PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606391
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606391
Veterinary Oncology Market size was valued at USD 1,108.32 million in 2023, expanding at a CAGR of 11.30% from 2024 to 2032.
The veterinary oncology market focuses on the diagnosis and treatment of cancer in animals, primarily companion animals like dogs and cats. It includes various services and products such as chemotherapy, immunotherapy, radiation therapy, and surgery. The rising pet ownership, growing awareness of animal health, and advancements in veterinary care have driven the market's growth. Additionally, the increasing incidence of cancer in pets and the availability of advanced diagnostic tools contribute to market expansion. The sector is supported by veterinary pharmaceutical companies and specialized clinics, with innovations in targeted therapies and personalized treatments enhancing the market's potential.
Veterinary Oncology Market- Market Dynamics
Increasing Pet Ownership and Spending Drives the Need for the Veterinary Oncology Market
The rising trend of pet ownership and increased spending on pet healthcare is driving significant growth in the veterinary oncology market. As pets are increasingly considered part of the family, pet owners are more willing to invest in advanced medical treatments, including cancer therapies, to ensure their pets' well-being. This shift in attitude, supported by higher disposable incomes, has resulted in greater demand for veterinary oncology services. Additionally, the growing awareness of pet cancers and the availability of specialized treatments have further contributed to market expansion, highlighting the crucial need for continued advancements in this field.
Veterinary Oncology Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 11.30% over the forecast period (2024-2032)
Based on animal type segmentation, Livestock Animals was predicted to show maximum market share in the year 2023
Based on therapy type segmentation, Chemotherapy was the leading type in 2023
Based on end-user segmentation, Veterinary Hospitals was the leading type in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
The Global Veterinary Oncology Market is segmented based on Therapy Type, Animal Type, Cancer Type, Animal Type, End User, and Region.
The market is divided into two categories based on animal type: Companion Animals, and Livestock Animals. There is increasing awareness about the importance of animal welfare, which extends to disease management, including cancer. Farmers and livestock owners are investing in better healthcare for their animals, driving demand for oncology services. Livestock animals, such as cattle, poultry, and swine, are vital to the global economy, providing food products like meat, dairy, and eggs. Ensuring their health, including cancer treatment, is critical to preventing economic losses.
The market is divided into four categories based on end users: Veterinary Hospitals, Veterinary Clinics, Research Institutes, and Academic Institutions. The high market share of veterinary hospitals in the veterinary oncology market can be attributed to several factors. Veterinary hospitals serve as primary care centers for a wide range of animals, offering specialized cancer treatments such as chemotherapy, radiation therapy, and surgery. These facilities often have access to advanced diagnostic tools, specialized equipment, and skilled veterinary oncologists, which enhances the quality of care for pets with cancer.
Veterinary Oncology Market- Geographical Insights
The veterinary oncology market in the Asia Pacific region is experiencing notable growth, driven by rising pet ownership, increasing awareness about animal health, and advancements in veterinary diagnostics and treatments. Countries like China, Japan, and India are key contributors to market expansion due to their growing pet populations and the adoption of advanced veterinary practices. Japan is particularly known for its sophisticated veterinary healthcare infrastructure, while China and India are witnessing rapid growth in demand for oncology services for pets. The increasing prevalence of cancer in animals, combined with the development of veterinary specialty clinics and an expanding range of treatment options, further propels the market in this region.
The competitive landscape of the veterinary oncology market is marked by key players offering a range of diagnostics, therapeutics, and advanced treatment solutions for animal cancers. Companies like Zoetis Inc., Elanco Animal Health, and Merck Animal Health are at the forefront, leveraging their extensive research capabilities and product portfolios to address various forms of cancer in pets. These market leaders focus on innovative therapies such as targeted treatments and immunotherapies. In addition, smaller companies and specialized firms, such as VetDC and AB Science, are also gaining traction with niche products like novel chemotherapies and kinase inhibitors. Collaborations, strategic acquisitions, and partnerships are common, allowing players to expand their technological capabilities and reach. The growing demand for more effective and safer treatments and increased pet ownership and veterinary care continue to drive competition in this market.
In August 2024, Akston Biosciences Corporation, which is dedicated to accelerating the biologics revolution in Animal Health, and Purdue University announced a strategic partnership to co-develop an anti-cPD-L1 monoclonal antibody (mAb) immunotherapy to treat cancer in dogs.
In September 2024, CureLab Veterinary Inc, a biopharmaceutical company that develops cancer treatments for pets, announced a Regulation D fundraising offer to develop its gene therapy, ElenaVet, which enhances the body's anticancer immune response and reduces chronic inflammation. The offering is being carried out in compliance with Rule 506(c) of Regulation D, which was issued under the amended Securities Act of 1933.