VETERINARY ONCOLOGY MARKET ANALYSIS

Market Size and Trends

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.

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The global veterinary oncology market is expected to witness positive growth over the forecast period. The increasing pet adoption and growing prevalence of cancer in companion animals is expected to drive the demand for veterinary oncology services and therapeutics. According to recent studies, it is estimated that over 50% of dogs over the age of 10 will develop cancer, making it a common disease among aging pets. Furthermore, rising animal health expenditure and growing awareness among pet owners regarding cancer diagnosis and treatment is also anticipated to support the revenue growth of the veterinary oncology market between 2024 and 2031.

Increasing Animal Healthcare Expenditure

Increasing animal healthcare expenditure is expected to drive the global veterinary oncology market Iover the forecast period. For instance, in May 2023, the North American Pet Health Insurance Association (NAPHIA) released its 2023 State of the Industry (SOI) report showing that the North American pet health insurance sector grew by 23.5% in In-Force GWP over 2022.

Market Concentration and Competitive Landscape

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Increasing awareness of animal health and welfare and shifts in demographics and lifestyles leading to increased spending on pet healthcare are expected to drive the market growth over the forecast period. For instance, in May 2021, - Petco Health and Wellness Company, Inc., a complete partner in pet health and wellness, launched Together Strong, a pet cancer awareness campaign that brings two- and four-legged survivors together to highlight how routine preventative care is as vital for pets as it is for humans in the fight against cancer. Along with the campaign and in partnership with PetDx, a molecular diagnostics company aiming to revolutionize the detection, characterization and management of cancer in pets, Petco will begin offering OncoK9 a groundbreaking multi-cancer early detection test for dogs – at its full-service vet hospitals in select locations.

Key Takeaways of Analyst

The global veterinary oncology market is growing at a significant rate over the past few years and this growth is expected to continue over the forecast period as well. One of the major drivers for this market is the rising pet ownership, especially in developed countries. As pet owners are increasingly treating their pets like family members, there is greater willingness to spend on advanced healthcare services for their pets. This includes cancer diagnosis and treatment options.

Another factor fueling market growth is the improved diagnostic capabilities and treatment options available for companion animals. Various new drug formulations, radiotherapy devices, surgery techniques and check-up methods have enhanced veterinary oncology practices. This gives pet owners more hope for recovery and therefore they are increasingly opting for cancer care.

However, the high cost of therapies continues to restrain the veterinary oncology market to some extent. Cancer treatments are expensive for pets, which limits full market potential. North America presently dominates the veterinary oncology market owing to highest pet healthcare expenditure and adoption of new technologies in this region. Within oncology, skin cancer treatment is the largest segment currently due to its high prevalence in canines and felines.

Market Challenge – Stringent Regulations for Veterinary Vaccines

Stringent regulations for veterinary vaccines across various geographies are proving to be a major restraining factor for the growth of the global veterinary oncology market. Regulatory authorities across countries have implemented strict norms and guidelines for the development, manufacturing and approval of new veterinary vaccines to ensure safety, efficacy, and quality. Complying with these complex regulations involves extensive clinical trials, comprehensive documentation and significant investments of both time and funds. This lengthens the overall product development lifecycle considerably and delays the market introduction of new oncology vaccines.

Market Opportunity – Increasing Investments for Veterinary Oncology

Increasing investments for veterinary oncology healthcare is expected to offer lucrative opportunities in the market. For instance, in December 2021, PetDx, the startup behind an early cancer-detecting blood test for dogs, raised the funding of USD 62 million to get canine cancer-detecting tech to vets across the U.S. OncoK9 can detect 30 cancers from a blood draw in front of more veterinarians and become a standard test in pet clinics across the country.

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Animal Type segment is sub-segmented companion animal and livestock animal. The companion animal segment is estimated to hold 59.3% of the market share in 2024 owing to the rising trend of pet ownership across the globe. The growing humanization of pets and the willingness of pet owners to spend more on animal healthcare have been driving this segment. As companion animals are treated as beloved family members by many owners, there is increased awareness about diseases affecting pets. This has boosted research and development of advanced oncology therapies for companion animals. Moreover, rising disposable incomes have empowered pet owners to opt for expensive cancer treatments for their pets. Aggressive promotion of pet insurance policies also supports expenditure on companion animal oncology. With nuclear families rampant, companion animals effectively serve emotional support purposes, further augmenting the demand.

Insights, By Application: Growing Canine Population Fuels Canine Lymphoma Segment Growth

Application segment is sub-segmented canine lymphoma, osteosarcoma (OSA), mast cell cancer, melanoma, and others. The canine lymphoma segment is estimated to hold 31.7% of the market share in 2024 owing to the extensive population of canines worldwide. Dogs have remained the most popular pet across regions for centuries now. Their unconditional affection and loyalty have ensured huge demand. Consequently, canine species afflicted by cancer like lymphoma receive significant focus from industry players. Sophisticated diagnostic techniques and immunotherapies target this prevalent cancer type among dog. Also, comparative oncology research using pet dogs benefit human patients, encouraging development of anticancer regimens for Canine Lymphoma. As more owners now consider dogs as integral family members, they seek effective treatments for increasing lifespan. This remains a major factor propelling the growth witnessed in the Canine Lymphoma segment.

