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2024-2033 Forecast: What is the Projected Growth Rate for the Veterinary Oncology Market?

In the past few years, there has been a swift expansion in the veterinary oncology market size. It is projected that it will surge from $0.36 billion in 2023 to $0.4 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 12.5%. The escalation during the historical period is due to factors like the rise in pet ownership, the humanization of pets, the transfer of knowledge from human oncology, amplified consciousness about pet health, and advancements in the pharmaceutical industry.

In the coming years, the market size of veterinary oncology is projected to experience significant growth. By 2028, it is expected to reach $0.62 billion, with a compound annual growth rate (CAGR) of 11.2%. Factors contributing to this growth during the forecast period include the increasing use of personalized medicine for animals, a rise in cancer prevalence among animals, an aging pet population, wider availability of specialized care, and regulatory endorsements and approvals. Other trends anticipated during this forecast period involve enhanced diagnostic technologies, individualized treatment strategies, developments in immunotherapy, targeted therapies, and the use of telemedicine for oncology consultations.

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What Are the Main Drivers Behind the Growth of the veterinary oncology Market?

The veterinary oncology market is poised for expansion given the rising incidences of cancer among pets. The disorder of cancer involves certain cells in the body multiplying abnormally and spreading to different body parts. For pets, cancer usually presents itself as a tumor, leading to visible swelling. Veterinary oncology prioritizes diagnosing and treating cancer in animals while aiming to minimize disease metastasis. Consequently, a surge in cancer among pets will stimulate demand for veterinary oncology services. To illustrate, data from the National Canine Cancer Foundation, a U.S. organization focused on eradicating animal cancer, revealed that in 2021, approximately 25% of pedigree dogs died of cancer, a risk that dramatically rises to 45% for dogs aged above ten. Similarly, 2021 figures from the National Library of Medicine, an American biomedical library and biomedical informatics hub, indicate approximately 4-6 million dogs out of a total U.S. dog population of 90 million are diagnosed with cancer. Thus, cancer’s increasing prevalence in pets is a key factor propelling the veterinary oncology market.

What Are the Primary Segments of the Veterinary Oncology Market?

1) By Therapy: Surgery, Radiology, Chemotherapy, Other Therapies

2) By Animal Type: Equine, Canine, Feline, Other Animal Types

3) By Cancer Type: Lymphoma, Mast Cell Cancer, Mammary And Squamous Cell Cancer, Other Cancer Types

Which Trends Are Revolutionizing the Veterinary Oncology Market?

A significant trend gaining traction in the veterinary oncology market is innovative product development. Leading businesses in the market are striving to formulate novel solutions to consolidate their standing. For example, in June 2021, PetDx, a molecular diagnostics firm from the US directed towards leveraging the potential of genomics, introduced “OncoK9”, an advanced multi-cancer early detection test. This unique product integrates genomics to assist vets in identifying cancer in dogs at an early stage, utilizing routine blood sampling without necessitating pre-fasting or sample processing. The test uses exclusive techniques specifically tailored for canine cell-free DNA examinations and produces a digital report revealing the presence of cancer. The OncoK9 has demonstrated robust clinical efficiency with negligible false-positive incidents and elevated cancer detection rates.

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Which Geographical Regions Are Pioneering Growth in the Veterinary Oncology Market?

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 Veterinary Oncology Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the veterinary oncology market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Veterinary Oncology Market Include

1. Veterinary Oncology Market Executive Summary

2. Veterinary Oncology Market Segments

3. Veterinary Oncology Market Size And Template Market Growth Rate

4. Key Veterinary Oncology Market Trends

5. Major Veterinary Oncology Market Drivers

……

25. Key Mergers And Acquisitions In The Veterinary Oncology Market

26. Top Veterinary Oncology Companies

27. Veterinary Oncology Market Opportunities And Strategies

28. Veterinary Oncology Market, Conclusions And Recommendations

29. Appendix

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