| REPORT ATTRIBUTE |
DETAILS |
| Historical Period |
2019-2022 |
| Base Year |
2023 |
| Forecast Period |
2024-2032 |
| Veterinary Oncology Market, CAGR |
12.0% |
| Veterinary Oncology Market Size 2032 |
USD 798 million |
Market Overview:
The veterinary oncology market is on a trajectory of significant growth, with an anticipated value of USD 798 million by 2032, reflecting a robust compound annual growth rate (CAGR) of 12%. This growth is propelled by several key drivers, including the rising prevalence of cancer in pets, particularly dogs and cats. Factors such as increased lifespans due to improved veterinary care, growing awareness of pet health, and environmental considerations contribute to the escalating incidence of cancer. Furthermore, the global trend of growing pet ownership and the humanization of pets play a pivotal role, fostering a willingness among pet owners to invest in advanced treatments, notably in the realm of cancer care.
Advancements in veterinary oncology treatments further contribute to market dynamics. Continuous progress in diagnostic tools, novel chemotherapeutic drugs, targeted therapies, and minimally invasive surgical techniques enhances efficacy while minimizing side effects for pets. The increasing availability of veterinary oncology specialists and specialized facilities globally ensures improved access to specialized care, enabling early diagnosis and treatment that positively impact prognoses. Additionally, the rising popularity of pet insurance provides financial support for pet owners facing the costs of comprehensive veterinary treatments, including cancer care.
Emerging trends in veterinary oncology reflect the industry’s commitment to innovation. Precision oncology, tailoring treatment plans to a pet’s specific genetic makeup, holds promise for improved outcomes, while immunotherapy emerges as a potential breakthrough in leveraging the pet’s immune system against cancer. The adoption of telemedicine and remote monitoring technologies enhances convenience and communication in veterinary oncology, opening new avenues for seamless consultations and post-treatment monitoring. Additionally, a heightened focus on early detection, facilitated by advanced imaging techniques and blood tests, underscores the industry’s dedication to improving overall pet health.
Looking ahead, various opportunities for growth present themselves in the veterinary oncology market. The development of novel therapies, including targeted therapies, immunotherapies, and gene therapies, holds significant promise for advancing treatment options. Expanding into emerging markets with rising pet ownership and disposable income creates opportunities for market expansion. Moreover, a strategic focus on preventative care and early detection, coupled with collaborative efforts between pharmaceutical companies, veterinary clinics, and research institutions, can further drive advancements in veterinary oncology, fostering the development of new diagnostic tools and treatment options.
Market Drivers:
The veterinary oncology market is poised for substantial growth, with an anticipated value of USD 798 million by 2032, reflecting a robust compound annual growth rate (CAGR) of 12%. This growth trajectory is propelled by several key factors, collectively emphasizing the increasing significance of animal health and well-being. A primary driver is the rising prevalence of cancer in pets, attributed to factors such as increased lifespans resulting from advancements in veterinary medicine and enhanced pet nutrition. The aging pet populations in developed countries are particularly susceptible to age-related diseases, making early detection vital for successful cancer treatment. The advent of sophisticated diagnostic tools, including advanced imaging techniques and blood tests, facilitates early and accurate cancer diagnosis, driving increased case identification and treatment initiation.
A pivotal factor fueling the growth of the veterinary oncology market is the evolving perspective on pet ownership, where pets are increasingly considered valued family members. This shifting dynamic is accompanied by a willingness among pet owners to invest more significantly in the health and well-being of their animals, including the acceptance and demand for advanced veterinary treatments like cancer care. The parallel rise in disposable incomes globally further supports this trend, providing pet owners with the financial resources to allocate towards comprehensive pet healthcare, notably cancer treatment. This economic shift is particularly notable in emerging economies experiencing the growth of middle-class populations.
Advancements in veterinary oncology treatments contribute significantly to market expansion. Ongoing research and development efforts in this field lead to the emergence of novel therapies, including targeted therapies, immunotherapy, and gene therapy. These innovations offer enhanced efficacy and potentially fewer side effects compared to traditional therapies like surgery and chemotherapy. Moreover, improved accessibility to specialized veterinary oncology facilities and trained professionals is broadening the spectrum of advanced cancer treatment options available for pets. This increased accessibility empowers more pet owners to consider advanced treatment modalities for their animals, contributing to the overall growth of the veterinary oncology market.
The heightened awareness of pet cancer is another crucial factor driving market dynamics. Educational campaigns and initiatives by animal welfare organizations and veterinary professionals are playing a pivotal role in raising public awareness about pet cancer, its signs, symptoms, and available treatment options. The proliferation of online resources and communities dedicated to pet cancer further supports this educational outreach, providing pet owners with readily available information and a supportive network of individuals facing similar challenges. Lastly, a growing focus on animal welfare, underpinned by ethical considerations and regulatory support, underscores the imperative of providing comprehensive and high-quality healthcare, including cancer treatment, for pets. This ethical stance further propels the demand for advanced veterinary oncology services, shaping the growth trajectory of the market.
