PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1490007
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1490007
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.
Report Coverage | Report Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 724.9 Mn |
Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
Forecast Period 2024 to 2031 CAGR: | 11.60% | 2031 Value Projection: | US$ 1,563.7 Mn |
The veterinary oncology market is experiencing significant growth due to rising animal healthcare expenditure and increasing pet ownership. Growing human-animal bonds and rising awareness about cancer in companion animals are propelling demand for advanced diagnostic methods and therapeutic procedures for veterinary oncology. Moreover, increasing incidence of cancers such as lymphoma, mammary tumor, oral melanoma, and mast cell tumors in dogs and cats is driving the need for effective treatment options and early detection. Growing number of veterinary oncologists and oncology specialists along with ongoing research for developing innovative drug formulations are further supporting market expansion on a global level. However, high costs associated with cancer therapies and diagnostic procedures remain a major challenge.
The global veterinary oncology market growth is driven by rising incidence of cancer in companion animals, increase in pet insurance purchases, growing animal health expenditure, and technological advancements. According to statistics, over 50% of dogs over the age of 10 will develop cancer and lymphoma is the most common blood cancer in dogs. Rapid urbanization accompanied with rising nuclear families and increasing loneliness levels have boosted pet adoption rates globally. This has led to pet owners becoming more aware regarding the health of their pets and willing to spend more on premium treatments. Various organizations are financially supporting clinical trials and research activities related to veterinary oncology which is playing a significant role in market growth. However, high costs associated with oncology medications, diagnostic tests, surgeries, and lack of awareness in developing nations are anticipated to hamper the market expansion during the forecast period. Ongoing initiatives to spread awareness regarding cancer in pets through social media campaigns and conferences are expected to bring numerous lucrative opportunities for key players in the market.
Detailed Segmentation-