Veterinary Oncology Market Expected to Reach $0.819 Billion by 2030

According to a new report published by Allied Market Research, titled, “Veterinary Oncology Market by Therapy, Animal Type, and Cancer: Global Opportunity Analysis and Industry Forecast, 2021–2030,"the global veterinary oncology market was valued at $0.297 billion in 2020, and is estimated to reach $0.819 billion by 2030, growing at a CAGR of 10.8% from 2021 to 2030.

A veterinary oncology is defined as a subspecialist in veterinary medicine, which deals with the diagnosis and treatment of cancer in animals. Cancer is one of the major causes of death in pet animals, mostly dogs and cats. Animals such as cats and dogs suffer from many different types of cancer such as skin tumor. Veterinary oncologist diagnosis cancer in animals, identifies the staging of tumors, and plans the treatment & administration of chemotherapy. Surgery, chemotherapy, immunotherapy, and radiation are the most common oncology treatments among animals.

The factors that drive the growth of the global veterinary oncology market include rise in the prevalence of cancer in pets, mostly dogs and cats, advancements in R&D activities regarding pet illness, and surge in demand for pet adoption. In addition, rise in concern regarding pet health notably contributes toward the growth of the global market. According to the American Veterinary Medical Association (AVMA), it was observed that approximately 1 in 4 dogs, at some stage in their life (mostly above the age of 10), develop neoplasia. Moreover, in November 2019, the Flint Animal Cancer Center, announced that one in five cats are diagnosed with cancer, in their lifetime. Furthermore, market players are focused on the development of advanced oncology, diagnostic procedure, and treatment in animals. For instance, in 2021, the U.S. Food and Drug Administrative announced the approval of Tanovea (rabacfosadine injection), which is used for the treatment of lymphoma in dogs. Furthermore, increase in incidence of pet adoption enhance the focus on animal safety and health, thereby driving the market growth. According to the American Society for the Prevention of Cruelty to Animals (ASPCA), it was reported that approximately 4.1 million shelter animals are adopted each year.

Moreover, rise in disposable income and improvement in healthcare safety standard for animals are anticipated to drive the growth of the veterinary oncology market. In addition, increase in demand for effective, fast, and accurate treatment result have led to the development of many clinical studies among animals, thereby propelling the growth of the market.

Moreover, initiatives taken by governments for veterinary cancer treatment and increase in number of veterinary clinics are the key factors that boost the growth of the market. Furthermore, development of the animal healthcare sector and surge in awareness about the pet illness propel the growth of the market. In addition, increase in adoption of veterinary cancer therapy and presence of various animal foundation fuel the market growth.

The global veterinary oncology market is segmented into therapy, animal type, cancer, and region. On the basis of therapy, the market is divided into surgery, radiology, chemotherapy, and others. The chemotherapy segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to advancement in R&D activities in animal healthcare sector, increase in number of chemotherapy in animal for treatment of cancer, and surge in adoption of chemotherapies procedures in pets.

Depending on animal type, the market is classified into canine and feline. The canine segment exhibited the highest growth in 2020, and this trend is expected to continue during the forecast period, owing to increase in incidence of cancer in canine animal, rise in R&D activities for oncology treatment in animal, and increase in number of clinical trials on canine for oncology treatment. By cancer, the market is classified into lymphoma, mast cell cancer, mammary & squamous cell cancer, and others. The lymphoma segment acquired the top position in the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in demand for chemotherapy, rise in prevalence of mast cell cancer in dogs, and advancement in R&D activities for lymphoma cancer treatment.

The COVID-19 outbreak is anticipated to have a negative impact on the growth of the global veterinary oncology market. The COVID-19 pandemic has stressed the healthcare systems in the world and increased the need for the development of diagnostic instruments & treatment centers for human. The nonessential business is closed in many states such as university, restaurants, schools, shopping malls, and corporations. Thus, the COVID-19 pandemic is affecting the world, including the pets such as street dogs and cats. A number of clinics and hospitals were restructured to increase the hospital capacity for patients diagnosed with COVID-19. Veterinary oncologists have high risk of contracting and transmitting the coronavirus. The implementation of lockdown due to COVID-19 outbreak resulted in decline in of the number of patient visits for the treatment of animal suffered from cancer during COVID-19. This has significantly contributed toward the growth of the global market.

Key Findings Of The Study

• By therapy, the chemotherapy segment was the highest contributor to the market in 2020.
• On the basis of animal type, the canine segment dominated the market in 2020, and is expected to continue this trend during the forecast period.
• Depending on cancer, the lymphoma segment was the highest contributor to the market in 2020.
• Region wise, North America garnered the largest revenue share in 2020, however, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

North America accounted for a majority of the global veterinary oncology market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in the prevalence of cancer in pet animals, the presence of key players for manufacturing and developing drugs for animals, increase in number of dogs & cats, and initiatives taken by government for pet oncology treatment in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in prevalence of cancer in dogs, rise in the demand for pet adoption, and presence of various veterinary foundations.