Global Veterinary Oncology Market is estimated to be valued at USD 724.9 Mn in 2024 and is expected to exhibit a CAGR of 11.6% over the forecast period (2024-2031). The veterinary oncology market is witnessing high growth owing to factors such as rising pet healthcare expenditure globally and increasing incidence of cancer among companion animals. Furthermore, growing awareness about cancer diagnosis and various treatment options available among pet owners is supplementing the market growth.
Market Dynamics:
The global veterinary oncology market growth is primarily driven by the increasing pet healthcare expenditure worldwide. According to recent statistics, pet owners in developed nations are willing to spend considerable amounts for advanced cancer treatment of their pet animals. Additionally, the rising incidence of various cancers among companion animals such as dogs and cats due to changing lifestyle and environmental factors is providing impetus to the market. Various veterinary hospitals and clinics are focusing on early cancer diagnosis and ensuring availability of wide range of treatment options including chemotherapy, surgery, radiotherapy, etc. This is positively impacting the veterinary oncology market growth globally.
Increasing Pet Ownership is Driving Demand for Advanced Cancer Care
One of the major drivers for the global veterinary oncology market is the rising pet ownership worldwide. Pets are increasingly being treated as members of the family by their owners. This is leading to higher spending on pet healthcare as owners want the best possible cancer treatment for their furry companions. According to some estimates, the number of pets worldwide will surpass 1 billion by 2030. As more pets enter households, the demand for sophisticated veterinary services including oncology will continue growing steadily. advanced techniques like chemotherapy, radiation therapy and immunotherapy previously used only for humans are now becoming common for treating pets with cancer.
Growing Awareness about Pet Cancer Diagnosis and Treatment Options
Another important growth factor is rising awareness among pet owners about cancer in pets and the various diagnosis and treatment modalities available. Various veterinary professional bodies and animal welfare organizations regularly conduct awareness campaigns about common pet cancers and encourage owners to get their pets screened regularly. This is helping detect cancers at early stages when treatment success rates are higher. The internet has also played a role in increasing knowledge levels as owners extensively research the latest oncology therapies and new drug approvals online. The commercial success of treatments previously only available for clinical trials indicates growing comfort with complex therapies. This awareness-led demand should support ongoing market expansion.
High Cost of Advanced Therapies Acts as a Constraint
One major challenge restraining faster growth is the high cost of advanced veterinary oncology services. Therapies like chemotherapy, surgery, radiation therapy and immunotherapy require specialized equipment and trained technicians. This pushes up prices putting advanced care out of reach for many pet owners. The prices in some cases come close to human cancer treatment regimens which raises affordability issues, especially for uninsured animals. Low awareness in developing countries with fewer vet hospitals offering oncology also restricts access. However, this restraint is expected to gradually reduce with more generic drug availability and lower-cost therapy options developed specifically for veterinary needs.
Shortage of Specialized Veterinary Oncologists
Another hindrance is the global shortage of veterinary medical professionals specializing in oncology. Although cancer care interest is rising in the field, the number of oncology residency programs, boards and specialists have not kept pace so far. With further demand growth projected, the supply side crunch may potentially slow adoption of new technologies if basic service-level shortfalls are not addressed first. Many areas still have few experienced oncologists limiting therapy access. Over time, the field is likely to attract greater post-graduate research investments addressing this human resource gap that requires immediate attention from stakeholders to assist untapped market development.
Advancements in Companion Diagnostics and Therapies
One of the key market opportunities lies in continued innovation in companion diagnostics and therapeutics modeled for veterinary needs. Research collaborations between animal health and human pharmaceutical firms are yielding promising diagnostics that can precisely identify cancer sub-types and predict response based on genomic profiles. These new tools can optimize individualized treatment selection. Similarly, drugs originally developed for humans are entering veterinary practice after safety and dosage validation. New therapeutic categories including immunotherapy agents have revived treatment outcomes. Future diagnostic and drug pipelines should maintain the momentum gained so far in precision veterinary oncology practices.
Link - https://www.coherentmarketinsights.com/market-insight/veterinary-oncology-market-2995
Key Development
- On April 23, 2024, VolitionRx Limited, a pharmaceutical company, announced that its Nu. Q Vet Cancer Test is available to veterinarians across the United States and Europe through Antech, a veterinary diagnostics company. The Antech version of the product operates on the Element i+ Analyzer, providing veterinary teams with a quick, accurate, and cost-effective cancer screening tool for older patients or breeds that are high-risk.
- In July 2023, The University of Queensland, announced that they had launched vaccine trial for dogs with bone cancer. These treatments aim to stimulate a dog’s immune system to fight the spread of cancerous cells to other tissues of the body
- In July 2022, CureLab Veterinary, a newly formed animal-health sister company to the human-focused Curelab Oncology, has launched with exclusive worldwide rights to apply CureLab Oncology patents for treating dogs, cats, and horses. The first target market for CureLab Veterinary’s licensed DNA therapeutic will be to treat breast cancer in dogs and cats.
- In July 2021, Elanco, an animal health company, announced that they had received an approval from U.S. Food and Drug Administration for Tanovea (rabacfosadine injection) for the treatment of lymphoma in dogs
Key Players: Zoetis Inc., Elanco, AB Science, Boehringer Ingelheim International GmbH, Zenoaq, VetDC, Morphogenesis, Inc., Karyopharm Therapeutics, Inc., Regeneus Ltd., AdvaVet, Inc., Rhizen Pharmaceutical SA., PetCure Oncology, Varian Medical Systems, Accuray Incorporated, One Health, Regeneus Ltd., and VolitionRx Limited
