Veterinary Oncology Market Size, Share, And Growth Rate Analysis 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s veterinary oncology market report forecasts the veterinary oncology market size to grow to $0.55 Billion by 2027, with a CAGR (compound annual growth rate) of more than 11%.
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Veterinary Oncology Market Size Forecast
The global veterinary oncology market is expected to grow from $0.32 billion in 2022 to $0.36 billion in 2023 at a compound annual growth rate (CAGR) of 12.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global veterinary oncology market size is expected to reach $0.55 billion in 2027 at a CAGR of 11.5%.
Asia-Pacific held the largest veterinary oncology market share, and North America was the fastest-growing region in 2022.
Key Veterinary Oncology Market Driver – Growth In The Prevalence Of Cancer In Pets
According to the National Canine Cancer Foundation, a US-based organisation dedicated to the abolition of cancer in animals, around 25% of purebred dogs will die from cancer by 2021, with the likelihood of catching the disease increasing to 45% for those over the age of ten. Furthermore, according to the National Library of Medicine, a US-based biomedical library and biomedical informatics centre, roughly 4-6 million dogs will be diagnosed with cancer in the US’s 90 million total canine population in 2021. As a result, the increasing occurrence of cancer in pets is propelling the veterinary oncology market.
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Key Veterinary Oncology Market Trend – Product Innovations
To strengthen their position in the veterinary oncology market, major players are focusing on developing novel solutions. For example, PetDx, a US-based molecular diagnostics firm focused to harnessing the power of genomics, will unveil “OncoK9,” a breakthrough multi-cancer early detection test, in June 2021. It is built specifically with the power of genomics to assist veterinarians in detecting cancer in dogs sooner by using ordinary blood sampling without the requirement for previous fasting or sample processing. It analyses the material using proprietary technologies optimised for canine cell-free DNA analysis and generates a digital report showing whether or not there is a cancer signal. It has an excellent clinical performance, with low false-positive rates and a high cancer diagnosis rate.
Veterinary Oncology Market Segment
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
Veterinary Oncology Market Major Players and Strategies
Major players in the veterinary oncology market are PetCure Oncology, Zoetis Inc, Karyopharm Therapeutics Inc, Varian Medical Systems Inc., Accuray Incorporated, Boehringer Ingelheim International GmbH, Elanco Animal Health Incorporated, One Health Company, Regeneus Ltd., VetDC Inc, Pharmaust Ltd., AdvaVet Inc., Nippon Zenyaku Kogyo Co. Ltd., Rhizen Pharmaceutical SA, and AB Science.
In July 2022, Zomedica Corp., a US-based veterinary health company that provides diagnostic and therapeutic medicines, paid an unknown sum for Assisi Animal Health LLC. Through this transaction, Zomedica Corp will pool resources with Assisi to extend and strengthen Zomedica’s product line, delivering solutions that improve companion animal care. Assisi Animal Health LLC, situated in the United States, offers drug-free devices that reduce inflammation by utilising targeted pulsed electromagnetic field (tPEMF) technology, which is also used to treat cancer in dogs.
The Veterinary Oncology Global Market Report 2023 covers regional data on veterinary oncology market size, veterinary oncology market trends and drivers, opportunities, strategies, and veterinary oncology market competitor analysis. The countries covered in the veterinary oncology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Veterinary oncology is the detection and treatment of cancer by specially trained experts in order to integrate cancer treatment with underlying problems while maintaining animal quality of life. It is concerned with cancer medication and animal therapy services.
View More Reports Related To The Veterinary Oncology Market –
Veterinary Medical Equipment Global Market Report 2023
Veterinary Diagnostic Equipment Global Market Report 2023
Oncology Biosimilars Global Market Report 2023
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