncology market is projected to expand at a compound annual growth rate (CAGR) of 6%.
The canine category holds the most substantial market share, accounting for 26% in 2023.
Market Competition
The field of veterinary oncology is currently witnessing a heightened emphasis on cancer treatments, leading prominent companies within the sector to prioritize the innovation and launch of novel products. The market displays a moderate level of fragmentation, with numerous firms actively participating in this domain. In November 2022, the University of Wisconsin School of Veterinary Medicine obtained a US$ 75,000 grant aimed at delivering life-saving cancer care to pets and their families. The grant will be disbursed to eligible clients on a first-come, first-served basis, with a maximum amount of US$ 4,000 per client.
Key Companies Profiled in This Report
Elanco
Morphogenesis
Accuray Incorporated
Regeneus Ltd.
PetCure Oncology
Zoetis
Karyopharm
Varian Medical Systems, Inc.
OHC (One Health Company)
What Does the Future Hold for Veterinary Oncology in the US?
"Growing Animal Population and More Government Support for Cancer Treatment"
The market in the United States is anticipated to grow at a CAGR of 6% between 2023 and 2030.
The market for veterinary oncology in North America has consistently held a sizable share and is anticipated to continue doing so for the duration of the forecast period. This continuing dominance can be attributed to a number of things, including widespread pet ownership, an increase in cancer cases, the availability of top-notch veterinary care and services, and the rising cost of veterinary healthcare in the area.
The United States Food and Drug Administration (FDA) granted Tanovea-CA1 (rabacfosadine for injection), a drug developed by Zoetis Inc. for the treatment of canine cancer, approval on February 27, 2020. The company's cancer product line has significantly expanded as a result of this approval.
It is projected that the market for veterinary oncology will be dominated by the US. This can be attributed to several factors, including the nation's sizable animal population, high spending on animal medicine compounding, and a pronounced occurrence of animal cancer cases.
With a significant 45% market share in 2023, North America dominated the veterinary oncology industry.
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Key Segments of Veterinary Oncology (Markt für veterinärmedizinische Onkologie) Industry Research
By Therapy :
Radiology
Chemotherapy
Combination Therapy
Immunotherapy
Targeted Therapy
By Mode of Administration :
Oral
Intravenous
By Cancer Type :
Lymphoma
Mast Cells
Mammary & Squamous Cells
By Animal Type :
Canine
Feline
By Distribution Channel :
Hospital Pharmacies
Government Agencies
Retail Pharmacies
By Region :
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
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