Global Veterinary Oncology Market Expected to Reach USD 940.76 Million by 2032 with Rapid CAGR of 10.6% Driven by Rising Prevalence of Cancer in Companion Animals and Technological Advancements

The magnitude of the veterinary oncology market globally was recorded at USD 379.91 Million in the year 2022 and is expected to reach an impressive USD 940.76 Million in the year 2032, manifesting a swift revenue CAGR of 10.6% throughout the forecast period. The proliferation of cancer in domesticated animals such as cats, dogs, and horses is one of the leading causes of morbidity, and mortality among companion animals. According to Animal Cancer Foundation, almost six million cases of cancer are diagnosed every year in the United States alone. The incidence of cancer in pets is surging expeditiously, thereby fostering the demand for veterinary oncology services. The increasing awareness regarding animal health and augmenting adoption rates of pets, coupled with the technological innovations in veterinary oncology, such as targeted therapies and immunotherapy, are the major factors accelerating the growth of the market revenue.

The rising number of pet ownerships and pet-humanization are also driving the growth of the market revenue. With the increase in the disposable income of pet owners, they are more likely to spend more on the well-being of their pets, including their cancer treatment. Furthermore, the growing trend of pet insurance policies that cover the cost of veterinary oncology services is also anticipated to drive the market revenue.

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Some of the major players in the global veterinary oncology market include:

• Zoetis Inc.
• Elanco
• Boehringer Ingelheim International GmbH
• Dechra Pharmaceuticals PLC
• VetDC Inc.
• Aratana Therapeutics Inc.
• Rhizen Pharmaceuticals S.A.
• Regeneus Ltd.
• CanFel Therapeutics Inc.

Moreover, the augmenting advancements in veterinary oncology, such as targeted therapies and immunotherapy, are forecasted to spur the growth of the market revenue. Targeted therapies are uniquely designed to annihilate specific molecules or cells involved in cancer proliferation, while immunotherapy bolsters the immune system of the body to combat cancer, and both are less invasive and have fewer side effects than the traditional treatments like chemotherapy and radiation therapy.

Despite the robust growth rate, the market revenue growth could be hindered by the dearth of skilled veterinary oncologists in developing countries and the exorbitant cost of veterinary oncology services.

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Segments Covered in the Report

The revenue outlook of the global animal healthcare market can be analyzed by studying the revenue generated by different animal types and cancer types.

In terms of animal type, the market can be segmented into companion animals and livestock. The revenue generated by the animal healthcare market from companion animals is expected to see a significant rise in the forecast period of 2019-2032. This increase in revenue can be attributed to the growing demand for healthcare services for pets, due to factors such as increasing pet adoption rates and rising awareness about animal health.

On the other hand, the revenue generated from livestock is expected to remain stable during the forecast period, owing to the steady demand for healthcare services in the livestock industry.

When it comes to cancer types, the market can be segmented into lymphoma, mast cell tumors, and others. Lymphoma and mast cell tumors are expected to account for a significant share of the market revenue during the forecast period, owing to the rising prevalence of these cancers in animals.

However, the "others" category is expected to witness the fastest revenue growth during the forecast period, owing to the increasing prevalence of various other types of cancers in animals. This growth can be attributed to factors such as advancements in cancer diagnostics and treatment, as well as rising awareness about animal health.

In conclusion, the animal healthcare market is expected to witness significant growth in the coming years, driven by the rising demand for healthcare services for companion animals and the increasing prevalence of various types of cancers in animals.

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Strategic development:

Zoetis Inc. was granted approval by the U.S. Food and Drug Administration (FDA) on February 27th, 2020 for their drug Tanovea-CA1 (rabacfosadine for injection) as a treatment option for lymphoma in dogs. This regulatory approval enables Zoetis to improve their oncology product range.Top of Form

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