1 Global Veterinary Oncology Market Size (Value) and CAGR (2024-2033)
The global Veterinary Oncology market is anticipated to experience significant growth in the coming years. For the year 2024, the total market value is projected to reach 380.28 million USD, with a compound annual growth rate (CAGR) of 13.44% from 2024 to 2033.
Veterinary oncology is the branch of veterinary medicine that deals with the diagnosis and treatment of all types of cancers in animals. Advances in veterinary oncology are extending the lifespan of pets and improving their quality of life.
Figure Global Veterinary Oncology Market Size (M USD) and CAGR 2024-2033
2 Veterinary Oncology Market Drivers and Opportunities
The Veterinary Oncology market is experiencing robust growth, driven by a multitude of factors and opportunities. One of the primary drivers is the increasing pet population and the rising incidence of cancer in animals. As pets become more integrated into human families, there is a growing demand for advanced healthcare options, including oncology services. Pet owners are increasingly willing to invest in high-quality healthcare for their pets, which includes early diagnosis and treatment of cancers.
Another significant driver is the advancement in veterinary medical technology. Innovations in diagnostic tests, treatment options, and precision medicine are transforming the way cancer is managed in animals. Technologies such as genomics, artificial intelligence, and immunotherapy are becoming more accessible and are being integrated into standard veterinary practices. These advancements not only improve treatment outcomes but also enhance the quality of life for animals undergoing cancer treatment.
The market also presents opportunities for expansion into preventive care and early detection. As awareness about the prevalence of cancer in pets grows, there is a shift towards proactive health measures, including regular check-ups and vaccinations. This trend opens up new avenues for the development of products and services that focus on early detection and prevention of cancer in pets.
Furthermore, the veterinary oncology market is benefiting from the growing awareness of the link between animal health and human health. Zoonotic diseases have highlighted the importance of maintaining good health in animal populations, which in turn has led to increased investment in veterinary healthcare infrastructure and research.
3 Veterinary Oncology Market Limits and Challenges
Despite the significant opportunities, the veterinary oncology market faces considerable challenges. One of the primary limitations is the high cost of pet cancer treatment. The expense of diagnostics, therapies, and medications can be prohibitive for many pet owners, potentially leading to delayed treatment or no treatment at all. This cost barrier can result in poorer health outcomes for pets and increased financial strain on owners.
Another challenge is the shortage of specialized veterinary oncologists and supporting staff. The growing demand for cancer care in animals outpaces the number of professionals available to provide these services. This shortage can lead to longer waiting times for appointments, reduced access to care in certain regions, and increased workloads for practicing oncologists.
The market also faces challenges related to the high costs of research and development (R&D). Developing new cancer treatments for animals requires significant investment, and the return on this investment can be uncertain. Additionally, the regulatory environment for veterinary drugs is stringent, which can slow down the approval process for new treatments and increase the time and cost associated with bringing new products to market.
Geographical disparities also pose a challenge, with some regions, known as “veterinary deserts,” lacking access to veterinary care due to factors such as distance, affordability, and provider availability. This situation can leave pets in these areas without access to essential cancer care services.
4 Global Veterinary Oncology Market Size and Share by Type in 2024
The global Veterinary Oncology market is segmented by type, with medicines and therapy and diagnosis being the two main categories. In 2024, the medicines segment is projected to account for $266.27 million USD, while the therapy and diagnosis segment is expected to reach $114.01 million USD.
Medicines include chemotherapy drugs designed to kill or slow the growth of cancers, and they constitute the larger share of the market due to their widespread use and the increasing development of new tumor drugs. Therapy and diagnosis encompasses radiotherapy, innovative therapies, and diagnostic services, which are crucial for the effective treatment of cancer in animals but represent a smaller market share due to the higher costs and technical requirements associated with these services.
Table Global Veterinary Oncology Market Size and Share by Type in 2024
Type | Market Size (M USD) 2024 | Market Share 2024 |
Medicines | 266.27 | 70.02% |
Therapy and Diagnosis | 114.01 | 29.98% |
5 Global Veterinary Oncology Market Size and Share by Application in 2024
The global Veterinary Oncology market is segmented by application, with a significant focus on canine and feline segments, along with other applications. In 2024, the canine segment is projected to account for $239.72 million USD, while the feline segment is expected to reach $123.93 million USD, and the others segment, which includes horses, cattle, pigs, chickens, and turkeys, is forecasted to be $16.62 million USD.
