April 22, 2024

Veterinary Oncology Market is Estimated to Witness High Growth Owing to Increasing Applications of Gene Therapy and Targeted Therapy Drugs

Veterinary oncology includes the treatment, diagnosis, and management of cancer in pets. It involves surgical procedures, radiation therapy, chemotherapy, targeted therapy, and immunotherapy. Cancer affects many animals and leads to significant suffering if left untreated. Veterinary oncology offers compassionate and effective care to help animals with cancer live longer and more comfortable lives. The global veterinary oncology market primarily involves the use of advanced therapeutic modalities such as gene therapy and targeted therapies. These new treatment options provide more targeted therapies against cancers with fewer side effects than traditional chemotherapy drugs.

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 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. The increasing pet care expenditures and rising adoption of pets are offering significant growth opportunities in the market. Gene therapies and targeted therapies are witnessing increased applications for treating cancer in pets more effectively with reduced side effects.

Market Drivers

The growing prevalence of various types of cancers in pets globally is a major factor driving the veterinary oncology market growth. According to statistics, nearly 50% of dogs over the age of 10 years develop cancer, which require veterinary cancer care and therapeutics. Additionally, rising pet care expenditures along with growing adoption of pets across countries is fueling the demand for animal cancer treatment modalities, thereby boosting the market expansion.

Current challenges in Veterinary Oncology Market

The Veterinary Oncology Market faces several challenges currently. One of the major challenges is lack of awareness among pet owners about cancer diagnosis and treatment options available for their pets. Many pet owners are still unaware that most cancers can be diagnosed and treated in animals just like in humans. This leads to underdiagnosis and delayed treatment of cancers in pets. Another challenge is the high cost of advanced cancer therapies such as chemotherapy, radiation therapy, and immunotherapy. These therapies are quite expensive for many pet owners to afford. Lack of health insurance coverage for pets adds to the financial burden. Shortage of specialized veterinary oncologists is also a challenge faced globally. Not many vets attain additional qualifications in veterinary oncology due to the lengthy and expensive training process. This leads to limited access to specialized cancer care for pets in many regions.

SWOT Analysis
Strength: Advances in diagnostic methods and precision medicine enables accurate diagnosis and personalized treatment plans for pets.

Weakness: High cost of advanced cancer therapies remain unaffordable for many pet owners.

Opportunity: Increasing awareness about cancer care options for pets and growth of pet insurance industry can drive the market.

Threats: Shortage of trained veterinary oncologists limits wider access to specialized cancer treatment.

Geographically, North America accounts for the largest share of the veterinary oncology market currently due to high pet ownership, increased awareness levels, and availability of advanced treatment options in the region. The US dominates the North America market led by existence of major market players and rising expenditure on pet healthcare. The Asia Pacific region is poised to witness the fastest growth during the forecast period owing to growing pet care industry, rising pet adoption, and increasing access to modern veterinary facilities and therapies. China, India and other developing Asian countries will be key contributors for future growth in this region.

Europe is another major revenue generator for veterinary oncology market currently driven by growing number of veterinary practitioners, rising incidence of cancer in pets, and presence of advanced research & academic institutes. Germany, UK, France, Italy hold significant market share currently. Rising medical tourism and pet travel within Europe also supports the market growth. Latin America and Middle East & Africa are developing areas and offer lucrative opportunities over the forecast period.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it