Veterinary Stereotactic Radiosurgery Systems Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.33 Billion |
| Market Size (2029) | USD 5.73 Billion |
| CAGR (2024 - 2029) | 11.53 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Veterinary Stereotactic Radiosurgery Systems Market Analysis
The Veterinary Stereotactic Radiosurgery Systems Market size is estimated at USD 3.33 billion in 2024, and is expected to reach USD 5.73 billion by 2029, growing at a CAGR of 11.53% during the forecast period (2024-2029).
Significant factors such as the rising animal population and pet ownership, increasing animal cancer incidence, and technological advancements in treatment propel the growth of the veterinary stereotactic radiosurgery systems market.
The rising adoption of companion animals is a crucial factor driving the growth of the veterinary stereotactic radiosurgery systems market. For instance, according to a report published by the European Pet Food Industry Federation (FEDIAF) in July 2023, Europe had a significant population of over 66.8 million dogs and 77.9 million cats. Additionally, more than 49% of households in Poland owned a dog, while over 40% owned a cat, highlighting increasing pet ownership trends. This surge in pet adoption is anticipated to support market expansion over the coming years.
The rising prevalence of various animal diseases is also driving market growth. For instance, canine mammary tumors were found to be the most common tumors in dogs, with a relative incidence of 46.71% in the last five years, according to a study conducted in Mainland China published in Frontiers in June 2023. Pure breeds accounted for 84.13% of tumors, with 48.41% of the tumors being benign and 51.59% being malignant. Therefore, the rising prevalence of such diseases is expected to enhance market growth.
Moreover, technological advancements by key players in the market are expected to propel the market's growth. For instance, in October 2022, Elekta informed that its new Leksell Gamma Knife radiosurgery platform, Elekta Esprit, had received FDA 510(k) clearance. This approval enabled its availability to clinicians and patients with brain diseases in the United States while facilitating entry into other regions where FDA clearance is recognized.
Therefore, the growth of the veterinary stereotactic radiosurgery systems market is being propelled by the rising animal population, increased pet ownership, and advancements in treatment technologies, leading to greater demand for innovative veterinary care solutions.
However, the high treatment costs of stereotactic radiosurgery systems and stringent regulatory standards and approval procedures are restraining the market's growth.
Veterinary Stereotactic Radiosurgery Systems Market Trends
Linear Accelerators Segment Expected to Witness Significant Growth Over the Forecast Period
A linear accelerator uses high-energy X-rays and takes the shape of a tumor to destroy it while leaving healthy cells. The growing number of treatments related to stereotactic radiosurgery systems is expected to raise the demand for linear accelerators. Veterinary stereotactic radiosurgery (VRS) has become a leading non-invasive treatment method for various cancers in dogs and cats, offering high precision and effectiveness. This approach utilizes targeted, high-dose radiation to treat tumors while minimizing harm to nearby healthy tissues. Adopting linear accelerators (LINACs) is a crucial factor driving the expansion of the VRS market.
Significant factors such as technological advancements in LINACs, increasing awareness and acceptance of LINAC-based therapies, and expanding applications are expected to propel the segment's growth during the forecast period.
Technological advancements in linear accelerators (LINACs) significantly enhance the precision and effectiveness of veterinary radiosurgery systems. The integration of image-guided radiation therapy (IGRT) combines advanced imaging modalities like CT, MRI, and PET with LINACs, allowing for accurate tumor localization and real-time tracking to ensure precise radiation delivery. LINACs equipped with stereotactic radiosurgery (SRS) capabilities offer a focused treatment approach, delivering high doses of radiation in a limited number of sessions, proving particularly effective for small, well-defined tumors. For instance, in October 2023, Washington State University finalized the installation of a new linear accelerator at its Veterinary Teaching Hospital, enabling advanced radiation therapy and critical treatments for animals with cancer. This LINAC system is engineered to deliver precise, high-energy beams to target cancer cells, minimizing harm to adjacent healthy tissue.