Canine applications dominate the market due to the higher prevalence of pet dogs globally and the increased awareness of canine cancers. The canine segment includes domestic dogs, wolves, coyotes, foxes, jackals, and other species, with a significant number of these animals being diagnosed with cancers such as mast cell tumors. The feline segment, which includes domestic cats, tigers, lions, leopards, and more, is also substantial due to the common occurrence of cancers like lymphoma in cats.
Table Global Veterinary Oncology Market Size and Share by Application in 2024
Application | Market Size (M USD) 2024 | Market Share 2024 |
Canine | 239.72 | 63.04% |
Feline | 123.93 | 32.59% |
Others | 16.62 | 4.37% |
6 Global Veterinary Oncology Market Size and Share by Region in 2024
In terms of regional market size, the North American region leads the global Veterinary Oncology market, with a projected value of $164.13 million USD in 2024. This region’s dominance can be attributed to the high prevalence of pet ownership, advanced veterinary care infrastructure, and a strong focus on pet health in countries like the United States and Canada. The market in North America is characterized by a mature veterinary healthcare system, with a significant emphasis on research and development in veterinary oncology.
Europe follows with a market size of $118.77 million USD, driven by countries like Germany, the UK, and France, which have well-established pet care industries and a high demand for advanced veterinary services. The Asia Pacific region is emerging as a significant player, with a market size of $66.53 million USD, led by countries such as China and Japan. The growth in this region is fueled by increasing pet ownership, rising income levels, and improved access to veterinary care.
The Middle East and Africa region, though smaller with a market size of $12.78 million USD, is expected to grow at a faster pace due to the increasing awareness of pet care and the expansion of veterinary services in countries like Saudi Arabia and the UAE. South America, with a market size of $18.06 million USD, is also witnessing growth, primarily driven by countries like Brazil, which has a significant pet population and a growing demand for advanced veterinary oncology services.
The regional differences in the Veterinary Oncology market are influenced by factors such as economic development, pet ownership rates, the level of veterinary infrastructure, and cultural attitudes towards pets. North America and Europe, with their mature markets and high pet ownership, continue to lead in market size, while Asia Pacific and South America are experiencing rapid growth due to increasing awareness and economic development. The Middle East and Africa, although currently smaller, show potential for significant growth in the coming years.
Figure Global Veterinary Oncology Market Share by Region in 2024
7 Major Players in Global Veterinary Oncology Market
7.1 Zoetis
Zoetis, established in 2013 and headquartered in Parsippany, New Jersey, is a leading global animal health company. With a business overview highlighting its commitment to innovating ways to predict, prevent, detect, and treat animal illnesses for over 70 years, Zoetis stands by those raising and caring for animals worldwide. The company’s portfolio and pipeline include medicines, vaccines, diagnostics, and technologies that make a difference in over 100 countries.
The company’s product offerings in veterinary oncology include PALLADIA® (toceranib phosphate) Tablets, an FDA-approved antineoplastic drug specifically developed for the treatment of canine cancer.
In 2024, Zoetis is projected to achieve a revenue of $84.30 million USD, with a gross margin of 77.47%.
7.2 Boehringer Ingelheim
Boehringer Ingelheim, with a rich history dating back to 1885, operates worldwide and is renowned for its vaccines, therapeutics, and parasite-control products. The company’s business overview emphasizes its dedication to providing some of the most respected and widely used products in animal health.
The company’s veterinary oncology product offering includes ONCEPT® Canine Melanoma Vaccine, DNA, which aids in extending survival times of dogs with stage II or stage III oral melanoma.
Boehringer Ingelheim is anticipated to generate a revenue of $50.49 million USD in 2024, with a gross margin of 74.39%.
7.3 Elanco Animal Health
Elanco, established in 2014, operates globally with a mission to improve animal health through innovative products and services for pets and farm animals. The company’s business overview showcases its commitment to empowering veterinarians, farmers, and pet caregivers with the tools they need to help animals live healthy lives.
The company’s veterinary oncology product offering features Tanovea® (rabacfosadine for injection), the first and only FDA fully approved treatment for canine lymphoma, offering a novel mechanism of action and proven effectiveness in canine lymphoma treatment.
Elanco is projected to achieve a revenue of $45.21 million USD in 2024, with a gross margin of 71.84%.
