PUBLISHER: The Business Research Company | PRODUCT CODE: 1426261
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426261
Veterinary oncology involves the specialized diagnosis and treatment of cancer in animals, aiming to integrate cancer therapies while maintaining the overall quality of life for the affected animals. This field focuses on providing cancer medicine and treatment services tailored to the unique needs of animals.
The primary types of therapies in veterinary oncology include surgery, radiology, chemotherapy, and other specialized treatments. Surgery involves procedures to either remove or repair affected body parts or to assess the presence of disease. A diverse range of animals, including equines, canines, felines, and other species, are involved in veterinary oncology. The field encompasses various cancer types such as lymphomas, mast cell cancer, mammary cancer, squamous cell cancer, among others, specific to different animal species.
The veterinary oncology market research report is one of a series of new reports from The Business Research Company that provides veterinary oncology market statistics, including veterinary oncology industry global market size, regional shares, competitors with veterinary oncology market share, detailed veterinary oncology market segments, market trends, and opportunities, and any further data you may need to thrive in the veterinary oncology industry. This veterinary oncology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The veterinary oncology market size has grown rapidly in recent years. It will grow from $0.36 billion in 2023 to $0.4 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth observed in the historic period can be attributed to several factors, including the rise in pet ownership, the trend of humanizing pets which leads to increased care standards, knowledge transfer from advancements in human oncology to veterinary practices, a growing awareness regarding pet health, and advancements in pharmaceuticals tailored for veterinary use.
The veterinary oncology market size is expected to see rapidly grown in the next few years. It will grow to $0.62 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The anticipated growth in the forecast period is expected to be driven by several factors, including the emergence of personalized medicine tailored for animals, an increasing prevalence of cancer in animal populations, the growth of the geriatric pet population requiring specialized care, improved access to specialized veterinary services, and supportive regulatory measures and approvals in the field.
The surge in pet cancer cases is set to drive growth in the veterinary oncology market. The condition, marked by irregular cell growth leading to tumor formation, has prompted focused efforts in veterinary oncology to diagnose and treat animals, curtailing disease progression. Notably, data from the National Canine Cancer Foundation revealed a concerning 25% mortality rate among purebred dogs due to cancer in 2021, with those aged ten or older facing a 45% likelihood of contracting the disease. Further statistics from the National Library of Medicine showcased a significant 4-6 million dogs diagnosed with cancer among the 90 million dog population in the US during the same period, indicating the rising incidence of pet cancer driving the demand for veterinary oncology services.
The uptick in pet adoption is anticipated to propel the veterinary oncology sector. Pet adoption, encompassing the provision of care and companionship, underscores a heightened commitment to pet well-being. Driven by this commitment, pet owners exhibit a stronger inclination towards preventive healthcare and medical interventions, including cancer diagnostics and therapies. Recent surveys conducted by the National Pet Owners Survey, facilitated by the American Pet Products Association, revealed that approximately 67% of US households are pet owners, with dogs emerging as the preferred choice. This trend signifies a growing market for veterinary oncology fueled by the increasing adoption of pets.
Innovation remains a cornerstone trend shaping the landscape of veterinary oncology. Leading companies in this sector are actively dedicated to pioneering novel solutions to fortify their market position. Notable among these advancements is the launch of 'OncoK9' by PetDx in June 2021. This groundbreaking multi-cancer early detection test harnesses genomic prowess to facilitate the early detection of cancer in dogs through routine blood draws. Offering accurate canine cell-free DNA analysis, this test delivers digital reports with high diagnostic precision and minimal false-positive rates, enhancing early cancer diagnosis in canines.
Major players are strategically forging partnerships and collaborations with startups and mid-sized entities in the veterinary oncology market to diversify their offerings. These alliances serve as catalysts for portfolio expansion and geographical outreach. A pertinent example is the strategic partnership between Thrive Pet Healthcare and FidoCure initiated in June 2022. This collaboration endeavors to redefine veterinary cancer care by leveraging FidoCure's cutting-edge precision medicine platform and diagnostic algorithms across Thrive Pet Healthcare's extensive network of over 350 veterinary care clinics, aiming to enhance outcomes for pets diagnosed with cancer.
In July 2022, Zomedica Corp., a veterinary health company based in the US specializing in diagnostic and therapeutic products, completed the acquisition of Assisi Animal Health LLC for an undisclosed sum. This strategic acquisition aims to synergize resources between Zomedica and Assisi, empowering Zomedica to fortify and broaden its product offerings, ultimately providing advanced solutions to elevate companion animal care. Assisi Animal Health LLC, also based in the US, focuses on offering drug-free devices utilizing targeted pulsed electromagnetic field (tPEMF) technology, specifically used for reducing inflammation and treating cancer in dogs.
Major companies operating in the veterinary oncology market report are PetCure Oncology Inc., Zoetis Inc., Karyopharm Therapeutics Inc., Varian Medical Systems Inc., Accuray Incorporated, Boehringer Ingelheim International GmbH, Elanco Animal Health Inc., One Health Company Inc., Regeneus Limited, VetDC Inc., Pharmaust Limited, AdvaVet Inc., Nippon Zenyaku Kogyo Company Limited, Rhizen Pharmaceutical SA, AB Science SAS, Siemens Healthineers AG Varian Medical Systems, Pfizer Inc., Takis Biotech GmbH, Qbiotics LLC, Jaguar Animal Health Solutions Inc., Orion Corporation A/B, Invectys S.A., Virbac SA, SeQuent Scientific Limited, Ceva Sante Animale S.A., Vetoquinol S.A., IDVet Inc., Bayer Aktiengesellschaft, Morphogenesis Inc., ZENOAQ GmbH, Oncovet Clinical Research Inc. .
Asia-Pacific was the largest region in the veterinary oncology market in 2023. North America is expected to be the fastest-growing region in the veterinary oncology market report during the forecast period. The regions covered in the veterinary oncology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the veterinary oncology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The veterinary oncology market includes revenues earned by entities by providing cryosurgery, comprehensive care, immunotherapy, and palliative care. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Veterinary Oncology Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on veterinary oncology market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for veterinary oncology? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The veterinary oncology market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.