The latest report by Reports and Data reveals that in 2022, the global Veterinary Oncology Market had a size of USD 379.91 Million, and it is anticipated to demonstrate a revenue compound annual growth rate (CAGR) of 10.6% throughout the projected period.
Cancer is a leading cause of death in companion animals, including dogs, cats, and horses. According to statistics from the Animal Cancer Foundation, the United States alone witnesses around 6 million cases of cancer diagnosed in dogs and cats each year. The prevalence of cancer in pets is steadily increasing, resulting in a rising demand for veterinary oncology services. Additionally, the surge in pet ownership rates and the tendency to humanize pets are contributing to the market’s revenue expansion. As disposable incomes increase, pet owners are becoming more willing to allocate greater financial resources to their pets’ well-being, including cancer treatment. Furthermore, the growing popularity of pet insurance coverage, which includes veterinary oncology services, is expected to further boost market revenues.
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Furthermore, advancements in veterinary oncology, particularly in the areas of targeted therapies and immunotherapy, are poised to drive market revenue growth. Targeted therapies are specifically developed to target particular molecules or cells involved in cancer growth, while immunotherapy enhances the body’s immune system to combat cancer. These treatment approaches offer the advantages of being less invasive and having fewer side effects compared to traditional methods such as chemotherapy and radiation therapy.
Key players in the Veterinary Oncology Market:
- Zoetis Inc.
- Elanco
- Boehringer Ingelheim International GmbH
- Dechra Pharmaceuticals PLC
- VetDC Inc.
- Aratana Therapeutics Inc.
- Rhizen Pharmaceuticals S.A.
- Regeneus Ltd.
- CanFel Therapeutics Inc.
Some Key Highlights in the Report:
- In 2022, the global veterinary oncology market saw the companion animals segment securing the largest share of revenue. This was primarily due to the escalating incidence of cancer in companion animals and the widespread adoption of pets worldwide. The Animal Cancer Foundation reported that in the United States alone, nearly 6 million dogs and 6 million cats are diagnosed with cancer each year. Moreover, the American Pet Products Association estimated that roughly 85 million households in the United States have at least one pet, with dogs and cats being the most popular choices. Additionally, the increasing awareness of pet owners about animal health and the availability of improved veterinary services have contributed to the growth in revenue within this segment.
- Furthermore, in 2022, it was predicted that the lymphoma category would claim the highest revenue share in the global veterinary oncology market. This projection was based on the rising occurrence of lymphoma in animals, attributed to factors such as environmental pollutants, genetic predisposition, and infections. Lymphoma is one of the most common types of tumors found in both companion animals and cattle, affecting the lymphatic system, a crucial part of the immune system. Furthermore, the increasing prevalence of lymphoma in companion animals and cattle was expected to drive revenue growth in this category throughout the forecast period. The growth was also fueled by the growing pet ownership rates, increased awareness about animal health, and the availability of advanced treatment options for lymphoma.
- During the projection period, the North American market was noted for holding the largest revenue share in the global veterinary oncology market. This was primarily due to the presence of key market players, technological advancements, and the increasing number of pet owners in the region. According to the National Pet Owners Survey conducted by the American Pet Products Association (APPA), approximately 67% of households in the United States owned pets, with dogs being the most popular choice. Additionally, the high rate of pet ownership in the region, coupled with the rising incidence of cancer in pets, the development of innovative treatment modalities, and the availability of advanced diagnostic tools, were expected to drive revenue growth in the market.
- In the European market, the veterinary oncology sector was expected to experience the fastest revenue growth rate during the forecast period. This growth could be attributed to the growing rate of pet ownership and the increasing prevalence of cancer in animals. According to the European Pet Food Federation, Europe boasts the second-largest pet population globally, with approximately 85 million households having pets. Additionally, the region has witnessed a surge in demand for advanced pet treatments, including chemotherapy and radiation therapy, which has further propelled revenue growth in the market.
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For the purpose of this report, Reports and Data has segmented the global veterinary oncology market on the basis of Animal Type Outlook, Cancer Type Outlook, and Regional Outlook:
Animal Type Outlook (Revenue, USD Million; 2022 – 2032)
- Companion Animals
- Livestock
Cancer Type Outlook (Revenue, USD Million; 2022 – 2032)
- Lymphoma
- Mast Cell Tumors
- Others
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Regional Outlook (Revenue, USD Billion; 2022-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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