Veterinary oncology deals with diagnosis and management of cancer in pets like dogs and cats. Veterinary oncology helps in treating various types of cancers in pets like lymphoma, mast cell tumors, and melanoma. With rising pet ownership and increasing awareness about pet health, the demand for advanced veterinary cancer diagnostic and therapeutic products is growing.
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 Opportunity:
Increasing Pet Cancer Prevalence: According to the American Veterinary Medical Association, almost half of dogs over the age of 10 will develop cancer at some point in their life. Cancer is also quite common in cats, with nearly half of cats older than 10 years developing cancer. Rising prevalence of various types of cancers in pets is driving demand for quality veterinary cancer treatment including diagnosis, drugs, surgical intervention, and radiation therapy. With increasing awareness among pet owners regarding advanced veterinary cancer management options, this prevalence of pet cancer presents a significant market opportunity for players in the veterinary oncology market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires huge R&D investments and compliance with stringent regulations. However, collaboration with existing players can help new players enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate since veterinary oncology services have few substitutes. However, price transparency online has increased buyer power.
Bargaining power of suppliers: Suppliers of veterinary oncology drugs, devices and technologies have moderate to high bargaining power due to intellectual property protection and differentiated products.
Threat of new substitutes: The threat of substitutes is moderate as animal owners opting for alternative therapies or non-treatment.
Competitive rivalry: The competitive rivalry is high due to increasing innovation and collaborations between existing players.
SWOT Analysis
Strength: Growing pet care spending and rising demand for cancer treatment in animals. Developments in precision medicine, targeted therapies and immunotherapy are expanding treatment options.
Weakness: High cost of treatment limits access. Lack of awareness about veterinary cancer and animal health insurance.
Opportunity: Untapped potential in developing regions. Scope for innovation in diagnostics, combination therapies and prevention measures.
Threats: Stringent approval process delays market entry. Ethical concerns regarding animal testing hamper R&D.
Key Takeaways
The global Veterinary Oncology Market size is expected to witness high growth at a CAGR of 14% during the forecast period of 2024 to 2030. The market was valued at US$ 657.42 Mn in 2024 and is projected to reach US$ 2,091.71 Mn by 2030.
Regional analysis
North America dominates the global market currently owing to advanced healthcare infrastructure, rising companion animal adoption and high per capita expenditure on pet care in the region. The Asia Pacific region is expected to grow at the fastest pace over the forecast period due to rising awareness, economic growth and increasing investments in animal health in major countries like India and China.
Key players
Key players operating in the veterinary oncology market are Thermo Fisher Scientific Inc., CRISPR Therapeutics AG, Intellia Therapeutics. Thermo Fisher Scientific Inc. offers a wide range of cancer diagnostic and research tools including immunohistochemistry, in situ hybridization and flow cytometry equipment for veterinary pathology labs. CRISPR Therapeutics AG is developing CRISPR/Cas9 gene-editing therapies for cancer in companion animals.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
