Veterinary Oncology Market Is Estimated To Witness High Growth Owing To Rising Prevalence of Cancer in Companion Animals
Market Dynamics:
Rising pet adoption leading to increased healthcare spending on companion animals is projected to drive the veterinary oncology market growth over the forecast period. According to American Pet Products Association (APPA), around 90.5 million cats and around 79.7 million dogs were kept as pets in the US in 2021. Growing awareness regarding early cancer diagnosis is also expected to boost the market growth. Additionally, surge in funding for development of novel targeted therapies will fuel the veterinary oncology market expansion. However, high cost of cancer treatment remains a challenge.
SWOT Analysis
Strength: Veterinary Oncology Market has strong growth potential due to rising pet adoption and growing awareness about pet health globally. Increased spending on animal health care and growing incidence of cancer in pets also contribute to market growth. Advancements in cancer diagnostic tools and therapeutics further boost the market strength.
Weakness: High cost of cancer treatment limits access for some pet owners with financial constraints. Lack of skilled oncologists in veterinary field also poses challenges.
Opportunity: Untapped potential in developing economies presents lucrative opportunities for market players. Growing research on pet cancer vaccines and targeted therapies will open new avenues.
Threats: Stringent regulations for product approval delay market access. Intense competition among existing players impacts pricing andmargins.
Key Takeaways:
Global Veterinary Oncology Market Demand is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing pet adoption and growing awareness about animal health. Advancements in cancer diagnostic techniques and therapeutics also fuel market expansion.
Regional analysis- North America dominated the global market in 2023 and is expected to maintain its lead over 2023-2030. This is attributed to continuous product innovation, robust healthcare infrastructure and higher spending on pet care. Europe is projected to be the second largest market owing to rising pet population. Asia Pacific exhibits lucrative prospects with growing pet ownership in India and China.
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