Veterinary oncology focuses on the prevention, diagnosis, and treatment of cancer in animals. It utilizes techniques similar to those used in human oncology including surgery, radiation therapy, chemotherapy, immunotherapy, and stem cell transplants. Companion animals such as dogs and cats are more likely to develop cancers due to their close contact with potential carcinogens in our environment. Leukemia, lymphoma, melanoma, mast cell tumors, and osteosarcoma are some of the most common types of cancers diagnosed in dogs and cats. The adoption of pets has increased significantly over the past few decades leading to rising incidences of pet cancer. According to the American Veterinary Medical Association, around 6 million new cancer cases are diagnosed in US pets each year. With growing pet ownership and pet humanization trend globally, the demand for advanced veterinary oncology therapies is increasing rapidly.
The global Veterinary Oncology Market is estimated to be valued at US$ 657.42 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing pet adoption and rising awareness about pet health are major drivers for the veterinary oncology market. According to the American Pet Products Association, around 90.5 million cats and approximately 78.2 million dogs were kept as pets in the US in 2021, reflecting pet humanization trend across the globe. This has boosted cancer screening and diagnostics in companion animals. Additionally, advancements in veterinary cancer therapeutic areas such as immunotherapy, targeted therapy, and stem cell therapy have improved survival rates in pets. Newer treatment paradigms mimic their human counterparts and have shown promising results for canine and feline cancers. This has encouraged pet owners to opt for advanced cancer care for their furry family members suffering from the disease.
Segment Analysis
The global veterinary oncology market size is dominated by the companion animal segment. As per estimates, the companion animal segment accounted for over 85% share of the total market in 2023. The rising incidence of cancer in companion animals such as dogs and cats has boosted this segment. According to studies, 1 in 4 dogs and 1 in 3 cats are likely to develop cancer at some point in their lifetime. With growing humanization of pets and increasing pet ownership, pet owners are willing to spend considerably on cancer diagnosis and treatment of their companion animals. This will support the growth of the companion animal segment during the forecast period.
PEST Analysis
Political: The government regulations regarding animal welfare and healthcare have boosted investments in veterinary oncology research and drug development. Various laws ban testing of cancer drugs on animals but allow animal clinical trials for developing new therapies.
Economic: Rising disposable incomes and growing pet healthcare expenditure have positively impacted the market. However, high costs of veterinary cancer diagnosis and new drug therapies may limit the market growth to some extent.
Social: The trend of humanization of pets and growing perception of companion animals as family members have increased willingness to spend on pet care, nutrition, and wellness. This favors the veterinary oncology market growth.
Technological: Advancements in veterinary oncology diagnostics, targeted cancer therapies, and new drug discovery approaches are expanding the treatment options for companion animals. Developments in proteomics and immunotherapies open new avenues.
Key Takeaways
The global Veterinary Oncology Market is estimated to be valued at US$ 657.42 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030.
Regionally, North America dominates currently due to advanced healthcare facilities and increasing pet healthcare expenditure. The Asia Pacific region is anticipated to register the fastest growth fueled by growth in companion animal ownership, rising pet care expenditure, and improving veterinary healthcare infrastructure in countries such as India and China.
Key players operating in the veterinary oncology market are Thermo Fisher Scientific Inc., CRISPR Therapeutics AG, and Intellia Therapeutics. Thermo Fisher Scientific Inc. offers a wide range of veterinary oncology diagnostic products and services. CRISPR Therapeutics AG is engaged in developing CRISPR/Cas9 gene-editing therapies for cancers affecting companion animals. Intellia Therapeutics is working on developing in vivo genome editing approaches for treating cancers in dogs.
