VETERINARY ONCOLOGY MARKET ANALYSIS

Veterinary Oncology Market Size and Trends

Global veterinary oncology market is estimated to be valued at USD 724.9 Mn in 2024 and is expected to reach USD 1,563.7 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 11.6% from 2024 to 2031.

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The global veterinary oncology market is expected to witness positive growth over the forecast period. The increasing pet adoption and growing prevalence of cancer in companion animals is expected to drive the demand for veterinary oncology services and therapeutics. According to recent studies, it is estimated that over 50% of dogs over the age of 10 will develop cancer, making it a common disease among aging pets. Furthermore, rising animal health expenditure and growing awareness among pet owners regarding cancer diagnosis and treatment is also anticipated to support the revenue growth of the veterinary oncology market between 2024 and 2031.

Increasing Animal Healthcare Expenditure

Increasing animal healthcare expenditure is expected to drive the global veterinary oncology market Iover the forecast period. For instance, in May 2023, the North American Pet Health Insurance Association (NAPHIA) released its 2023 State of the Industry (SOI) report showing that the North American pet health insurance sector grew by 23.5% in In-Force GWP over 2022.

Increasing awareness of animal health and welfare and shifts in demographics and lifestyles leading to increased spending on pet healthcare are expected to drive the market growth over the forecast period. For instance, in May 2021, - Petco Health and Wellness Company, Inc., a complete partner in pet health and wellness, launched Together Strong, a pet cancer awareness campaign that brings two- and four-legged survivors together to highlight how routine preventative care is as vital for pets as it is for humans in the fight against cancer. Along with the campaign and in partnership with PetDx, a molecular diagnostics company aiming to revolutionize the detection, characterization and management of cancer in pets, Petco will begin offering OncoK9 a groundbreaking multi-cancer early detection test for dogs – at its full-service vet hospitals in select locations.