Global Veterinary Oncology Market: Overview
The global veterinary oncology market is expected to witness robust growth in the near future. The market serves a growing demand of curing cancerous ailments among pets. This is a rising concern as various forms of cancers are rising among humans as well. Moreover, treatments like chemotherapy and targeted therapy are known to have worked in several stages of cancers, making them feasible alternatives for important life-saving applications. The rising demand from pet owners, and their affinity in several households as equal to family members make them an important part of growth for the global veterinary oncology market. Growing research and development in this field is a major boon for the market as recent studies have tracked lineage of cancer cells to canine species. This is expected to provide a major impetus for growth for the veterinary oncology market.
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Global Veterinary Oncology Market: Notable Developments
The global veterinary oncology market is expected to witness major growth in the near future. In 2017, the Anjmal Cancer foundation received a grant of over 1 million USD from Blue Buffalo Foundation. The grant is expected to enrich understanding about naturally occurring cancers among pets and those newly derived due to external conditions. The research is also expected to provide key answers to effective treatments for both forms of ailments. The growing research and investments into cancer are likely to help the global veterinary oncology market register a near double-digit growth in the near future.
The global veterinary oncology market also faces several challenges to growth. According to a recent study by the University of Wisconsin, costs related to diagnosis of cancers among pets can reach upwards of $1000-$2000. On the other hand, a single chemotherapy session can cost as much as $3000-5000. This is likely to remain a major barrier to growth of the veterinary oncology market. The growing insurance mechanisms and recovery of the economy are expected to ease the pain of the costs.
Global Veterinary Oncology Market: Drivers and Restraints
The global veterinary oncology market is expected to drive robust growth thanks to rising prevalence of cancers among most preferred pets, mainly dogs and cats. Additionally, the rising awareness about these illnesses and growing research and development initiatives regarding pet illnesses are also expected to boost growth of the global veterinary oncology market. However, the rising concerns about side-effects and short lifespan of pets remains a concern in the global veterinary oncology market. Moreover, the late detection of cancers in many cases also forms a challenge as pet owners are often reluctant to invest and put their pet through painful procedures.
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Global Veterinary Oncology Market: Geographical Analysis
The global veterinary oncology market is expected to witness highest growth in North America region. The widespread adoption of pets in this region coupled with Europe, the regular medical check-ups, and changing organization of families are expected to drive growth of the veterinary oncology market. Moreover, establishment of several pet clinics, large chains, and growing importance of their medical care is expected to drive growth of the veterinary oncology market. The rise in adoption of pets for prestige and special purposes like competitions is expected to be a lucrative trend for players in the veterinary oncology market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.