U. S. Veterinary Oncology Market Size, Share & Trends Analysis Report By Therapy (Surgery, Radiology, Chemotherapy, Immunotherapy), By Animal Type (Canine, Feline), And Segment Forecasts, 2021 - 2028.
New York, June 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "U.S. Veterinary Oncology Market Size, Share & Trends Analysis Report By Therapy, By Animal Type And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06096539/?utm_source=GNW
U.S. Veterinary Oncology Market Growth & Trends
The U.S. veterinary oncology market size is expected to reach USD 143.2 million by 2028. The market is expected to expand at a CAGR of 8.4% from 2021 to 2028. The increasing prevalence of cancer in pets, willingness to spend on them by pet owners, and use of canine as a model for clinical trials by researchers are the key contributing factor towards this segment growth. In addition, an increase 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 operating in the market are increasingly adopting strategies, such as mergers and acquisitions, research agreements, collaboration, partnerships, geographic expansion, and product development to enhance their position in the market.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.
The drug also had received U.S. FDA approval for treating lymphoma in dogs. Hence, the market is expected to witness intense competition over the forecast period.
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 amongst people. In the U.S. there are various pet health awareness events such as National Pet Week are conducted to create awareness.
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 ongoing studies being conducted to provision new animal drug development.
Thereby, issued guidelines in April 2020 to help to diminish the potential impact of the pandemic on new animal drug development.
U.S. Veterinary Oncology Market Report Highlights
• The radiology segment is expected to dominate the market. Factors such as increasing government initiatives to the establishment of new veterinary radiation centers and advancements in radiation technology are expected to boost demand for the radiation therapy segment
• The immunotherapy segment is expected to witness a CAGR of 8.9% owing to the growing number of veterinary centers focused on carrying out clinical trials in immunotherapy areas
• The chemotherapy segment is the second-largest segment of the market. According to Cancer Veterinary Center, the most common canine and feline tumors treated with chemotherapy are osteosarcomas, lymphomas, hemangiosarcoma, mast cell tumors, bladder tumors, and mammary gland tumors
• The canine segment emerged as the largest revenue-generating segment of the market in 2020. The rising incidence of cancer in canines and ongoing product innovations in this domain is the key growth contributors
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