Burlingame, June 25, 2024 (GLOBE NEWSWIRE) -- The global Veterinary Oncology Market size was valued at US$ 724.9 Million in 2024 and is expected to reach US$ 1,563.7 Million by 2031, growing at a compound annual growth rate (CAGR) of 11.6% from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Rising innovations help veterinarians provide high-quality cancer care to pets on par with human medicine. Pet owners no longer have to make the difficult decision to let their furry friend go untreated due to lack of options. The improvements in diagnostic accuracy and therapeutic effectiveness have vastly increased optimism around pet cancer management. These advances play a pivotal role in propelling the veterinary oncology market growth.
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Market Dynamics:
The veterinary oncology market is driven by the increasing incidence of cancer in pets and growing ownership of pets. Cancer is one of the leading causes of death in pets and its incidence is growing at a fast pace. According to Blue Pearl Veterinary Partners, it is estimated that nearly half of dogs over the age of 10 develop cancer. Early detection and treatment is very important for pets surviving cancer. Growth in pet ownership especially in developing nations is also contributing to the market growth as owners are willing to spend more on treatment and healthcare of their pets. Availability of various cancer treatment options such as chemotherapy, target therapy, immunotherapy and surgery are also fueling the veterinary oncology market growth.
Veterinary Oncology Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $724.9 million |
| Estimated Value by 2031 | $1,563.7 million |
| Growth Rate | Poised to grow at a CAGR of 11.6% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Animal Type, By Therapy Type, By Mode of Administration, By Application, By Distribution Channel |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Increasing Animal Healthcare Expenditure • Increasing Awareness of Animal Health and Welfare |
| Restraints & Challenges | • Stringent Regulations for Veterinary Vaccines • Expensive Cancer Treatment Procedures |
Market Trends:
Targeted therapy has emerged as one of the most popular cancer treatment options for pets in the recent past. Drugs like Kinavet and Palladia are exclusively made for companion animals and are highly effective in treating cancers like lymphoma, mast cell cancer and others. Owing to lesser side effects and improved pet survival rate post treatment, targeted therapy is gaining wider acceptance among veterinarians and pet owners.
Pet insurance is still at a nascent stage in developing countries but is witnessing high growth in developed regions where high treatment cost of cancer is augmenting the purchase of pet insurance policies. Pet owners are willing to invest in insurance as it provides security against steep costs associated with cancer care. This rising pet insurance adoption indirectly supplements the veterinary oncology market.
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The chemotherapy segment held the largest market share in 2024, accounting for around 35% of the total market. Chemotherapy involves the use of antineoplastic drugs to treat cancer by stopping or slowing the growth of cancer cells, either by killing the cells or stopping them from dividing. It is used extensively to treat various cancers in companion animals such as dogs and cats. The wide acceptance and availability of various chemotherapy drugs is driving the growth of this segment.
The immunotherapy segment is expected to witness the highest CAGR of 13.8% during the forecast period. Immunotherapy stimulates the body's own immune system to help fight cancer and treat illnesses associated with cancer therapy. It has minimal side effects as compared to chemotherapy. Rising awareness about the advantages of immunotherapy over traditional therapies is fueling the growth of this segment. Furthermore, ongoing research and development activities to develop novel and targeted immunotherapy drugs will contribute to the growth of this segment.
Key Market Takeaways:
The global veterinary oncology market is anticipated to witness a CAGR of 11.6% during the forecast period 2024-2031, owing to the rising incidence of cancer in pets, increasing pet healthcare expenditure, and continued product innovations.
On the basis of animal type, the companion animal segment is expected to hold a dominant position, accounting for around 75% share, due to the growing pet population and rising pet care spending globally.
On the basis of therapy type, the chemotherapy segment is expected to hold a dominant position over the forecast period, due to its wide acceptance and availability of various drugs. On the basis of mode of administration, the oral segment holds the major share due to superior pharmacokinetic profiles and patient preference over injections.
By application, the canine lymphoma segment holds the maximum share as it is the most commonly occurring hematopoietic cancer in dogs. North America is expected to hold a dominant position over the forecast period, due to the high number of pet owners, increased healthcare expenditure, and rising pet cancer rates.
Key players operating in the veterinary oncology market include Zoetis Inc., Elanco, AB Science, Boehringer Ingelheim International GmbH, Zenoaq, VetDC, Morphogenesis, Inc., Karyopham Therapeutics, Inc., Regeneus Ltd., AdvaVet, Inc., Rhizen Pharmaceutical S.A., PetCure Oncology, and Varian Medical Systems among others. Increasing consolidation activities by these players are expected to boost the market growth during the forecast period.
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Recent Developments:
In April 2024, VolitionRx Limited, announced that its NU.Q Vet Cancer Test is available to veterinaries across the United States and Europe through, a veterinary diagnostics company.
In October 2023, Merck Animal Health, announced that its caninized monoclonal antibody givetmab is available to veterinary specialists practicing oncology across the U.S. to treat dogs with mast cell tumors and melanoma.
Detailed Segmentation-
By Animal Type:
- Companion Animal
- Equine
- Canine
- Feline
- Livestock Animal
By Therapy Type:
- Chemotherapy
- Combination Therapy
- Immunotherapy
- Targeted Therapy
By Mode of Administration:
- Oral
- Intravenous
By Application:
- Canine Lymphoma
- Osteosarcoma (OSA)
- Mast Cell Cancer
- Melanoma
- Others
By Distribution Channel:
- Hospital Pharmacies
- Government Agencies
- Retail Pharmacies
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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