April 21, 2024

The Global Veterinary Oncology Market is Estimated to Witness High Growth Owing to Rising Pet Cancer Cases

Veterinary oncology deals with diagnosis, treatment and prevention of cancer among animals. It involves various treatment modalities such as chemotherapy, radiation therapy, surgery and targeted therapy to cure cancer in pets. Veterinary oncology is a specialized field that ensures long and healthy lives for companion animals diagnosed with cancer. The advantages of veterinary oncology treatment include minimal invasive procedures, improved survival rates and reduced risk of disease recurrence. With growing humanization of pets and rising expenditure on pet care, pet owners are increasingly opting for advanced cancer treatment for their furry companions.

The Global Veterinary Oncology Market is estimated to be valued at US$ 757.35 Bn 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 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. These players are focusing on novel therapeutic approaches such as gene therapies and targeted therapies to expand their product portfolios.

The veterinary oncology market offers lucrative opportunities for players in the form of untapped emerging economies, rising pet insurance penetration and growing pet ownership in developing nations. Companies are investing in research collaborations to develop advanced treatment modalities for companion animal cancer.

Global expansion of the veterinary oncology market is driven by growing animal health expenditure worldwide along with Rising awareness among pet owners regarding cancer diagnosis and novel treatment options for pets. Companies are enhancing their global footprint through strategic acquisitions and partnerships with local players.

Market drivers
Rising prevalence of pet cancer owing to increasing life expectancy of pets coupled with growing risk factors such as obesity and less physical activity among pets is one of the major drivers of veterinary oncology market. According to recent studies, nearly half of dogs aged 10 years and older develop cancerous tumors. This increasing incidence of pet cancer has augmented the demand for efficient diagnostic tools and therapeutic interventions within veterinary oncology.

PEST Analysis
Political: Veterinary oncology market is affected by changing regulations for veterinary care and animal welfare. Regulations aim to ensure proper treatment standards for sick animals.
Economic: Growing pet ownership rates and increasing spending on pet care is driving demand for cancer treatment in pets. However, high costs of treatment can hamper market growth.
Social: Pet humanization trend where pets are considered as family members is increasing willingness to pay for advanced cancer therapies. Rising awareness about animal welfare also supports market expansion.
Technological: Advancements in genomic sequencing, molecular diagnostics and targeted drug therapies are improving cancer treatment outcomes in pets. AI tools aid in faster drug discovery and precision veterinary medicine.

The veterinary oncology market is concentrated in North America and Western Europe in terms of revenue. The United States leads the North American market due to growing pet adoption and rising per capita pet healthcare expenditure. Europe witnesses significant demand owing to increasing awareness about pet cancer diagnosis and availability of advanced treatment centers.

Asia Pacific is the fastest growing region for the veterinary oncology market due to rapid economic development, rising pet ownership rates and improvements in veterinary healthcare infrastructure. Countries like China, India and South Korea are emerging as lucrative markets. Moreover, increasing expenditure on animal health research in countries such as Japan and Australia is also positively impacting the regional market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it