by The global veterinary oncology market is estimated to be valued at US$ 592.8 Million In 2022 and is expected to exhibit a CAGR of 10.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The veterinary oncology market includes various pharmaceuticals and treatment methods for the diagnosis and management of cancer in animals. Cancer is a major concern in veterinary medicine, and with growing awareness among pet owners, the demand for effective oncology treatments for animals has increased. Various advancements in veterinary oncology, such as the development of targeted therapies and immunotherapies, have improved treatment outcomes and contributed to the overall growth of the market. The need for veterinary oncology products is essential to provide better quality of life and increased survival rates for animals diagnosed with cancer.
Market Key Trends:
One key trend in the veterinary oncology market is the increasing use of targeted therapies. These therapies specifically target cancer cells while minimizing damage to healthy cells. Targeted therapies offer personalized treatment options for animals based on their specific tumor profiles, leading to improved efficacy and reduced side effects. Advancements in molecular diagnostics have enabled the identification of targetable genetic mutations, further enhancing the effectiveness of targeted therapies. The adoption of targeted therapies is expected to drive market growth and provide better treatment options for animals suffering from cancer.
Porter’s Analysis
The veterinary oncology market is expected to witness significant growth, exhibiting a CAGR of 10.9% over the forecast period of 2022-2030. This growth can be attributed to the increasing prevalence of cancer in animals, advancements in veterinary oncology treatments, and rising pet ownership.
Threat of new entrants: The threat of new entrants in the Veterinary Oncology Market is relatively low due to high entry barriers. The market requires substantial investments in research and development, regulatory approvals, and expertise in veterinary medicine. Established companies have strong brand recognition and customer trust, making it challenging for new entrants to compete.
Bargaining power of buyers: The bargaining power of buyers in the veterinary oncology market is moderate. Pet owners are increasingly seeking the best possible treatments for their animals, including oncology treatments. However, the market is dominated by a few key players, giving them some leverage in pricing and product availability.
Bargaining power of suppliers: The bargaining power of suppliers in the veterinary oncology market is moderate. The market relies on the availability of key pharmaceuticals, medical devices, and other treatment technologies. Suppliers can exert some influence over pricing and terms, but the market demand for these products is high, providing buyers with alternative options.
Threat of new substitutes: The threat of new substitutes in the veterinary oncology market is low. Currently, there are limited alternative treatment options for cancer in animals. Traditional therapies such as surgery, chemotherapy, and radiation remain the primary treatment methods. However, ongoing advancements in immunotherapy and targeted therapies may pose future threats to existing treatments.
Competitive rivalry: The veterinary oncology market is highly competitive, driven by the presence of key players such as Zoetis Inc., Elanco, AB Science, Boehringer Ingelheim International GmbH, and others. These companies are focused on research and development, strategic partnerships, and product launches to gain a competitive edge. The market is characterized by intense rivalry in terms of pricing, product differentiation, and market share.
Key Takeaways
The global veterinary oncology market is expected to witness high growth, exhibiting a CAGR of 10.9% over the forecast period of 2022-2030. This growth is primarily driven by the increasing prevalence of cancer in animals and advancements in veterinary oncology treatments.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the veterinary oncology market. This can be attributed to the high pet ownership, increasing pet healthcare expenditure, and advanced veterinary healthcare infrastructure in the region.
Key players operating in the veterinary oncology market include Zoetis Inc., Elanco, AB Science, Boehringer Ingelheim International GmbH, Zenoaq, VetDC, Morphogenesis, Inc., Karyopharm Therapeutics, Inc., Regeneus Ltd., AdvaVet, Inc., and Rhizen Pharmaceutical SA. These companies are actively involved in research and development activities, strategic collaborations, and mergers and acquisitions to maintain their market position and expand their product portfolio.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