Market Trends:
- Rising Prevalence of Cancer in Pets: Sadly, cancer is a leading cause of death in pets, particularly older animals. As pet lifespans increase due to advancements in veterinary care, the number of diagnosed cases of cancer is also expected to rise. This growing demand for treatment options fuels the market expansion.
- Increasing Pet Ownership and Humanization of Pets: Pet ownership is rising globally, with pets increasingly becoming valued members of families. This trend leads to a growing willingness amongst pet owners to invest in their pets’ health and well-being, including cancer treatment.
- Advancements in Veterinary Oncology Treatments: The field of veterinary oncology is witnessing continuous advancements in diagnostics, treatment options, and overall pet care. This includes the development of novel therapies like targeted drug therapies and immunotherapies, offering improved efficacy and potentially better outcomes for pets with cancer.
- Growing Focus on Early Detection and Preventive Care: The importance of early detection and preventive care in managing cancer is gaining traction in veterinary medicine. This trend encourages pet owners to schedule regular checkups and screenings for their pets, potentially leading to earlier diagnosis and treatment initiation, improving the prognosis and impacting the market demand for diagnostic tools and treatment options.
- Rising Investment and Government Support: Increased awareness of the burden of pet cancer is prompting both private and public sectors to invest in research and development of novel diagnostic tools and therapeutic approaches. Additionally, government initiatives and support programs for animal healthcare can further contribute to market growth.
Market Restraints and Challenges:
- High Cost of Treatment: Veterinary oncology treatments can be incredibly expensive, encompassing diagnostic procedures, medications, surgery, and radiation therapy. This high cost can be a significant barrier for pet owners, leading to delayed diagnoses, treatment abandonment, and even euthanasia due to financial constraints. This financial burden can be particularly impactful for pet owners with limited disposable income, potentially creating ethical dilemmas and limiting access to crucial care for animals.
- Limited Access to Specialized Care: The availability of specialized veterinary oncologists and oncology treatment facilities is often limited, particularly in rural and remote areas. This geographical disparity can create significant challenges for pet owners seeking advanced veterinary oncology care. Traveling long distances for diagnosis and treatment can be financially and logistically difficult, further impacting accessibility for many pet owners.
- Lack of Awareness and Early Detection: Early detection of cancer significantly improves the success of treatment and the overall prognosis for pets. However, a lack of awareness among pet owners regarding the signs and symptoms of cancer can lead to delayed diagnosis and potentially worsen the outcome. Additionally, some pet owners may be hesitant to seek veterinary care due to concerns about the cost or potential emotional stress on their pets. Raising awareness through educational initiatives and public outreach programs is crucial to encourage early detection and improve long-term outcomes for pets.
- Ethical Concerns and Euthanasia Decisions: Veterinary oncology treatments can sometimes involve ethical considerations, particularly when the treatment may be invasive, expensive, and not guarantee a positive outcome. The decision to pursue oncology treatment often involves difficult conversations between veterinarians and pet owners, who must weigh the potential benefits, risks, and financial implications for their beloved animal.
- Limited Availability of Veterinary Oncology Drugs: The research and development of veterinary oncology drugs lag behind those for human medicine. This can limit the treatment options available for specific types of cancer in pets and hinder advancements in veterinary oncology overall. Additionally, the regulatory approval process for new veterinary drugs can be lengthy and complex, further delaying the availability of innovative treatments for pets.
Recent Developments:
- In September 2023, FidoCure, published research finding highlighting various precision medicine tools for veterinarians for understanding hemangiosarcoma (HSA), a common aggressive canine cancer. Diagnosis of HSA is very devastating for dog owners as the diagnosis process is very painful and lengthy. Hence, genomic sequencing of hemangiosarcoma can provide data to help veterinarians better understand prognosis of HSA patients and allow pet parents to make informed decisions regarding life and death decisions for their pets.
- In July 2023, Ardent Animal Health partnered with FidoCure to expand access to oncology innovation in veterinary medicine by leveraging the latter’s genomic testing and precision medicine platform.
- In April 2023, Torigen Pharmaceuticals partnered with Veterinary Management Groups (VMG) to provide their experimental autologous prescription products and services to over 2,000 member clinics network.
- In November 2022, The UW School of Veterinary Medicine received a grant of USD 75,000 to offer life-saving cancer care to pets and their families. The grant will be distributed on a first-come, first-served basis of up to USD 4,000 per client.
- In May 2022, Jaguar Health launched the Canine Cancer: Take C.H.A.R.G.E. (Canine Health And Registry Exchange). It is a national canine cancer registry that aims to provide the veterinary community and dog owners with vital incidence and prevalence data to aid in the diagnosis and treatment decisions of canine cancer.
