PUBLISHER: SkyQuest | PRODUCT CODE: 1396138
PUBLISHER: SkyQuest | PRODUCT CODE: 1396138
Veterinary Oncology Market size was valued at USD 206.24 billion in 2021 and is poised to grow from USD 231.4 billion in 2022 to USD 577.9 billion by 2030, growing at a CAGR of 12.10% in the forecast period (2023-2030).
The growth of the veterinary cancer therapy market is primarily driven by the increasing incidence of cancer in the animal population and the growing adoption of veterinarian cancer therapy as a treatment modality. Factors such as the rising willingness of pet owners to invest in animal healthcare and government initiatives supporting veterinary cancer therapy contribute significantly to market expansion. Notably, developed economies are witnessing a surge in spending on animal healthcare, with predictions from organizations like the American Veterinary Medical Association (AVMA) indicating a high likelihood of neoplasia in a substantial proportion of dogs. Reports from the American Animal Hospital Association (AAHA) highlight neoplastic disease as a leading cause of mortality in dogs, emphasizing the need for improved veterinary oncology treatments due to the increasing incidence of cancer. The feline population, particularly those carrying the feline leukemia virus (FeLV), has been identified as a significant source of lymphoma in cats, further underscoring the demand for enhanced veterinary oncology solutions. The COVID-19 pandemic has influenced the relationship between pet owners and their animals, with increased closeness observed during lockdowns. As people return to normalcy, the trend of pet humanization, where pets are integrated into everyday routines and pet-friendly environments, is expected to support market growth. Additionally, the surge in veterinary clinical studies evaluating the effectiveness and safety of various oncologic treatments for pets is contributing to market expansion. Initiatives like the AVMA Animal Health Research Database (AAHSD) facilitate researchers in conducting prospective veterinary clinical studies, thereby advancing knowledge in veterinary oncology. Government support, exemplified by initiatives such as the National Cancer Institute (NCI) funding trials for veterinary oncology medicines, further propels the industry. These trials aim to discover novel cancer treatments while maintaining the quality of life for animals. The convergence of veterinary oncology treatments and techniques, tested in dogs, with potential applications in human cancer treatment adds another dimension to the market's growth trajectory.
The global veterinary oncology market is categorized on the basis of therapy, animal type, cancer type, and region. Based on therapy, the market is segmented into surgery, radiotherapy, chemotherapy, immunotherapy, and others. Based on animal type, the market is segmented into canine, and feline. Based on cancer type, the market is segmented into lymphoma, mast cell cancer, mammary and Squamous cell cancer, and others. Based on region the global veterinary oncology market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
The veterinary oncology market is witnessing growth due to the increasing occurrence of cancer in companion animals, notably dogs and cats. As pets experience extended lifespans, similar to humans, the likelihood of cancer development rises with age. This trend contributes to a growing demand for efficient oncology treatments in the veterinary sector.
The expense associated with veterinary oncology treatments poses a notable constraint for numerous pet owners. Cancer treatments often encompass costly elements such as diagnostic procedures, surgeries, medications, and ongoing care. This financial burden may restrict the accessibility and affordability of veterinary oncology services.
The field of veterinary oncology is experiencing a surge in the adoption of personalized medicine, mirroring a trend observed in human oncology. This strategy involves customizing treatment plans based on specific characteristics unique to an individual animal's cancer, such as genetic mutations or biomarkers. The goal of personalized medicine in veterinary oncology is to enhance treatment outcomes while minimizing adverse effects.
Immunotherapy is gaining significant traction in the realm of veterinary oncology, showcasing a notable growth trend. This approach harnesses the body's immune system to combat cancer, employing vaccines, immune checkpoint inhibitors, and other immunomodulatory agents to stimulate or enhance the immune response against cancer cells. Immunotherapy is demonstrating promising results and is actively explored for various types of cancers in animals.
The emergence of targeted therapies is a noteworthy development in veterinary oncology. These therapies are specifically designed to target cancer cells or their molecular pathways, aiming to disrupt cancer cell growth and survival while minimizing harm to healthy cells. The increasing focus on targeted therapies in veterinary oncology is introducing new treatment options that hold the potential for fewer side effects.
The integration of advanced diagnostic imaging techniques is becoming more prevalent in veterinary oncology practices. Modalities such as positron emission tomography (PET), computed tomography (CT), and magnetic resonance imaging (MRI) are being extensively employed. These advanced imaging tools provide detailed visualization of tumors, aiding in accurate staging, treatment planning, and the ongoing monitoring of treatment responses.