What is the global market size of Veterinary Oncology Market?

Veterinary Oncology Market size was valued at USD 206.24 billion in 2021 and is poised to grow from USD 231.4 billion in 2022 to USD 577.9 billion by 2030, growing at a CAGR of 12.10% in the forecast period (2023-2030).

Veterinary Oncology Market Size, Share, Growth Analysis, By Therapy(Surgery, Radiotherapy, Chemotherapy, Immunotherapy), By Animal type(Canine, and Feline), By Cancer Type(Lymphoma, Mast Cell Cancer, Mammary and Squamous Cell Cancer, and Others), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2515 | Region: Global | Published Date: March, 2024
Pages: 219 | Tables: 92 | Figures: 76

Veterinary Oncology Market Dynamics

Drivers

Increasing Incidence of Cancer in Animals

The rising prevalence of cancer in companion animals, such as dogs and cats, is a major driver of the veterinary oncology market. Pets are living longer, and like humans, they are susceptible to developing cancer as they age. This drives the demand for effective oncology treatments.

Restraints

Cost of Veterinary Oncology Treatments

The cost of veterinary oncology treatments can be a significant restraint for many pet owners. Cancer treatments can be expensive, involving diagnostic tests, surgeries, medications, and follow-up care. The high cost of treatment may limit the accessibility and affordability of veterinary oncology services.

Veterinary Oncology Market Report Snapshots

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Veterinary Oncology Market size was valued at USD 231.4 Billion in 2022 and is poised to grow from USD 259.4 Billion in 2023 to USD 646.87 Billion in 2031, at a CAGR of 12.10% during the forecast period (2024-2031).

The market for veterinary oncology is seeing intense competition as a result of the availability of oncology treatments for veterinary use from numerous large pharmaceutical and medical device businesses. To expand their revenue share and establish their presence, market participants are concentrating on putting new tactics into practice, such as regional growth, mergers, acquisitions, the introduction of new products, collaborations, and distribution agreements. Following Elanco's acquisition of Aratana Therapeutics in, the corporation announced the creation of a commercial team focused on the veterinary specialty market. 'Zoetis', 'Elanco Animal Health', 'IDEXX Laboratories', 'Veterinary Cancer Group', 'Ethos Veterinary Health', 'VCA (Veterinary Centers of America)', 'BluePearl Veterinary Partners', 'Anivive Lifesciences', 'Aratana Therapeutics (Part of Elanco Animal Health)', 'Oncolytics Biotech Inc.', 'VetDC', 'Rhizen Pharmaceuticals', 'AB Science', 'VetCell Therapeutics', 'Vet-Stem, Inc.', 'Nexvet (Part of Zoetis)', 'Pegasus Laboratories (Part of Merck Animal Health)', 'Biomedica Management Corporation', 'Sentinel Biomedical', 'Karyopharm Therapeutics'

The rising prevalence of cancer in companion animals, such as dogs and cats, is a major driver of the veterinary oncology market. Pets are living longer, and like humans, they are susceptible to developing cancer as they age. This drives the demand for effective oncology treatments.

Increasing Focus on Personalized Medicine: Similar to human oncology, there is a growing trend in veterinary oncology towards personalized medicine. This approach involves tailoring treatment plans based on the specific characteristics of an individual animal's cancer, such as genetic mutations or biomarkers. Personalized medicine aims to improve treatment outcomes and minimize adverse effects.

North America held charge of the majority of the veterinary oncologist market in 2022, accounting for a 45.0% revenue share. The category is estimated to dominate the market for the anticipated period of time. Three major aspects that contribute to the market expansion are the increasing emphasis on pet health, the presence of several pet medicine manufacturing companies, and the rapid adoption of novel pet care treatments. Along with increased government funding for pet cancer treatments in this region, the market is also being driven by the presence of industry titans in the oncology sector.

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Veterinary Oncology Market Size, Share, Growth Analysis, By Therapy(Surgery, Radiotherapy, Chemotherapy, Immunotherapy), By Animal type(Canine, and Feline), By Cancer Type(Lymphoma, Mast Cell Cancer, Mammary and Squamous Cell Cancer, and Others), By Region - Industry Forecast 2024-2031

Veterinary Oncology Market Dynamics

Veterinary Oncology Market Report Snapshots

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