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.
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