U.S. Veterinary Oncology Industry Overview
The U.S. veterinary oncology market size is expected to reach USD 143.22 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.0% from 2023 to 2030. The increasing prevalence of cancer in pets, willingness to spend on them by pet owners, and use of canines as a model for clinical trials by researchers are the key contributing factor toward the market growth. In addition, a rise in the incidence of cancer in the feline population and rising pet ownership resulting in the increased focus on pet health is further expected to spur the growth. Moreover, companies are increasingly adopting strategies, such as MAs, research agreements, collaboration, partnerships, geographic expansion, and product development to enhance their market position.
For instance, in November 2020, Virbac publicized the approval of Stelfonta, a novel intratumoral injection treatment for canine mast cell tumors. In addition, Elanco purchased Aratana Therapeutics for its pet products pipeline. The company also had an agreement to create rabacfosadine (Tanovea), a drug from VetDC. In addition, in July 2021, Elanco proclaimed that the FDA granted full approval of Tanovea for the lymphoma treatment in dogs. Hence, the market is expected to witness intense competition over the forecast period. The growing prevalence of cancer in companion animals is expected to propel the need for effective treatment options.
In canines, appendicular osteosarcoma is an extremely aggressive illness and curative-intent treatment comprises surgical resection of the tumor followed by chemotherapy to diminish the risk of tumor cells spreading to other areas, particularly the lungs. The golden retriever breed has been reported to have a high cancer prevalence compared to others. Golden Retriever is one of the favorite breeds in the U.S. and increasing concerns regarding the wellbeing of pets are contributing to the market growth. Clinical trials are a critical aspect of veterinary oncology. The accelerated number of clinical research involving surgical procedures in pets is further fueling the market growth.
For instance, in May 2019, Oregon State University conducted a research study stating that the risk of cancer recurrence reduced to 60% in dogs whose tumors were completely resected. With the growing number of pet parents in the U.S., animal health awareness is rising among people. In the U.S., various pet health awareness events are conducted to spread awareness, such as National Pet Week. The risk of animals spreading COVID-19 to individuals is considered to be little. The FDA is alert that the COVID-19 pandemic may influence the ongoing studies being conducted to provision new animal drug development. Thereby, guidelines were issued in April 2020 to help diminish the potential impact of the pandemic on new animal drug development.
U.S. Veterinary Oncology Market Segmentation
Grand View Research has segmented the U.S. veterinary oncology market on the basis of therapy and animal type:
Based on the Therapy, the market is segmented into Surgery, Radiology, Chemotherapy, Immunotherapy, and Others.
- The radiology segment accounted for the maximum share of more than 25% of the global revenue in 2022. Radiology is often carried out with surgery to help excise tumors. An increasing number of government initiatives for the establishment of new veterinary radiation centers in the U.S. are propelling the growth of this segment. For instance, in November 2020, at Roanoke, Virginia, Virginia Tech’s Animal Cancer Care and Research Center started a radiation therapy facility for pets that has a Varian LINAC accelerator installed. The LINAC also consists of Rapid Arc technology.
- It can rotate 360 degrees while delivering the radiation to treat different types of tumors in companion animals. The establishment of such new state-of-the-art radiology centers focused on treatment for pet cancer is expected to help boost the segment growth. The immunotherapy segment, on the other hand, is expected to register the fastest growth rate of over 8% in the coming years on account of an increase in the number of veterinary centers focused on carrying out clinical trials in immunotherapy.
Based on the Animal Type, the market is segmented into Canine, Feline, and Others.
- The rising prevalence of canine cancer boosts the demand for an effective treatment modality. Increasing RD initiatives and a growing number of clinical trials support the segment’s dominance. For instance, in November 2019, The UC Davis School of veterinary medicine became part of the Vaccination Against Canine Cancer Study (VACCS) trial, the largest clinical trial to evaluate a new vaccinestrategy for the treatment and prevention of cancer in dogs.
- The Comparative Oncology Research Laboratory and the University of Illinois Cancer Care Clinic publicized 2 clinical trials for canines with cancer. Other supportive drugs are still in the pipeline and, if approved, can significantly drive the market. Cats are the second most popular choice by pet owners in the U.S. Increased concerns regarding their health and hygiene are driving the growth of the feline segment.
Key Companies Market Share Insights
The market is highly competitive as players operating in the industry are focusing on research collaborations, product developments, geographic expansions, and investments in innovative technologies. For instance, in May 2020, PetCure Oncology and Sugar Land Veterinary Specialists publicized a novel radiation oncology service, expanding their network in Houston. In January 2021, the U.S. FDA conditionally approved verdinexor tablets by Karyopharm Therapeutics Inc. to treat lymphoma in canines. This is the first oral treatment to treat dogs with lymphoma. Some of the prominent players in the U.S. veterinary oncology market include:
- Boehringer Ingelheim International GmbH
- Elanco
- Zoetis
- PetCure Oncology
- Accuray Inc.
- Varian Medical System, Inc.
- Morphogenesis, Inc.
- Karyopharm Therapeutics, Inc.
- Regeneus Ltd.
- One Health
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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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