The global veterinary oncology market size is expected to reach USD 447.0 million by 2027, expanding at a CAGR of 10.7% over the forecast period, according to a new report by Grand View Research, Inc. Increasing prevalence of cancer in pets and demand for veterinary diagnostics are projected to drive the market over the forecast period.
Adoption
of canine cancer registry globally to estimate cancer incidences is another
driving factor for the market growth. According to frontiers in Veterinary
Science in February 2019, the Swiss Canine Cancer Registry (SCCR) was used as a
data source and was compiled for future comparative studies of canine and human
cancers. This database is further helpful in mitigating the incidence of
malignant tumors in the human population, thereby driving the market growth.
Researchers
carrying out studies focused on veterinary oncology are further boosting the
veterinary oncology market growth. For instance, University of Illinois in
August 2017, carried out study that involves more precise detection of
metastasis (spread of cancer through the body) for head and neck tumors in
dogs. Moreover, the market players are also focusing on new product innovation
and strategic collaborations. For instance, in 2018 AdvaVet, a subsidiary of
Oasmia Pharmaceutical AB, developed XR17 technology, which is nanoparticle
formulation based that makes a single Active Pharmaceutical Ingredient (API) or
multiple APIs water soluble. It is a combination therapy and is also a standard
treatment for a number of cancer diseases in pet animals.
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Further key
findings from the report suggest:
- Increasing
prevalence of cancer in animals, clinical trial studies to evaluate safety
and effectiveness of cancer therapeutics, and technological advancements
in veterinary oncology treatment are anticipated to create growth
opportunities in the market
- The
chemotherapy segment is anticipated to account for the largest revenue
share over the coming years owing to its increasing adoption either alone
or in combination with other therapies
- The canine
segment held the largest revenue in 2019 owing to increasing population of
dogs and high prevalence of cancer in dogs as compared to cats
- Lymphoma
dominated the market among other cancer types in 2019, due to high
mortality rate in companion animals
- North America
held the dominant share of the veterinary oncology market in 2019, due to
favorable government policies, new product launches, and huge investment
in oncology treatment
- Asia Pacific
is anticipated to witness lucrative growth due to increasing focus on
animal health and expenditure, increasing number of pets being exposed to
cancer, and government focus on animal safety and initiatives to curb
cancer in pet animals
- Some of the
key companies are Boehringer Ingelheim; PetCure Oncology; Elanco; Accuray
Incorporated; Varian Medical Systems; Zoetis; Karyopharm Therapeutics,
Inc.; One Health; and Regeneus Ltd.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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