Insights, By Distribution Channel: Growing Role of Veterinary Hospitals Bolsters Hospital Pharmacies Segment Growth

Distribution Channel segment is sub-segmented into hospital pharmacies, government agencies, and retail pharmacies. The hospital pharmacies segment is estimated to hold 40.2% of the market share in 2024. Veterinary facilities offer advanced diagnostic methods and multi-modal therapies. They work closely with pharma companies and research organizations. This enhances their access to innovative oncology drugs and medical equipment. Besides, veterinary oncologists able to properly monitor and manage cancer cases drive up demand. With rising pet care expenditures, more owners opt for treatment at hospitals over Clinics. Also, the growing number of specialized cancers care veterinary hospitals particularly in developed economies benefits this segment. Their expanding role in cancer management will continue augmenting the hospital pharmacies segment in the coming years.

Regional Insights

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North America remains the dominant region in the global veterinary oncology market and is estimated to hold 36.9% of the market share in 2024 due to strong economic conditions and higher disposable incomes in countries like the U.S. and Canada that allow pet owners to spend more on advanced cancer treatments for their pets. Additionally, North America is home to many leading global players in veterinary oncology manufacturing which ensures easy access to high-quality cancer drugs, diagnostics and radiation therapy equipment across the region. Further, the rising adoption of pet insurance that now covers cancer treatments for insured pets has also propelled the market growth in North America.

The Asia Pacific region is poised to be the fastest growing market for veterinary oncology globally over the coming years. Countries like India, China, Japan and Australia are witnessing significant rise in pet adoption and increase in veterinary healthcare spending. According to recent surveys, affordability and accessibility of advanced cancer treatments for companion animals are improving consistently across both developing and developed nations in Asia Pacific. Local manufacturers are collaborating with global innovators to introduce affordable generic drugs and diagnostic tests in this region. Additionally, factors such as growing pet humanization, increasing pet ownership in urban areas and rising adoption of pain-free treatment options are supporting strong market penetration of novel oncology therapies in Asia Pacific.

Market Report Scope

Key Developments

• On April 23, 2024, VolitionRx Limited, a pharmaceutical company, announced that its Nu. Q Vet Cancer Test is available to veterinarians across the United States and Europe through Antech, a veterinary diagnostics company. The Antech version of the product operates on the Element i+ Analyzer, providing veterinary teams with a quick, accurate, and cost-effective cancer screening tool for older patients or breeds that are high-risk.
• In October 2023, Merck Animal Health, a subsidiary company of Merck & Co., Inc., announced that its caninized monoclonal antibody gilvetmab (gil-VET-mab) is available to veterinary specialists practicing oncology across the U.S. to treat dogs with mast cell tumors and melanoma
• In July 2023, The University of Queensland, announced that they had launched vaccine trial for dogs with bone cancer. These treatments aim to stimulate a dog’s immune system to fight the spread of cancerous cells to other tissues of the body
• In July 2022, CureLab Veterinary, a newly formed animal-health sister company to the human-focused Curelab Oncology, launched with exclusive worldwide rights to apply CureLab Oncology patents for treating dogs, cats, and horses. The first target market for CureLab Veterinary’s licensed DNA therapeutic will be to treat breast cancer in dogs and cats.
• In July 2021, Elanco, an animal health company, announced that it had received an approval from the U.S. Food and Drug Administration for Tanovea (rabacfosadine injection) for the treatment of lymphoma in dogs

*Definition: Veterinary oncology is a subspecialty of veterinary medicine that deals with cancer diagnosis and treatment in animals. Cancer is a major cause of death in pet animals. In one study for veterinary oncology cance, 45% of the dogs that reached 10 years of age or older died of cancer. Veterinary cancer therapies aim to permanently eradicate the cancerous cells prevalent in pets. The veterinarian recommends specific treatments such as targeted therapy and combination therapy or chemotherapy depending on the type of cancer, stage, and nature of the cancer.

Market Segmentation

• Animal Type Insights (Revenue, USD Mn, 2019 - 2031)
  • Companion Animal
    • Equine
    • Canine
    • Feline
  • Livestock Animal
•  Therapy Type Insights (Revenue, USD Mn, 2019 - 2031)
  • Chemotherapy
  • Combination Therapy
  • Immunotherapy
  • Targeted Therapy
•  Mode Of Administration Insights (Revenue, USD Mn, 2019 - 2031)
  • Oral 
  • Intravenous
•  Application Insights (Revenue, USD Mn, 2019 - 2031)
  • Canine Lymphoma
  • Osteosarcoma (OSA)
  • Mast Cell Cancer
  • Melanoma
  • Others
•  Distribution Channel Insights (Revenue, USD Mn, 2019 - 2031)
  • Hospital Pharmacies
  • Government Agencies
  • Retail Pharmacies
• Regional Insights (Revenue, USD Mn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Zoetis Inc.
  • Elanco
  • AB Science
  • Boehringer Ingelheim International GmbH
  • Zenoaq
  • VetDC
  • Morphogenesis, Inc.
  • Karyopharm Therapeutics, Inc.
  • Regeneus Ltd.
  • AdvaVet, Inc.
  • Rhizen Pharmaceutical SA.
  • PetCure Oncology
  • Varian Medical Systems
  • Accuray Incorporated
  • Merck Animal Health
  • Regeneus Ltd.
  • VolitionRx Limited