The U.S.
Veterinary Oncology Market size is expected to reach USD 143.2
million by 2028, according to a new report by Grand View Research, Inc. 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.
Related Press
Release@ U.S.
Veterinary Oncology Market Report
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
About Us:
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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
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Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
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