by The Veterinary Oncology Market is estimated to be valued at US$ 657.42 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
The Veterinary Oncology Market is experiencing high growth owing to immunotherapy becoming the most promising trend in Veterinary Oncology. Immunotherapy harnessing the body’s natural defenses to fight cancer is transforming both human and veterinary oncology. Various immunotherapies are being tested and adopted to treat cancer in pets including checkpoint inhibitors, cancer vaccines, and adoptive cell therapies.
Market Overview:
The veterinary oncology market comprises of pharmaceutical drugs used for treatment of animal cancers. The drugs mainly include chemotherapy drugs, targeted therapy drugs and immunotherapy drugs. Chemotherapy remains the primary treatment approach but targeted drugs are gaining popularity. Innovation in diagnostics and therapeutics is resulting in improved survival rates and quality of life for pets with cancer.
Market key trends:
Immunotherapy is becoming the most promising trend in veterinary oncology. Various immunotherapies are being tested and adopted to treat cancer in pets including checkpoint inhibitors, cancer vaccines, and adoptive cell therapies. Checkpoint inhibitors have shown great promise in canine clinical trials. For instance, checkpoint inhibitor pembrolizumab was granted conditional approval by the FDA for the treatment of certain canine cancers. Companies are also developing novel cancer vaccines targeting common pet cancers. Adoptive cell therapies utilizing genetically modified T-cells are also under clinical research. This shift towards immunotherapy will drive significant growth of the veterinary oncology market.
Porter’s Analysis
Threat of new entrants: The veterinary oncology market requires considerable capital and technological expertise. These barriers make it difficult for new players to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power as there exist several vendors providing veterinary oncology services and products.
Bargaining power of suppliers: Suppliers have high bargaining power as the key raw materials used are scarce and suppliers have established relationships with vendors.
Threat of new substitutes: There exists a low threat of new substitutes as there are limited treatment alternatives available for cancer in pets.
Competitive rivalry: The veterinary oncology market experiences high competitive rivalry owing to the presence of several international and regional vendors.
SWOT Analysis
Strength: The veterinary oncology market is driven by increasing pet ownership and growing expenditure on pet healthcare. Advanced diagnostics and treatment options are improving survival rates.
Weakness: High costs associated with veterinary oncology procedures can limit their widespread adoption. Lack of awareness regarding cancer in pets also hinders the market growth.
Opportunity: Untapped markets in developing regions present lucrative opportunities for veterinary oncology market players. Rapid advancements in targeted therapies, immunotherapy and chemotherapy drugs will foster the market expansion.
Threats: Strict regulatory approvals and lengthy product approval process are challenging the growth prospects. Rising incidence of drug resistance poses a major threat to effective cancer treatment in pets.
Key Takeaways
The Global Veterinary Oncology Market Demand is expected to witness high growth at a CAGR of 10% over the forecast period, due to increasing pet ownership and growing willingness of owners to spend more on pet healthcare. As per market estimates, the global market size was valued at US$ 657.42 Mn in 2023.
Regionally, North America dominates the global veterinary oncology market and is expected to maintain its lead over 2023-2030. Increasing adoption of companion animals and strong veterinary healthcare infrastructure in the US and Canada have been fuelling the North America veterinary oncology market.
Key players operating in the veterinary oncology market are Zoetis Inc., Elanco, AB Science, Boehringer Ingelheim International GmbH, Zenoaq, VetDC, Morphogenesis, Inc., Karyopharm Therapeutics, Inc., Regeneus Ltd., AdvaVet, Inc., and Rhizen Pharmaceutical SA. Zoetis Inc. and Elanco have emerged as the leading players due to their diversified veterinary oncology product portfolios and geographic presence across major markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
