Veterinary oncology involves prevention, diagnosis, and treatment of cancer in companion animals. It includes surgical therapies, chemotherapy, radiation therapy, targeted therapies, immunotherapy, and alternative medicines for cancer treatment in pets. Common cancers in pets include mast cell tumors, lymphomas, melanoma, and sarcomas. Advances in veterinary diagnostics and therapies have improved treatment options and helped support pet cancer patients.
The Veterinary Oncology Market is estimated to be valued at US$ 657.42 Mn or Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Population aging and increase pet owners opting for palliative cancer treatments are fueling market growth. According to American Veterinary Medical Association (AVMA), over 85 million pet dogs and 94 million pet cats are adopted in United States alone. Growing affluence of pet owners have increased spending on advanced cancer treatment options such as chemotherapy, radiation therapy, and immunotherapy. Pet owners are increasingly opting for non-invasive diagnostics and targeted therapies to support quality of life and prolong lifespan of pet cancer patients. This has opened opportunities for targeted drugs and alternative cancer therapies in veterinary oncology.
Segment Analysis
The global veterinary oncology market is dominated by the companion animal segment. Companion animals such as dogs and cats frequently develop cancer owing to factors such as increased life expectancy, less varied diet and indoor lifestyle. According to recent estimates, over 50% of dogs over the age of 10 develop cancer at some point. Early diagnosis and treatment of cancers in companion animals is driving the demand for veterinary oncology services and products in this segment.
PEST Analysis
Political: Regulations regarding animal welfare and testing are becoming more stringent globally, forcing vendors to focus more on developing effective therapies with minimal side effects.
Economic: Rising pet adoption rates and increasing spending on pet care is fueling revenue growth in developed markets. However, high costs associated with cancer treatments remain a challenge.
Social: Pet humanization trends where companion animals are considered part of the family is driving higher acceptance of advanced treatments like chemotherapy, radiation therapy and surgery.
Technological: Continuous focus on R&D is helping improve diagnostic techniques. Development of more targeted therapies and immunotherapies holds potential to transform the treatment landscape.
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 rising pet care expenditures globally.
On a regional basis, North America accounted for the largest share of the global veterinary oncology market in 2023. This can be attributed to growing pet ownership, increasing pet healthcare budgets, and rising incidence of cancers in companion animals in the region. However, Asia Pacific is anticipated to register the fastest growth rate over the coming years. Rising awareness about pet health issues and improving veterinary healthcare infrastructure are fueling demand growth in the region.
Key players operating in the veterinary oncology market are Zoetis Inc., Elanco, AB Science, Boehringer Ingelheim International GmbH, Zenoaq, VetDC, Morphogenesis, Inc., Karyopharm Therapeutics, Inc., Regeneus Ltd., AdvaVet, Inc., and Rhizen Pharmaceutical SA. Major players are focusing on expanding their product portfolios through acquisitions and licensing agreements with biotech companies developing novel oncology therapies and diagnostic tools.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