Moreover, increased awareness and acceptance of advanced veterinary treatment options drive the demand for sophisticated technologies such as LINAC-based radiosurgery systems. For instance, in May 2022, the Western College of Veterinary Medicine (WCVM) acquired and installed an advanced linear accelerator, enhancing the WCVM Veterinary Medical Centre’s (VMC) capabilities in offering expanded radiation treatment options for oncology patients. This addition enabled the VMC’s veterinary oncology team to provide optimized image-guided radiotherapy and high-speed radiation therapy services.
The applications of veterinary radiosurgery systems with LINACs are expanding beyond traditional cancer treatments. These systems are now being explored for treating non-cancerous conditions, such as benign brain tumors and certain neurological disorders. Moreover, LINACs offer promising treatment solutions for metastatic diseases, targeting tumors in various organs and potentially improving the prognosis and quality of life for affected pets.
In conclusion, technological advancements in LINAC-based stereotactic radiosurgery, along with increased awareness and acceptance of these advanced treatments, are driving the expansion of veterinary radiosurgery systems, enhancing precision and treatment options for both cancerous and non-cancerous conditions in pets.
North America Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to hold a significant share in the veterinary stereotactic radiosurgery systems market over the forecast period, owing to factors such as rising pet adoption and increasing per capita animal healthcare expenditure. The rise in the prevalence of cancer in animals was identified as the major driving factor for market growth.
The growing pet population and increased spending on pet care have fueled market growth. For instance, according to a report published by the Forbes Advisor in January 2024, 66% of US households, which amounted to 86.9 million homes, owned a pet. Similarly, in September 2022, data from the Canadian Animal Health Institute indicated that over half of Canadian households, approximately 60%, owned at least one dog or cat. Additionally, the dog population reached 7.9 million, while the cat population grew to 8.5 million during the same period.
Moreover, the rising number of cancer cases in animals is also expected to boost the growth of the veterinary stereotactic radiosurgery systems market. For instance, according to a report published by Aging Cancer in February 2022, the high incidence of cancer in domestic dogs, with over one in four dogs diagnosed with cancer in the United States, driven by increased longevity and environmental factors, has led to greater demand for early detection and treatment methods. Advances in risk assessment, alongside the development of screening tests for cancers like hemangiosarcoma and osteosarcoma, emphasize the need for innovative treatment options. These factors are driving the adoption of stereotactic radiosurgery systems as an advanced and precise solution to address the rising cancer burden in veterinary care.
Moreover, increasing pet expenditure is also expected to propel the growth of the market. For instance, according to a report published by the American Pet Products Association in 2024, pet industry expenditure was estimated to be over USD 150.6 billion in 2024, as compared to USD 147 billion in 2023. The increasing pet expenditure is driving the demand for advanced veterinary treatments, which, in turn, is boosting the adoption of stereotactic radiosurgery systems as pet owners seek more effective, minimally invasive cancer therapies for their animals.
In conclusion, the rise in pet adoption, increasing animal healthcare expenditure, and advancements in cancer detection and treatment are driving the adoption of veterinary stereotactic radiosurgery systems, supporting significant market growth in North America.
Veterinary Stereotactic Radiosurgery Systems Industry Overview
The veterinary stereotactic radiosurgery systems market is fragmented in nature due to the presence of several companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies that hold significant market shares and are well known, including Avante Health Solutions, Accuray Inc., Elekta AB, Varian Medical Systems Inc., and PetCure Oncology, among others.
Veterinary Stereotactic Radiosurgery Systems Market Leaders
-
Avante Health Solutions
-
Accuray Inc.
-
Elekta AB
-
Varian Medical Systems, Inc.
-
PetCure Oncology
*Disclaimer: Major Players sorted in no particular order
Veterinary Stereotactic Radiosurgery Systems Market News
- September 2024: Blue Pearl Veterinary Hospital in Malvern, Pennsylvania, became one of the first veterinary clinics globally to utilize the CyberKnife, an advanced technology designed for treating cancer patients. The CyberKnife is the only radiation delivery system that integrates a linear accelerator with a robotic platform, enabling precise delivery of high-energy x-rays or photons for radiation therapy.
