According to an American Veterinary Medical
Association survey in 2017, nearly 6 million dogs were diagnosed with cancer in
the U.S., with approximately half of dogs over the age of 10 developing cancer.
Veterinary oncology focuses on diagnosis, clinical management, treatment and
monitoring of cancer in companion animals and zoological species.
Veterinary oncology involves treatments such as chemotherapy, radiation therapy,
immunotherapy, surgery and targeted therapy for companion animal cancers.
Chemotherapy drugs are commonly used for various cancers like lymphoma, mammary
cancer, mast cell tumors, osteosarcomas etc. Radiation therapy is used as an
adjuvant therapy to surgery or chemotherapy. Developments in targeted therapies
and immunotherapies are creating new options for cancer treatment in pets.
The Veterinary Oncology Market is estimated to
be valued at US$ 657.42 Mn 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 growing adoption
of targeted therapies. Targeted therapies are drugs or substances which block
the growth and spread of cancer by interfering with specific molecules involved
in tumor growth and progression. For instance, kinase inhibitors are targeted
therapies that have shown promising results incanine cancers. Kinase inhibitors
such as Palladia and Kinavet-CA2 target specific signaling pathways driving
tumor growth. Moreover, clinical trials are ongoing for antibodies blocking
specific cancer signaling pathways. This represents growing focus on
personalized cancer medicines for companion animals.
Veterinary Oncology Market Porter's
Analysis
Threat of new entrants: The veterinary oncology market requires high capital
investments and regulatory compliances which limits the threat of new entrants.
Bargaining power of buyers: Veterinary oncology treatments are specialized and
buyers have limited bargaining power over pricing. Bargaining power of
suppliers: Suppliers have moderate bargaining power due to differentiated
products and treatments in the veterinary oncology market. Threat of new
substitutes: There are limited treatment substitutes for cancer in pets,
reducing threat from substitutes. Competitive rivalry: The veterinary oncology
market sees intense competition among existing players to develop novel
treatment options.
SWOT Analysis
Strengths: Advancements in veterinary cancer diagnostics and therapeutics have
improved treatment outcomes. Growing pet healthcare expenditure worldwide acts
as a driver.
Weaknesses: High costs associated with veterinary cancer treatments limit their
adoption. Lack of awareness about pet cancer diagnostics and care in developing
regions.
Opportunities: Untapped growth potential in developing markets presents
lucrative opportunities. Combination therapy and personalized treatment options
will gain traction.
Threats: Stringent regulatory approvals for new drugs and therapies increase
clinical trial costs. Side effects of chemotherapy and radiation pose
compliance issues.
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 ownership and rising pet healthcare
spending. North America dominates the veterinary oncology market currently due
to high adoption of advanced pet care therapies. Asia Pacific is poised to be
the fastest growing region owing to growing pet health expenditure and rising
incidences of pet cancer.
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. The major players are focusing on
increasing R&D investments to develop novel pet cancer drugs and
combination therapies.
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