Market Size of Veterinary Oncology Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
CAGR | 11.30 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Veterinary Oncology Market Analysis
The veterinary oncology market is projected to register a CAGR of nearly 11.3% over the forecast period.
- The COVID-19 pandemic disrupted research and development activities in veterinary cancer and affected the logistics supply of essential pharmaceutical products for pets. A study conducted in the United Kingdom in May 2022 showed that the diagnosis of chronic illnesses, including cancer, in dogs reduced the odds of seeking care during the pandemic. This was reportedly due to difficulties in accessing care for non-urgent issues, with lack of access to veterinarians being a major factor. However, with declining COVID-19 cases and the easing of restrictions, the veterinary oncology market is expected to regain its full potential over time.
- Factors such as the rising prevalence of cancer in animals, increasing investment in research and development in the area of veterinary oncology, and increasing veterinary healthcare expenditure are expected to drive market growth. As the burden of cancer cases in animals increases, the demand for effective and advanced therapeutics for cancer treatment is also expected to rise, driving growth in the studied market.
- For example, according to a research study published in February 2022 by Aging and Cancer, it is estimated that one in four dogs will be diagnosed with cancer in their lifetime. Cancer is the leading cause of death in pets beyond middle age. Therefore, due to the high prevalence of cancer among animals such as dogs, the demand for therapeutics is expected to increase, driving growth in the studied market.
- Moreover, the increasing veterinary healthcare expenditure, growing adoption of pet health insurance, and increasing research and development activities for the development of effective therapeutics, coupled with new investments, are further expected to augment the growth of the veterinary oncology market during the forecast period. For example, in March 2021, the Petco Foundation invested a USD 75,000 grant to subsidize the cost of cancer treatments for dogs and cats.
- However, the high cost associated with cancer treatment and the lack of awareness about veterinary diseases among owners are factors that may restrain the growth of the veterinary oncology market during the forecast period of the study.
Veterinary Oncology Industry Segmentation
As per the scope of the report, cancer therapies are drugs that block the growth and proliferation of cancer by interfering with specific molecules, such as DNA or proteins, which are involved in the growth or expansion of cancerous cells. These therapies include surgery, radiation therapy, chemotherapy, immunotherapy, etc. The report includes revenue for cancer therapies provided to animals.
The veterinary oncology market is segmented by treatment type (radiotherapy, surgery, chemotherapy, and other treatment types), animal type (canine, feline, and others), application (lymphoma cancer, mast cell cancer, mammary and squamous cell cancer, and others), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally.
The report offers the value (in USD billion) for the above segments.
By Treatment Type | |
Radiotherapy | |
Surgery | |
Chemotherapy | |
Other Treatment Types |
By Animal Type | |
Canine | |
Feline | |
Other Animal Types |
By Application | |
Lymphoma Cancer | |
Mast Cell Cancer | |
Mammary and Squamous Cell Cancer | |
Other Applications |
Geography | ||||||||
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Veterinary Oncology Market Size Summary
The veterinary oncology market is poised for significant growth, driven by the increasing prevalence of cancer in animals and rising veterinary healthcare expenditure. The market is expected to recover from the disruptions caused by the COVID-19 pandemic, which had impacted research and development activities and logistics for essential pharmaceutical products. Factors such as the growing demand for advanced cancer therapeutics, increased investment in research, and the adoption of pet health insurance are anticipated to propel market expansion. The canine segment is expected to dominate the market due to the high incidence of cancer in dogs, supported by longer lifespans and increased pet adoption rates. The introduction of new therapeutics and product approvals further bolsters this segment's growth.
North America is expected to maintain a significant share of the veterinary oncology market, attributed to a large pet population, high veterinary healthcare expenditure, and advanced veterinary care services. The United States, in particular, is poised to hold a substantial market share due to its high number of pets and significant spending on animal healthcare. The market is moderately fragmented, with key players like Elanco, Zoetis, and Siemens Healthineers actively developing and launching new products. Initiatives such as grants for cancer care and national cancer registries are also contributing to the market's growth trajectory, highlighting the increasing focus on veterinary oncology.
Veterinary Oncology Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Prevalence of Cancer Cases in Animals
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1.2.2 Increasing Investment on Research and Development in the Area of Veterinary Oncology
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1.3 Market Restraints
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1.3.1 High Cost of Cancer Treatment and Procedures
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1.3.2 Lack of Awareness About Veterinary Diseases Among Owners
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1.4 Porters Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Treatment Type
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2.1.1 Radiotherapy
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2.1.2 Surgery
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2.1.3 Chemotherapy
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2.1.4 Other Treatment Types
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2.2 By Animal Type
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2.2.1 Canine
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2.2.2 Feline
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2.2.3 Other Animal Types
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2.3 By Application
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2.3.1 Lymphoma Cancer
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2.3.2 Mast Cell Cancer
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2.3.3 Mammary and Squamous Cell Cancer
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2.3.4 Other Applications
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Spain
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2.4.2.5 Italy
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Veterinary Oncology Market Size FAQs
What is the current Veterinary Oncology Market size?
The Veterinary Oncology Market is projected to register a CAGR of 11.30% during the forecast period (2024-2029)
Who are the key players in Veterinary Oncology Market?
Elanco, Zoetis, Siemens Healthineers (Varian Medical Systems), Accuray Incorporated and OHC (One Health Company) are the major companies operating in the Veterinary Oncology Market.