Veterinary Oncology Market is driven by Increasing Companion Animal Population

Author : naufan cmi | Published On : 14 Mar 2024

Veterinary oncology involves the diagnosis, treatment, and control of cancer in animals. Cancer is a major health concern for companion animals, with approximately half of dogs over the age of 10 developing the disease. Common cancers in pets include lymphoma, melanoma, soft tissue sarcomas, and mast cell tumors. Veterinary oncologists treat pets using surgical excision of tumors, radiation therapy, chemotherapy, targeted therapy, and immunotherapy. The rising companion animal population globally has significantly increased the incidence of cancer in pets. As pets are considered members of the family by many owners, demand for advanced cancer treatment has surged to improve the quality and length of pets' lives.

The Global Veterinary Oncology Market is estimated to be valued at US$ 757.35 Bn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period from 2024 to 2031.

Key Takeaways
Key players operating in the Veterinary Oncology market are Thermo Fisher Scientific Inc., CRISPR Therapeutics AG, Intellia Therapeutics, Inc., Editas Medicine, Inc., Sangamo Therapeutics, Inc., Bluebird Bio, Inc., Cellectis S.A., and Merck Group. These players are focusing on developing innovative targeted therapies and immunotherapies to effectively treat cancer in pets.
The growing humanization of pets and increasing longevity of companion animals has boosted the demand for advanced cancer treatmentoptions for dogs and cats. Owners increasingly opt for radiation therapy, chemotherapy, and surgical procedures to extend the lives of their pets diagnosed with cancer.
The veterinary oncology market is expanding globally due to rising pet adoption in international markets and growing awareness about cancer in pets. Asia Pacific and Latin America are emerging as profitable regions due to a surge in per capita expenditures on pet healthcare. Veterinary hospitals and specialty cancer centers in developing nations are also augmenting their oncology facilities and services.

Market Drivers
The primary driver boosting The Veterinary Oncology Market is the increasing incidence of cancers in the growing companion animal population globally. According to statistical estimates, there are over 350 million pets worldwide, including over 85 million pet dogs and 93 million pet cats in the Americas. The rising adoption of pets by households directly and causally correlates to a higher occurrence of cancer in dogs and cats. Pet owners are willing to spend considerably towards expensive cancer therapies and drugs due to growing emotional bonds with pets. This will continue fuelling demand in the veterinary oncology market over the forecast period.

The current geopolitical uncertainties are negatively impacting the growth of the veterinary oncology market. The rising geopolitical tensions between major countries and ongoing conflicts are disrupting the supply chain and trade relations globally. This is hampering the easy availability of advanced veterinary oncology treatment devices and drugs in many countries. The market players need to closely monitor the geopolitical developments and proactively devise strategies to mitigate supply chain risks. They must look for alternative sourcing options and diversify manufacturing footprints to multiple regions to ensure business continuity. With unstable geopolitical conditions persisting, the market is expected to face short-term challenges in certain regions. However, growing pet ownership and increasing spending on pet care are factors that will continue supporting market growth in the long run.

North America currently holds the largest share of the veterinary oncology market in terms of value. This can be attributed to rising pet adoption, growing pet healthcare expenditure, and advanced veterinary infrastructure and services in countries like the US and Canada. Europe is another major regional market driven by increasing companion animal population and growing awareness about cancer treatment in pets. Asia Pacific is projected to witness the fastest growth during the forecast period due to improving veterinary facilities, low-cost treatment options, and rising per capita expenditure on pet care in developing nations. Latin America and Middle East & Africa also offer promising growth opportunities for players given the growing animal health importance in agriculture-driven economies.

Some of the fastest growing regional markets for veterinary oncology include countries in Asia Pacific and Latin America. Within Asia Pacific, China, India, Indonesia, and other Southeast Asian countries offer high growth potential supported by a burgeoning pet population, increasing per capita income, and expanding veterinary infrastructure. In Latin America, Brazil, Mexico, and Argentina are emerging as important high growth markets due to favorable government policies promoting animal welfare, more affordable treatments, and rising pet ownership in urban regions. Market players must strategize their geographic expansion focusing on these high growth regional markets to maximize revenues.

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