- May 2024: Elekta introduced its latest linear accelerator, Evo*, featuring advanced AI-powered high-definition imaging. This CT-Linac supports both online and offline adaptive radiation therapy, along with enhanced image-guided radiation treatments. Its versatility allows clinicians to select the most appropriate radiation therapy approach for each patient.
Veterinary Stereotactic Radiosurgery Systems Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Animal Population and Pet Ownership
4.2.2 Rising Cancer Incidence Among Animals
4.2.3 Technological Advancements for Cancer Diagnosis and Treatment
4.3 Market Restraints
4.3.1 High Treatment Costs of Stereotactic Radiosurgery Systems
4.3.2 Stringent Regulatory Standards and Approval Procedures
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (in USD)
5.1 By Product
5.1.1 Linear Accelerator
5.1.2 Cyber Knife
5.1.3 Gamma Knife
5.2 By Application
5.2.1 Brain Tumours
5.2.2 Spinal Tumours
5.2.3 Other Applications
5.3 By End User
5.3.1 Veterinary Hospitals
5.3.2 Veterinary Specialty Clinics
5.3.3 Research and Academic Institutions
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Avante Health Solutions
6.1.2 Accuray Inc.
6.1.3 Elekta AB
6.1.4 Varian Medical Systems Inc.
6.1.5 PetCure Oncology
6.1.6 Xstrahl Inc.
6.1.7 CVS Group
6.1.8 Medtronic PLC
6.1.9 Nanovi AS
6.1.10 Merck & Co. Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Veterinary Stereotactic Radiosurgery Systems Industry Segmentation
As per the scope of the report, the veterinary stereotactic radiosurgery (SRS) systems market involves specialized medical devices used to treat animals with cancer or other abnormal growths through high-precision radiation therapy. These systems target tumors with focused radiation beams, minimizing damage to surrounding healthy tissue.
The veterinary stereotactic radiosurgery systems market is segmented by product, application, end user, and geography. The product segment is further divided into linear accelerator, cyber knife, and gamma knife. The application segment is further segmented into brain tumors, spinal tumors, and other applications. The end user segment is further divided into veterinary hospitals, veterinary specialty clinics, and research and academic institutions. The geography segment is further divided into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the market sizes and forecasts in value (USD) for the above segments.
| By Product | |
| Linear Accelerator | |
| Cyber Knife | |
| Gamma Knife |
| By Application | |
| Brain Tumours | |
| Spinal Tumours | |
| Other Applications |
| By End User | |
| Veterinary Hospitals | |
| Veterinary Specialty Clinics | |
| Research and Academic Institutions |
| Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Veterinary Stereotactic Radiosurgery Systems Market Research FAQs
How big is the Veterinary Stereotactic Radiosurgery Systems Market?
The Veterinary Stereotactic Radiosurgery Systems Market size is expected to reach USD 3.33 billion in 2024 and grow at a CAGR of 11.53% to reach USD 5.73 billion by 2029.
What is the current Veterinary Stereotactic Radiosurgery Systems Market size?
In 2024, the Veterinary Stereotactic Radiosurgery Systems Market size is expected to reach USD 3.33 billion.
Who are the key players in Veterinary Stereotactic Radiosurgery Systems Market?
Avante Health Solutions, Accuray Inc., Elekta AB, Varian Medical Systems, Inc. and PetCure Oncology are the major companies operating in the Veterinary Stereotactic Radiosurgery Systems Market.
Which is the fastest growing region in Veterinary Stereotactic Radiosurgery Systems Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Veterinary Stereotactic Radiosurgery Systems Market?
In 2024, the North America accounts for the largest market share in Veterinary Stereotactic Radiosurgery Systems Market.
What years does this Veterinary Stereotactic Radiosurgery Systems Market cover, and what was the market size in 2023?
In 2023, the Veterinary Stereotactic Radiosurgery Systems Market size was estimated at USD 2.95 billion. The report covers the Veterinary Stereotactic Radiosurgery Systems Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Veterinary Stereotactic Radiosurgery Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Veterinary Stereotactic Radiosurgery Systems Industry Report
Statistics for the 2024 Veterinary Stereotactic Radiosurgery Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Veterinary Stereotactic Radiosurgery Systems analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
