Veterinary oncology refers to cancer diagnosis and treatment in animals. It involves diagnosis, biopsy, surgery, chemotherapy, and radiation therapy for cancer in pets. Veterinary oncology helps in providing advanced treatment options and improves quality of life of pets suffering from cancer.
The global Veterinary Oncology Market is estimated to be valued at US$ 657.42 Mn or Million 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 increasing adoption of pets. According to the American Pet Products Association, around 67% of the U.S. households own a pet. Rising affection towards pets is propelling demand for advanced treatment of cancer in pets. Moreover, growing awareness about pet health insurance and innovative cancer treatment options such as stem cell therapy, immunotherapy, and targeted therapy among pet owners are enhancing the market growth.
Segment Analysis
The global veterinary oncology market is segmented into therapy, animal type, and end user. Based on therapy, the market is segmented into chemotherapy, radiation therapy, immunotherapy, surgery, and others. Among these, the chemotherapy segment dominates the global veterinary oncology market owing to its wide applications. Chemotherapy helps in treating cancer by using drugs. It is highly preferred treatment modality by veterinarians to treat various cancers in pets.
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 adoption and growing awareness about pet care.
Regional analysis
North America dominates the global veterinary oncology market with the largest share. The growth in this region is attributed to the increasing pet adoption, rising disposable income, and growing awareness about pet care. Asia Pacific is expected to exhibit the fastest growth over the forecast period owing to rising penetration of pet health insurance and improving diagnostic facilities.
Key players
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. Zoetis Inc. holds the dominant share in the global veterinary oncology market owing to its wide product portfolio and strong geographical presence across the globe.
Get More Insights on this Topic- https://www.marketwebjournal.com/veterinary-oncology-market-demand-analysis-and-forecast/
