Portland, OR, Oct. 26, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global veterinary oncology market was accounted for $297.30 million in 2020, and is estimated to garner $819.84 million by 2030, growing at a CAGR of 10.8% from 2021 to 2030.
Rise in prevalence of cancer in animals, surge in R&D activities for veterinary cancer therapy, growth in veterinary healthcare expenditure, and development in pet insurance policy drive the growth of the global veterinary oncology market. However, high cost of therapies for the treatment of veterinary oncology hinders the market growth. On the contrary, surge in number of veterinary clinical trial studies is expected to open new opportunities for the market players in the future.
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Impact of Covid-19 on Veterinary Oncology Market-
- The Covid-19 pandemic had a negative impact on the market due to tremendous stress on the healthcare system across the world and rise in need for development of diagnostic instruments & treatment centers for humans.
- However, there has been rise in demand for pets for companionship during the pandemic, which positively affected the market.
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The report divides the global veterinary oncology market on the basis of therapy, animal, cancer, and region.
Based on therapy, the chemotherapy segment held the largest share in 2020, accounting for more than one-fourth of the market. Moreover, the segment is projected to manifest the highest CAGR of 11.5% during the forecast period. The report includes an analysis of segments such as surgery, radiology, and others.
On the basis of animal, the canine segment held the lion’s share in 2020, contributing to nearly three-fifths of the market. However, the segment is estimated to portray the highest CAGR of 11.1% from 2021 to 2030. The report includes analysis of the feline segment.
The report offers an analysis of the global veterinary oncology market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for more than two-fifths of the market. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 11.9% during the forecast period.
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The global veterinary oncology market report includes an in-depth analysis of the prime market players such as Accuray Incorporated, Elanco, Boehringer Ingelheim International GmbH, Morphogenesis, Inc., Karyopharm Therapeutics, Inc., PetCure Oncology, Nippon Zenyaku Kogyo Co., Varian Medical System, Inc., Regeneus Ltd., and Zoetis.
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