According to an American Veterinary Medical Association survey in 2017, nearly 6 million dogs were diagnosed with cancer in the U.S., with approximately half of dogs over the age of 10 developing cancer. Veterinary oncology focuses on diagnosis, clinical management, treatment and monitoring of cancer in companion animals and zoological species.
Veterinary oncology involves treatments such as chemotherapy, radiation therapy, immunotherapy, surgery and targeted therapy for companion animal cancers. Chemotherapy drugs are commonly used for various cancers like lymphoma, mammary cancer, mast cell tumors, osteosarcomas etc. Radiation therapy is used as an adjuvant therapy to surgery or chemotherapy. Developments in targeted therapies and immunotherapies are creating new options for cancer treatment in pets.
The Veterinary Oncology Market is estimated to be valued at US$ 657.42 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the veterinary oncology market is growing adoption of targeted therapies. Targeted therapies are drugs or substances which block the growth and spread of cancer by interfering with specific molecules involved in tumor growth and progression. For instance, kinase inhibitors are targeted therapies that have shown promising results incanine cancers. Kinase inhibitors such as Palladia and Kinavet-CA2 target specific signaling pathways driving tumor growth. Moreover, clinical trials are ongoing for antibodies blocking specific cancer signaling pathways. This represents growing focus on personalized cancer medicines for companion animals.
Veterinary Oncology Market Porter's Analysis
Threat of new entrants: The veterinary oncology market requires high capital investments and regulatory compliances which limits the threat of new entrants. Bargaining power of buyers: Veterinary oncology treatments are specialized and buyers have limited bargaining power over pricing. Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and treatments in the veterinary oncology market. Threat of new substitutes: There are limited treatment substitutes for cancer in pets, reducing threat from substitutes. Competitive rivalry: The veterinary oncology market sees intense competition among existing players to develop novel treatment options.
SWOT Analysis
Strengths: Advancements in veterinary cancer diagnostics and therapeutics have improved treatment outcomes. Growing pet healthcare expenditure worldwide acts as a driver.
Weaknesses: High costs associated with veterinary cancer treatments limit their adoption. Lack of awareness about pet cancer diagnostics and care in developing regions.
Opportunities: Untapped growth potential in developing markets presents lucrative opportunities. Combination therapy and personalized treatment options will gain traction.
Threats: Stringent regulatory approvals for new drugs and therapies increase clinical trial costs. Side effects of chemotherapy and radiation pose compliance issues.
Key Takeaways
Global Veterinary Oncology Market Demand is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing pet ownership and rising pet healthcare spending. North America dominates the veterinary oncology market currently due to high adoption of advanced pet care therapies. Asia Pacific is poised to be the fastest growing region owing to growing pet health expenditure and rising incidences of pet cancer.
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. The major players are focusing on increasing R&D investments to develop novel pet cancer drugs and combination therapies.
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