Veterinary oncology deals with the diagnosis and management of cancer in pet animals. Some common cancers seen in pets include lymphoma, mast cell tumors, melanoma, and osteosarcoma. With rising pet adoption and increasing humanization of pets, the demand for advanced veterinary therapies for companion animals is growing. Veterinary oncology products include chemotherapy drugs, surgical equipment, diagnostic imaging systems, and radiation therapy equipment that help diagnosis and treat various cancers in pets. Chemotherapeutic drugs remain the primary treatment option due to their effectiveness and affordability. However, surgery continues to be a standard first-line treatment approach for localized cancers. Recent years have also witnessed significant advancements in veterinary radiation therapy and diagnostic modalities like pet MRI and CT scans for accurate cancer staging.

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 2024 to 2031.

Key Takeaways

Key players operating in the Veterinary Oncology 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 engaged in various strategic collaborations and new product launches to strengthen their market position. For instance, in 2022, Intellia Therapeutics announced a research collaboration with Anthropic to develop in vivo base editors for treating cancer and genetic diseases in animals.

The key opportunities in the veterinary oncology market include growing pet healthcare expenditure, rising adoption of premium veterinary services, and increasing collaboration between animal health companies and CROs/CMOs for advanced therapy developments. According to the APPA National Pet Owners Survey, pet healthcare spending in the U.S increased from $29.3 million in 2019 to $31.7 million in 2020, indicating rising focus on pet wellness.

On the global expansion front, leading veterinary oncology companies are focusing on emerging markets in Asia Pacific and Latin America through regional facility expansion and new distributor appointments. For example, in 2022, VCA Inc. opened nine new veterinary hospitals in Japan to cater to the country's growing demand for specialty pet care services.

Market Drivers
Rising Pet Cancer Incidences: According to statistics, nearly half of all dogs and a third of cats over the age of ten will develop cancer. With increasing average lifespans of pets, cancer diagnoses are growing notably among companion animals. This widespread incidence of pet cancer acts as a major driver for the veterinary oncology market.

Market Restrain
High Cost of Advanced Veterinary Therapies: Specialized surgeries, chemotherapy, radiation therapy, immunotherapy, and stem cell transplants involved in veterinary cancer treatment can be prohibitively expensive for many pet owners. The significant costs associated with premium veterinary oncology services limit the wider adoption of these therapies to only affordable cases. This cost factor poses a major challenge for the veterinary oncology market's growth.

Segment Analysis
The veterinary oncology market is dominated by the companion animal sub-segment due to the growing companion pet ownership globally. The companion animal sub-segment accounts for over 70% share of the veterinary oncology market. Factors such as rising disposable income, growing humanization of pets, and willingness of owners to spend more on pet healthcare have been driving the growth of this sub-segment. Other emerging sub-segments include equine and livestock animals.

Global Analysis
North America region holds the major share in the global veterinary oncology market owing to well-developed pet healthcare infrastructure, high awareness regarding pet cancer, and presence of key companies in the region. The Europe market is expected to witness lucrative growth during the forecast period due to increasing pet adoption and growing per capita animal healthcare expenditure in countries like Germany, UK, and France. The Asia Pacific region has shown the fastest growth in the global veterinary oncology market owing to growing pet health awareness and improving veterinary healthcare facilities in countries like India, China, and South Korea. Key markers are focusing on strengthening their distribution channels in emerging markets of Asia Pacific and Latin America to tap the growth opportunities over the coming years.

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