May 18, 2024
Veterinary Oncology Market

Veterinary Oncology Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Cancer in Pet Animals

Veterinary oncology focuses on diagnosis, treatment, control, and management of cancer in animals. Veterinary oncology has gained significant traction in the past couple of decades owing to increasing prevalence of cancers in pets. Advancements in diagnostic methods and therapeutic options have allowed early detection and effective treatment of various cancers in companion animals.

The Global Veterinary Oncology Market Size is estimated to be valued at US$ 657.42 Mn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The veterinary oncology market is driven by increasing prevalence of cancer in pet animals. According to the American Veterinary Medical Association (AVMA), nearly half of dogs and a third of cats over the age of ten will develop cancer at some point. Early detection of cancer has significantly improved the five-year survival rates of companion animals diagnosed with cancer. Growing pet owner expenditure on animal health coupled with increasing adoption of pets worldwide has boosted demand for cancer diagnosis and therapeutics in veterinary medicine. Advancements in diagnostic modalities such as MRI, CT scans, and molecular diagnostics have improved the diagnostic capabilities of veterinarians and allowed early detection of cancer in animals. Novel targeted therapies and immunotherapies are also undergoing clinical trials to evaluate their efficacy and safety in treating cancers in pets.

SWOT Analysis

Strength:
– Growing pet care expenditure and rising awareness about pet health is driving the demand for veterinary oncology treatment. Pet owners are now more willing to spend on advanced medical care for pets.
– Technological advancements in diagnosis and treatment modalities such as newer chemotherapy drugs, radiation therapy, immunotherapy, and targeted therapy are improving treatment outcomes in veterinary oncology.

Weakness:
– High cost of veterinary oncology treatment remains a significant barrier, as it is often not covered by pet insurance. Many pet owners hesitate to spend thousands of dollars for advanced cancer treatment of their pet.
– Lack of specialized veterinary oncology centers and trained oncology veterinarians limits the availability and reach of advanced cancer care for pets in some regions.

Opportunity:
– Growing companion animal population worldwide generates significant opportunities for players in the veterinary oncology market. With rising income levels, more pet owners can afford cancer treatment.
– Emerging economies offer lucrative growth prospects as veterinary healthcare expenditure is rising rapidly in these nations like India and China. Increase in pet adoption will augment demand.

Threats:
– Stringent regulations for approval of veterinary oncology drugs delay market entry for new products.
– Alternate treatment methods like herbs, supplements gain popularity and affect sales of regular pharmaceutical therapies.

Key Takeaways

The global Veterinary Oncology market is expected to witness high growth over the forecast period. The market size is projected to reach US$ 657.42 Million by 2024, registering a CAGR of around 14%.

Regional analysis:

North America dominates the global veterinary oncology market currently owing to rising pet care expenditure, strong presence of key players, and higher availability of advanced veterinary care facilities in countries like United States and Canada. Asia Pacific region is anticipated to grow at the fastest pace during the forecast period supported by increasing pet adoption in nations like India and China along with rising disposable incomes.

Key players:

Key players operating in the veterinary oncology market are Thermo Fisher Scientific Inc., CRISPR Therapeutics AG, and Intellia Therapeutics. Thermo Fisher Scientific Inc. offers comprehensive solutions for veterinary oncology including liquid biopsy kits, pharmaceuticals, and diagnostic imaging systems. CRISPR Therapeutics AG and Intellia Therapeutics are engaged in development and research of gene therapies for veterinary cancer treatment through targeted editing technologies like CRISPR-Cas9.

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