- In August 2022, ELIAS Animal Health demonstrated cancer-killing capabilities through activated T cell immunotherapy, ELIAS Cancer Immunotherapy (ECI). Mechanism of action for ECI has been demonstrated in an in vitro study by using cancer and T cells collected from dogs treated with ECI for osteosarcoma.
Segmentation Analysis:
Animal Type:
- Canine: This segment currently holds the largest market share due to the higher prevalence of cancer in dogs compared to other companion animals. Additionally, their extended lifespans often necessitate veterinary oncology care.
- Feline: The feline segment is experiencing significant growth due to increasing awareness of feline cancers and rising pet ownership of cats.
- Other Animal Types: This segment includes equine, livestock, and other companion animals, and is expected to see moderate growth as awareness and treatment options for these species continue to develop.
Segments:
By Animal type
By Therapy
- Radiotherapy
- Surgery
- Chemotherapy
- Immunotherapy
- Other Therapies
By Cancer Type
- Skin Cancers
- Lymphomas
- Sarcomas
- Others
By Region
- North America
- Europe
- Germany
- France
- The U.K.
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-east Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
Key player:
- PetCure Oncology
- Zoetis
- Karyopharm Therapeutics, Inc.
- Varian Medical Systems
- Accuray Incorporated
- Boehringer Ingelheim GmbH
- Elanco
- One Health
- Regeneus Ltd.
Regional Analysis:
North America: Holding the dominant share in the veterinary oncology market, North America is poised to maintain its leading position throughout the forecast period. The region’s prominence is underscored by a high prevalence of pet ownership, particularly with dogs and cats susceptible to various cancers. Additionally, North America benefits from a well-established veterinary infrastructure equipped with advanced diagnostic and treatment technologies for animal oncology. The rising disposable income in the region enables pet owners to invest in advanced healthcare, including sophisticated cancer treatments.
Europe: The veterinary oncology market in Europe is expected to witness significant growth, driven by factors such as a growing awareness of pet health and an increasing pet ownership trend. The region’s stringent regulations on animal welfare further encourage pet owners to seek advanced treatment options for their animals. Government initiatives supporting research and development in animal health contribute to the overall market growth in Europe.
Asia Pacific: Projected to exhibit the fastest growth rate, the Asia Pacific region is becoming a key player in the veterinary oncology market. Rapid urbanization and increasing disposable income contribute to a surge in pet ownership, creating a larger market for veterinary oncology services. Growing awareness of pet health, coupled with rising internet penetration, provides pet owners with more information about veterinary oncology, thereby boosting demand. The region’s developing veterinary infrastructure is also making advanced oncology treatments more accessible to a broader population.
Latin America and Rest of the World: While currently contributing a smaller share to the global market, Latin America and the Rest of the World are expected to witness steady growth. This growth is propelled by expanding pet ownership trends, driven by increasing disposable income and growing urbanization in these regions. As economies develop, pet owners’ spending on pet healthcare, including oncology services, is anticipated to rise. Government initiatives aimed at improving animal healthcare infrastructure and accessibility create opportunities for the veterinary oncology market in these regions.
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Future Outlook:
- Rising prevalence of cancer in pets: As the life expectancy of pets increases, the incidence of age-related diseases like cancer is expected to rise, propelling demand for veterinary oncology services and products.
- Growing awareness and pet owner education: Increased awareness of pet health and availability of educational resources are empowering pet owners to seek advanced veterinary care for their pets, including oncology treatment.
- Advancements in veterinary oncology treatments: Continuous research and development in the field lead to the introduction of novel therapeutic options like targeted therapies, immunotherapies, and gene therapies, offering more effective and personalized treatment plans for pets.
- Expansion of specialized veterinary oncology facilities: The growing demand for specialized care is expected to drive the establishment of more veterinary oncology clinics and referral centers, offering advanced diagnostic and treatment options for pets with cancer.
- Increased focus on pet insurance: Rising pet insurance adoption is expected to alleviate financial constraints associated with veterinary oncology care, making advanced treatments more accessible to pet owners.
- Integration of technology in veterinary oncology: The rising adoption of telemedicine and remote monitoring technologies is expected to enhance accessibility, convenience, and affordability of veterinary oncology consultations and follow-up care.
- Focus on personalized medicine: Advancements in diagnostics and personalized medicine will allow for tailored treatment plans based on individual pet characteristics and tumor biology, improving treatment efficacy and outcomes.
- Growing demand for minimally invasive procedures: Minimally invasive surgeries and radiation therapies are gaining popularity due to their faster recovery times and reduced side effects, likely leading to increased adoption in veterinary oncology.
- Emphasis on pet pain management and palliative care: Recognizing the importance of managing pain and discomfort, the market is expected to see growth in palliative care options and pain management solutions specifically designed for pets undergoing cancer treatment.
- Increasing focus on pet well-being and quality of life: With pets becoming integral family members, there will be a growing emphasis on improving not just the length of life, but also the quality of life for pets with cancer through holistic care and supportive therapy approaches.
