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Posted by smithmorgan on August 27, 2024 at 12:21pm 0 Comments 0 Likes
Posted by smithmorgan on August 27, 2024 at 12:21pm 0 Comments 0 Likes
The U.S. veterinary oncology market size is expected to reach USD 1.08 billion by 2030, registering a CAGR of 10.76% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing prevalence of cancer in pets, willingness to spend on them by pet owners, and use of canines as a model for clinical trials by researchers are the key contributing factor toward the market growth. In addition, a rise in the incidence of cancer in the feline population and rising pet ownership resulting in the increased focus on pet health is further expected to spur the growth. Moreover, companies are increasingly adopting strategies, such as M&As, research agreements, collaboration, partnerships, geographic expansion, and product development to enhance their market position.
For instance, in November 2020, Virbac publicized the approval of Stelfonta, a novel intratumoral injection treatment for canine mast cell tumors. In addition, Elanco purchased Aratana Therapeutics for its pet products pipeline. The company also had an agreement to create rabacfosadine (Tanovea), a drug from VetDC. In addition, in July 2021, Elanco proclaimed that the FDA granted full approval of Tanovea for the lymphoma treatment in dogs. Hence, the market is expected to witness intense competition over the forecast period. The growing prevalence of cancer in companion animals is expected to propel the need for effective treatment options.
In canines, appendicular osteosarcoma is an extremely aggressive illness and curative-intent treatment comprises surgical resection of the tumor followed by chemotherapy to diminish the risk of tumor cells spreading to other areas, particularly the lungs. The golden retriever breed has been reported to have a high cancer prevalence compared to others. Golden Retriever is one of the favorite breeds in the U.S. and increasing concerns regarding the wellbeing of pets are contributing to the market growth. Clinical trials are a critical aspect of veterinary oncology. The accelerated number of clinical research involving surgical procedures in pets is further fueling the market growth.
For instance, in May 2019, Oregon State University conducted a research study stating that the risk of cancer recurrence reduced to 60% in dogs whose tumors were completely resected. With the growing number of pet parents in the U.S., animal health awareness is rising among people. In the U.S., various pet health awareness events are conducted to spread awareness, such as National Pet Week. The risk of animals spreading COVID-19 to individuals is considered to be little. The FDA is alert that the COVID-19 pandemic may influence the ongoing studies being conducted to provision new animal drug development. Thereby, guidelines were issued in April 2020 to help diminish the potential impact of the pandemic on new animal drug development.
List Of Key Players U.S. Veterinary Oncology Market
Related Press Release@ U.S. Veterinary Oncology Market Report
U.S. Veterinary Oncology Market Report Highlights
U.S. Veterinary Oncology Market Segmentation
Grand View Research has segmented the U.S. veterinary oncology market based on animal, therapy, cancer type:
U.S. Veterinary Oncology Animal Type Outlook (Revenue, USD Million, 2018 - 2030)
U.S. Veterinary Oncology Therapy Outlook (Revenue, USD Million, 2018 - 2030)
U.S. Veterinary Oncology Cancer Type Outlook (Revenue, USD Million, 2018 - 2030)
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