DUBLIN–(BUSINESS WIRE)–The “U.S. Veterinary Oncology Market Size, Share & Trends Analysis Report by Therapy (Surgery, Radiology, Chemotherapy, Immunotherapy), by Animal Type (Canine, Feline), and Segment Forecasts, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.
The U.S. veterinary oncology market size is expected to reach USD 171.16 million by 2030
The market is expected to expand at a CAGR of 8.7% from 2022 to 2030. The increasing prevalence of cancer in pets, willingness to spend on them by pet owners, and use of canines as a model for clinical trials by researchers are the key contributing factor toward the market growth.
In addition, a rise in the incidence of cancer in the feline population and rising pet ownership resulting in the increased focus on pet health is further expected to spur the growth. Moreover, companies are increasingly adopting strategies, such as M&As, research agreements, collaboration, partnerships, geographic expansion, and product development to enhance their market position.
For instance, in November 2020, Virbac publicized the approval of Stelfonta, a novel intratumoral injection treatment for canine mast cell tumors. In addition, Elanco purchased Aratana Therapeutics for its pet products pipeline. The company also had an agreement to create rabacfosadine (Tanovea), a drug from VetDC.
In addition, in July 2021, Elanco proclaimed that the FDA granted full approval of Tanovea for the lymphoma treatment in dogs. Hence, the market is expected to witness intense competition over the forecast period. The growing prevalence of cancer in companion animals is expected to propel the need for effective treatment options.
In canines, appendicular osteosarcoma is an extremely aggressive illness and curative-intent treatment comprises surgical resection of the tumor followed by chemotherapy to diminish the risk of tumor cells spreading to other areas, particularly the lungs. The golden retriever breed has been reported to have a high cancer prevalence compared to others.
Golden Retriever is one of the favorite breeds in the U.S. and increasing concerns regarding the wellbeing of pets are contributing to the market growth. Clinical trials are a critical aspect of veterinary oncology. The accelerated number of clinical research involving surgical procedures in pets is further fueling the market growth.
For instance, in May 2019, Oregon State University conducted a research study stating that the risk of cancer recurrence reduced to 60% in dogs whose tumors were completely resected. With the growing number of pet parents in the U.S., animal health awareness is rising among people. In the U.S., various pet health awareness events are conducted to spread awareness, such as National Pet Week.
The FDA is alert that the COVID-19 pandemic may influence the ongoing studies being conducted to provision new animal drug development. Thereby, guidelines were issued in April 2020 to help diminish the potential impact of the pandemic on new animal drug development.
U.S. Veterinary Oncology Market Report Highlights
- The radiology segment is expected to dominate the market. Factors, such as increasing government initiatives for the establishment of new veterinary radiation centers and advancements in radiation technology, are expected to boost the segment growth
- The immunotherapy segment is estimated to register the fastest CAGR from 2022 to 2030 owing to the growing number of veterinary centers focused on carrying out clinical trials in immunotherapy areas
- Chemotherapy is estimated to be the second-largest therapy segment by 2030. According to the Cancer Veterinary Center, the most common canine & feline tumors treated with chemotherapy are osteosarcomas, lymphomas, hemangiosarcoma, mast cell tumors, bladder tumors, mammary gland tumors, etc.
- The canine segment accounted for the largest revenue share in 2021. The high incidence of cancer in canines and ongoing product innovations in this domain contributed to the segment growth
- Market players are undertaking various competitive strategies to gain an edge over others. For instance, in May 2020, PetCure Oncology and Sugar Land Veterinary Specialists publicized a novel radiation oncology service, expanding their network in Houston
Company Profiles
- Zoetis
- Boehringer Ingelheim GmbH
- Elanco
- PetCure Oncology
- Accuray Incorporated
- Varian Medical Systems, Inc.
- Morphogenesis, Inc.
- Karyopharm Therapeutics, Inc.
- Regeneus Ltd.
- OHC (One Health Company)
Veterinary Oncology Market Dynamics
Market driver analysis
- Increasing prevalence of cancer in pets
- Increasing R&D in pet cancer therapy
- Growing focus on animal safety
- Growing demand for pet insurance
- Technological advancements in pet cancer treatment
- Increase in pet adoption
Market restraint analysis
- High cost of pet cancer treatments
- Increasing incidence of pet abandonment and euthanasia
- Adverse effects of drugs used for pet cancer treatment
Industry challenges
- Illegal veterinary medicines
Industry Analysis – Porter’s
U.S. Veterinary Oncology – SWOT Analysis, by Factor (Political & Legal, Economic, Social and Technological)
User Perspective Analysis
- List of Key End Users
- Consumer behavior
- Market Influencer Analysis
Regulatory Framework
Technology Overview
Product Pipeline Analysis
Pricing Trend Analysis
For more information about this report visit https://www.researchandmarkets.com/r/lzgsqk.
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