Veterinary Oncology Industry Overview
The global veterinary oncology market size is expected to reach USD 577.9 million by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 12.10% from 2023 to 2030. Increasing prevalence of cancer in pets and demand for veterinary diagnostics are projected to drive the market over the forecast period.
Adoption of canine cancer registry globally to estimate cancer incidences is another driving factor for the market growth. According to frontiers in Veterinary Science in February 2019, the Swiss Canine Cancer Registry (SCCR) was used as a data source and was compiled for future comparative studies of canine and human cancers. This database is further helpful in mitigating the incidence of malignant tumors in the human population, thereby driving the market growth.
Researchers carrying out studies focused on veterinary oncology are further boosting the veterinary oncology market growth. For instance, University of Illinois in August 2017, carried out study that involves more precise detection of metastasis (spread of cancer through the body) for head and neck tumors in dogs. Moreover, the market players are also focusing on new product innovation and strategic collaborations. For instance, in 2018 AdvaVet, a subsidiary of Oasmia Pharmaceutical AB, developed XR17 technology, which is nanoparticle formulation based that makes a single Active Pharmaceutical Ingredient (API) or multiple APIs water soluble. It is a combination therapy and is also a standard treatment for a number of cancer diseases in pet animals.
Veterinary Oncology Market Segmentation
Grand View Research has segmented the global veterinary oncology report on the basis of therapy, animal type, cancer type, and region:
Based on the Therapy, the market is segmented into Surgery, Radiotherapy, Chemotherapy, Immunotherapy, and Others.
- The chemotherapy segment held the largest revenue share of 25.0% in 2022 owing to the increasing number of chemotherapeutic procedures adopted by surgeons due to their several advantages. According to the oncology guidelines by AAHA, chemotherapy is a commonly used veterinary oncology treatment modality in veterinary cancer medicine.
- Chemotherapy is followed by radiology treatment due to increasing research studies to test the safety and efficacy of Stereotactic Radiosurgery Treatment (SRT) in animals. SRT helps control the tumor to an extent and ultimately reduces its toxicity.
Based on the Animal type, the market is segmented into Canine, and Feline.
- The canine segment dominated the market for veterinary oncology and accounted for the largest revenue share in 2022 owing to the high prevalence of cancer in the canine population and increasing life expectancy. Moreover, the increasing prevalence of cancer in this population has further engaged researchers to carry out comparative veterinary oncology treatment with a large number of clinical trials on canine as a biological model.
- favorable initiatives by the government are also contributing significantly to market growth. For instance, the Comparative Oncology Trials Consortium (COTC), under the NIH-NCICenter for Cancer Research's Comparative Oncology Program is dedicated to designing and executing clinical studies in canines with cancer to gauge novel oncology therapies.
Based on the Cancer type, the market is segmented into Lymphoma, Mast Cell Cancer, Mammary and Squamous Cell Cancer, Others.
- The lymphoma cancer type segment dominated the market for veterinary oncology and accounted for the largest revenue share of 39.0% in 2022, owing to the increasing number of the pet population, especially canine, being affected by the disease.
- The proven oncology treatment for lymphoma is chemotherapy, which also varies depending on the type of cancer. According to American Kennel Club, the most common types of lymphoma in dogs are mediastinal lymphoma, multicentric lymphoma, alimentary lymphoma, and extranodal lymphoma, which vary in survival rates, aggressiveness, and clinical signs.
Key Companies Market Share Insights
The market for veterinary oncology is witnessing immense competition as various large pharma and medical devices companies are offering oncology products for veterinary use. Market players are focusing on implementing new strategies such as regional expansion, mergers, acquisitions, new product introduction, partnerships, and distribution agreements to increase their revenue share and mark their presence. Elanco acquired Aratana Therapeutics in April 2019, after which, the company declared the formation of a commercial team devoted to the veterinary specialty business.
Furthermore, another contribution by the market player in August of same year was the initiation of Phase 2 clinical trial by PharmAust in Australia with its leading veterinary drug candidate, monepantel, to treat canine cancer. PharmAust patented and reformulated monepantel as a repurposed anti-cancer drug for veterinary cancer and plans to have an agreement with Elanco for this veterinary cancer application. Therefore, the reformulation of these types of drugs for veterinary oncology treatment will help accelerate the company’s development and also fuel market growth. Some of the prominent players in the veterinary oncology market include:
- Boehringer Ingelheim International GmbH
- Elanco
- Zoetis
- PetCure Oncology
- Accuray Incorporated
- Varian Medical Systems, Inc.
- Nippon Zenyaku Kogyo Co. Ltd. (ZENOAQ)
- Morphogenesis
- Karyopharm
- Regeneus Ltd.
- OHC (One Health Company)
Order a free sample PDF of the Veterinary Oncology Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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