A recent report published by Infinium Global Research on the veterinary oncology market provides an in-depth analysis of segments and sub-segments in the global as well as regional veterinary oncology market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional veterinary oncology market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global veterinary oncology market. According to the report, the global market for veterinary oncology was sized near USD 250 million in 2020 and is expected to roughly equate to 500 Million by 2026 growing with a CAGR of 11.2% over 2020-2026
In veterinary oncology, clinical trials are growing in scope and importance. The trials which evaluate novel therapies for pet animals with cancer have the opportunity to develop the result and quality of life for veterinary patients. Immunotherapy is a foremost way in human oncology treatment progress, and this development is following in veterinary oncology. In veterinary oncology, quality of life for the patient is always the top priority. Some cancers can be cured by treatments compatible with good quality of life. While in other cases, anticancer treatment may broadly expand good quality survival time even if the patient is not permanently cured.
The increasing prevalence of cancer in pets across the world is the primary growth factor for the veterinary oncology market. According to the Animal Cancer Foundation in the U.S., there are 65 million dogs and 32 million cats in the United States. Of these roughly six million new cancer diagnoses are made in dogs and a similar number are made in cats each year in the United States. The incidence of cancer appears to be rising over the last several decades over the world. a sustained increase in the number of pet animals diagnosed with cancer and the pet-owning public’s interest in finding effective and well-tolerated treatments for their pets has been fueling the demand for clinical trials. Furthermore, according to the American Veterinary Medical Association (AVMA), cancer causes almost 50% of deaths in pets over the age of 10. Skin, breast, head and neck, lymphoma, leukemia, testicular, abdominal, and bone are some common types of cancers in pets. Technological advancements in the treatment of cancer in animals are fueling the demand for veterinary oncology. Although smaller doses of chemotherapy are given to pets, that doesn’t mean that pets will not have side effects from the treatment. Changes in appetite, diarrhea, lethargy, allergic reactions, and other side effects are common. Loss of appetite is one of the more common side effects and occurs after a dose of any chemotherapeutic drug. Loss of appetite lasts a day that would probably be indicative of some nausea.
Among the regions, North America is dominating the global veterinary oncology market. In North America, veterinary radiation oncology continues to advance with the introduction of emerging technology, procedures, and guidelines while growing patient outcome knowledge. Increasing focus on pet health, the presence of a large number of pet drug manufacturing companies, and the speedy adoption of innovative pet care medications are driving the radiation oncology market in the North America region. Additionally, increasing the number of funding for pet oncology treatment in this region by the government is fueling the demand in this region. Europe is the second-largest market for veterinary oncology owing to the presence of regulatory authorities focused on scientific progress in veterinary and comparative oncology.
The report on the global veterinary oncology market covers segments such as animal type, therapy type, and mode of administration. On the basis of animal type, the sub-markets include companion animal, and livestock animal. On the basis of therapy type, the sub-markets include chemotherapy, combination therapy, immunotherapy, and targeted therapy. On the basis of mode of administration, the sub-markets include oral, and intravenous.
The report provides profiles of the companies in the market such as AB Science, Boehringer Ingelheim International GmbH, Zoetis Inc, Elanco, Zenoaq, VetDC, Morphogenesis, Inc., Regeneus Ltd., AdvaVet, Inc., and Karyopharm Therapeutics, Inc.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of veterinary oncology market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.