Veterinary Oncology Market to Reach US$ 592.8 Million by 2022
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| Veterinary Oncology Market |
Market
Overview:
The global Veterinary Oncology Market is estimated to be valued at US$ 592.8 Million In 2022 and is
projected to grow at a compound annual growth rate (CAGR) of 10.9% during the forecast period of 2022-2030, according
to a report by Coherent Market Insights.
The Veterinary Oncology Market refers to the market for drugs, therapies, and
diagnostic tools used for the treatment of cancer in animals. The increasing
prevalence of cancer among pets, such as dogs and cats, is driving the demand
for effective oncology treatments in the veterinary industry. These treatments
provide various advantages, including improved survival rates, enhanced quality
of life, and reduced pain for cancer-affected animals. The need for such products
and services is driven by the growing awareness among pet owners about the
available treatment options and their willingness to provide the best care for
their beloved pets.
Market Key Trends:
One key trend in the Veterinary Oncology Market is the growing preference for
advanced cancer therapies, such as targeted therapies and immunotherapies.
These therapies offer personalized treatment options that target specific
cancer cells and stimulate the immune system to fight cancer. They provide
higher efficacy and reduced side effects compared to traditional chemotherapy
treatments. The rising adoption of advanced cancer therapies in veterinary
oncology is driven by the increasing availability of innovative treatment
options and the growing demand for improved outcomes in cancer-affected
animals.
Segment Analysis:
The veterinary oncology market can be segmented based on type of therapy,
animal type, and region. Based on type of therapy, the segment analysis reveals
that chemotherapy dominates the market. Chemotherapy is the most common
treatment for cancer in animals, as it helps to slow down the growth and spread
of cancer cells. It is preferred due to its effectiveness and potential to
prolong the life of animals. Moreover, advancements in chemotherapy drugs and
targeted therapy have further boosted the dominance of this segment. Other
therapies such as radiation therapy and immunotherapy also hold significant
market share, but chemotherapy remains the leading segment in the veterinary
oncology market.
Key Takeaways:
The global Veterinary
Oncology Market is expected to witness high growth, exhibiting a CAGR
of 10.9% over the forecast period. This growth can be attributed to the
increasing incidence of cancer in animals, coupled with advancements in veterinary
healthcare. Rising pet adoption rates, increasing awareness about animal
health, and the availability of advanced treatments are driving the market
growth.
In terms of regional analysis, North America is the fastest growing and
dominating region in the veterinary oncology market. This can be attributed to
the high prevalence of cancer among pets and the presence of well-established
veterinary healthcare infrastructure. Additionally, the Asia Pacific region is
expected to witness significant growth due to the increasing pet population,
rising disposable incomes, and growing focus on pet healthcare in countries
like China and India.
Key players operating in the 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. These companies are actively engaged in
research and development activities to introduce innovative therapies for
cancer treatment in animals. They are also focused on collaborations and
partnerships to expand their product portfolio and strengthen their market
presence.
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