Veterinary Oncology Market Analysis | 2022-2028

“The Veterinary Oncology Market was estimated at US$ 222 million in 2021 and is expected to grow at a CAGR of 11.88% during 2022-2028 to reach US$ 489.87 million in 2028”.

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Market Dynamics

Introduction

Veterinary oncology is the branch of veterinary medicine that is concerned with the manifestations of cancer in animals. It includes cancer identification, categorization, or characterization, and further spreading with the recommendation of some standard care procedures like surgery, medication, radiation, and immunotherapy. Veterinary oncologists struggle to enhance the time and quality of life in pets diagnosed with cancer.

Market Drivers

The rising prevalence of cancer in the pet population, together with the growing acceptance of veterinary cancer therapy as a therapeutic approach, is driving market expansion. Growing expenditure on animal healthcare in developed nations as a result of owners' increased willingness to pay for pet healthcare and government initiatives for veterinary cancer treatment are important factors driving the market. Furthermore, the American Veterinary Medical Association (AVMA) predicted in October 2019 that around one in every four dogs would have neoplasia at some point in their lifetimes.

According to the American Animal Hospital Association (AAHA), neoplastic disease constituted the most prevalent terminal pathological process in 73 out of 82 canines and the cause of death in canines under one year of age. The condition frequently causes catastrophic harm. Feline Leukemia Virus (FeLV) is a prevalent viral disease in cats, and the feline population infected with FeLV has been linked to one of the leading causes of lymphoma in cats. As a result of the increasing frequency of cancer events in these animals, appropriate veterinary oncology treatment is required. COVID-19 is likely to alter human-companion animal relationships.

The growing number of veterinary clinical research testing the safety and efficacy of various oncologic therapies in pets is fueling market growth. As a tool for investigators conducting prospective veterinary clinical research, the AVMA produced the AVMA Animal Health Studies Database (AAHSD). Such investigations by veterinary oncology experts are expected to drive market expansion throughout the forecast period.

Government measures to support veterinary cancer therapy are also propelling the industry. For example, the National Cancer Institute (NCI) supported clinical trial research for veterinary oncology medicines in animals in July 2019. The trials offered by veterinary medical colleges around the world aimed to discover new cancer treatments that would improve the dog's quality of life. The experiment was also designed to provide insight into how the veterinary oncology medicines and techniques being tested in dogs could be applied to help people with cancer, as humans and dogs have comparable cancer biology.

Several investments/guidelines in the industry have been directed in recent years, which would boost the overall market:

• During the nationwide lockdowns aimed at preventing disease transmission, the majority of pet owners grew closer to their pets. As life returns to normal, pet owners are encouraged to incorporate their pets more into their everyday routines, preferring pet-friendly vacations and workplaces. According to 75% of pet owners polled by the American Pet Product Association, spending time with their animals helped reduce stress and increase well-being throughout the pandemic. Adoption rates at animal shelters in the United States increased by up to 40% in 2020 compared to the previous year. The growing trend of pet humanization is projected to drive market expansion.
• Furthermore, rising collaborations for R&D of targeted medicines for cancer in companion animals are another driver driving market expansion. For example, in 2016, Zenoaq developed Monoclonal Antibodies (MAbs) in conjunction with Nexvet Biopharma that attach to and inhibit the immuno-oncology-focused programmed cell death protein 1. (PD-1). Such activities provide a promising though difficult outlook, and they are also predicted to usher in a new paradigm in cancer therapy for dogs.

Recent Developments

The veterinary oncology industry is highly competitive, with numerous large pharmaceutical and medical device businesses selling oncology therapies for animal usage. To raise their revenue share and mark their presence, market players are working on implementing new tactics such as geographical growth, mergers and acquisitions, new product introduction, partnerships, and distribution agreements.

• In April 2019, Elanco announced the development of a commercial team dedicated to the veterinary specialty sector after acquiring Aratana Therapeutics.
• In August 2019, PharmAust in Australia began a Phase 2 clinical trial with its top veterinary medication candidate, monepantel, to treat canine cancer. PharmAust patented and reformulated monepantel as a repurposed anti-cancer medication for animal cancer and plans to collaborate with Elanco on this application. As a result, the reformulation of these types of medications for veterinary oncology therapy will aid in the company's development as well as market expansion.

Segments Analysis

By Therapy Type

“The chemotherapy segment held the largest share of revenue in 2021”.

The market has been segmented into surgery, radiotherapy, chemotherapy, immunotherapy, and others. Due to the increasing number of chemotherapeutic operations preferred by surgeons due to their numerous benefits, the chemotherapy segment maintained the greatest revenue share of > 25% in 2021.

Chemotherapy is a regularly utilized veterinary oncology treatment technique in veterinary cancer medicine, according to AAHA oncology guidelines. Small animal practitioners also use different chemotherapy approaches such as conventional, metronomic, and targeted chemotherapy, as well as Tyrosine Kinase Inhibitors (TKIs).

As a result, the increasing use of chemotherapy as a cancer treatment technique in dogs is likely to fuel the expansion of the veterinary oncology market. Moreover, Due to an increase in research studies testing the safety and efficacy of Stereotactic Radiosurgery Treatment (SRT) in animals, chemotherapy is followed by radiology treatment. SRT helps to regulate the tumour and, in the end, minimizes its toxicity.

According to the Journal of Hematology and Oncology in 2018, Proton Beam Radiation Therapy (PBRT) attempts to deliver the radiation dose on a tumour cell while avoiding surrounding tissue and organs with little or no irradiation damage in pets. Over the forecast period, increased adoption of target-specific medicines will drive market expansion.

By Animal Type

The veterinary oncology market has been divided into canine and feline.

By Cancer Type

The market is segmented into lymphoma, mast cell cancer, mammary and squamous cell cancer, and others.

Regional Analysis

“North America is expected to dominate the market throughout the forecast period”.

The market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America dominated the veterinary oncology market in 2021. During the forecast period, the sector is expected to dominate the market. The presence of a significant number of pet drug manufacturing companies, as well as the rapid acceptance of novel pet care treatments, are major factors contributing to market growth.

Furthermore, the government's increased support for pet oncology treatment in this region, as well as the presence of market giants in the oncology market, are boosting the market. In 2017, for example, the National Cancer Institute invested USD 11.5 million in grants to six veterinary colleges. The cash was offered to investigate immunotherapy treatments for four different cancer types in dogs. As a result, funding for assessing veterinary oncology treatment is expected to skyrocket, propelling the market growth.

Additionally, due to the presence of regulatory bodies focusing on scientific progress in veterinary and comparative oncology, the market for veterinary oncology in Europe is expected to be the second-largest in terms of revenue. These experts work with major market businesses to offer unrivaled therapeutic remedies for pet oncology. The market in Asia Pacific is likely to expand during the forecast period due to increased awareness about various products.

Key Players

The following are the key players in the Veterinary Oncology Market (arranged alphabetically)

• Accuray Incorporated
• Boehringer Ingelheim GmbH
• Elanco
• Karyopharm Therapeutics, Inc.
• One Health
• PetCure Oncology
• Regeneus Ltd.
• Varian Medical Systems
• Zoetis

Note: The above list does not necessarily include all the top players in the market.

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