With the growing pet adoption rates worldwide and companion animals being regarded as family members, pet owners are increasingly willing to spend on advanced veterinary healthcare services including cancer treatment for their furry friends. Veterinary oncology involves diagnosis, staging, treatment and management of neoplasms or cancerous tumors in animals. It utilizes diagnostic techniques like x-rays, ultrasound, CT and MRI scans to detect malignant cells or masses in various organs. Treatment options include surgery to remove cancerous tissues, radiation therapy to destroy tumors using high-energy x-rays or particles, chemotherapy using anti-cancer drugs and immunotherapy to boost the animal’s immune system against cancer cells. With technological advancements, newer treatment modalities like targeted therapy and stem cell transplants are also gaining traction.
The global veterinary oncology market is estimated to be valued at US$ 657.42 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends witnessed in the veterinary oncology market size is rising adoption of targeted therapies. These therapies are designed to kill cancer cells while minimizing damage to normal cells. They work by blocking the growth and spread of cancer by interfering with specific molecules involved in tumor growth and progression. Some common targeted therapies approved for veterinary use include tyrosine kinase inhibitors and angiogenesis inhibitors. They provide an effective alternative to traditional chemotherapy and radiation therapy with fewer side effects. Growing understanding of molecular mechanisms responsible for cancer and availability of pet cancer genome data is facilitating development of new targeted therapies for companion animals.
Threat of new entrants: The threat of new entrants is moderate. The veterinary oncology market requires high investment for R&D, manufacturing facilities and supply chain infrastructure.
Bargaining power of buyers: The bargaining power of buyers is high. Buyers have several product and service options available in the market from various veterinary oncology providers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. The availability of raw materials and presence of established suppliers reduces the threat from suppliers.
Threat of new substitutes: The threat from new substitutes is moderate. Alternative treatment options like immunotherapy offer lesser risk however, surgery and radiotherapy continue to be preferred for certain cancers.
Competitive rivalry: Competitive rivalry is high among existing players due to presence of local and global players offering comparable products.
The global veterinary oncology market is expected to witness high growth over the forecast period of 2023 to 2030. The global veterinary oncology market is estimated to be valued at US$ 657.42 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023-2030.
North America is currently dominating the market due to rising pet adoption and supportive government policies for animal health in the region. Increasing animal healthcare expenditure along with rise in incidence of various cancers in companion animals is further expected to boost the North America veterinary oncology market. Europe also holds a significant share in the global veterinary oncology market owing to growing awareness about animal health and welfare. Supportive initiatives by European regulatory authorities for animal testing and drug development is positively impacting the market growth in the region. Asia Pacific is identified as the fastest growing region in the veterinary oncology market due to increasing pet population, improving veterinary healthcare infrastructure and rising per capita animal healthcare expenditure in countries like India and China.
Key players operating in the veterinary oncology market are Thermo Fisher Scientific Inc., CRISPR Therapeutics AG, Intellia Therapeutics. Thermo Fisher Scientific Inc. offers comprehensive portfolio of advanced research tools and instruments for veterinary oncology research. CRISPR Therapeutics AG provides gene-editing therapies for various cancers including companion animal cancers. Intellia Therapeutics uses CRISPR/Cas9 gene editing technology to develop therapies for various cancers in veterinary medicine.