The veterinary oncology market consists of drugs, therapies, and diagnostic imaging tools that aid veterinary physicians in the detection, diagnosis, staging, and treatment of cancer in companion animals. Advances in precision medicine have allowed for targeted treatments with minimal side effects.
The Global Veterinary Oncology Market is estimated to be valued at US$ 757.35 Billion in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in The Veterinary Oncology Market are Thermo Fisher Scientific Inc., CRISPR Therapeutics AG, Intellia Therapeutics, Inc., Editas Medicine, Inc., Sangamo Therapeutics, Inc., Bluebird Bio, Inc., Cellectis S.A., and Merck Group. Key players are focusing on therapies such as CAR-T and gene editing technologies to develop precision therapies. The growing companion animal population and rising pet care expenditure is expected to drive the demand for veterinary oncology therapies and diagnostics. Furthermore, increasing prevalence of cancers among companion animals owing to rising risk factors such as less active lifestyles and obesity is also propelling the market growth. Additionally, increasing awareness regarding animal health and investments by key players for the development of innovative products are factors expected to boost the global expansion of the veterinary oncology market during the forecast period.
Market Key Trends
Targeted therapies using gene editing technologies is one of the key trends witnessed in the veterinary oncology market. CRISPR/Cas9 genome editing is being widely researched for developing veterinary cancer treatments. Some key players are utilizing CRISPR for designing chimeric antigen receptor T-cell (CAR-T) therapies for companion animals suffering from cancers like lymphoma. With continuous advancements, CRISPR based precision therapies are anticipated to transform cancer treatment in veterinary medicine.
Porter’s Analysis
Threat of new entrants: New veterinary oncology drugs and therapies require very high investments and long development times. Regulatory approvals also act as a barrier.
Bargaining power of buyers: Customers have low bargaining power due to limited treatment options and lack of substitutes for lifesaving therapies.
Bargaining power of suppliers: Suppliers of novel targeted therapies and companion diagnostics hold some bargaining power due to differentiated products.
Threat of new substitutes: Threat of new substitutes is moderate as innovations result in new targeted therapies. However, they face similar barriers to entry.
Competitive rivalry: Market is competitive with global players investing in R&D and targeted drug development.
North America enjoys the highest market share currently in the veterinary oncology market. This is primarily due to factors like increased awareness regarding animal health, growing pet adoption especially in the United States, and high disposable incomes allowing owners to opt for expensive cancer treatment options for pets. Asia Pacific is expected to be the fastest growing region during the forecast period. This is attributed to factors such as rising awareness about animal health, growth in companion animal adoption, and rising per capita animal healthcare expenditure in countries like India and China.
Geographical Regions
North America currently holds the highest share of the global veterinary oncology market value-wise, with the United States being the major contributor. This is because of advanced healthcare infrastructure, availability of affordable treatment options, and growing pet care expenditure.
The Asia Pacific region is expected to witness the fastest growth during the forecast period in the veterinary oncology market. This growth can be attributed to rising pet adoption, increasing pet care expenditure, growing awareness about animal health, and improving veterinary healthcare facilities in emerging countries like India and China.
