Vet oncology to be worth nearly $580 million
The market for veterinary oncology is expected to attain a value of $578.0 million by the year 2030, according to a report by the market analysts, Grand View Research, Inc. The global market is projected to grow at a CAGR of 12.1% across the forecast period of 2022 to 2030.
An uptick in the market is based on increasing rates of cancer in companion animals and pet owners’ interest in cancer diagnostics. Additionally, the high number of advancements and technology and therapeutics being studied are expected to feed the growth of the global market during the forecast period.
When looking at the different segments across the markets, the chemotherapy segment held the largest share of revenue in the forecast period. The treatment is the most common for cancer whether it is used as a single or combination regimen. By type of cancer, lymphoma was prevalent in the market in 2021 likely because the disease is most likely to lead to death and thereby potentially lead to aggressive treatment methods.
If evaluating the market by type of companion animals receiving oncology therapy, dogs were in the top revenue spot in 2021 as the rates of cancer are higher in dogs and more dogs have been adopted in recent years. By geography, North America took the top spot with the greatest share in 2021 based on the number of new products, spending on veterinary oncology, and government that is favorable to therapies.
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