Market Size of Veterinary Oncology Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 11.30 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Veterinary Oncology Market Analysis
The veterinary oncology market is projected to register a CAGR of nearly 11.3% over the forecast period.
- The COVID-19 pandemic disrupted research and development activities in veterinary cancer and affected the logistics supply of essential pharmaceutical products for pets. A study conducted in the United Kingdom in May 2022 showed that the diagnosis of chronic illnesses, including cancer, in dogs reduced the odds of seeking care during the pandemic. This was reportedly due to difficulties in accessing care for non-urgent issues, with lack of access to veterinarians being a major factor. However, with declining COVID-19 cases and the easing of restrictions, the veterinary oncology market is expected to regain its full potential over time.
- Factors such as the rising prevalence of cancer in animals, increasing investment in research and development in the area of veterinary oncology, and increasing veterinary healthcare expenditure are expected to drive market growth. As the burden of cancer cases in animals increases, the demand for effective and advanced therapeutics for cancer treatment is also expected to rise, driving growth in the studied market.
- For example, according to a research study published in February 2022 by Aging and Cancer, it is estimated that one in four dogs will be diagnosed with cancer in their lifetime. Cancer is the leading cause of death in pets beyond middle age. Therefore, due to the high prevalence of cancer among animals such as dogs, the demand for therapeutics is expected to increase, driving growth in the studied market.
- Moreover, the increasing veterinary healthcare expenditure, growing adoption of pet health insurance, and increasing research and development activities for the development of effective therapeutics, coupled with new investments, are further expected to augment the growth of the veterinary oncology market during the forecast period. For example, in March 2021, the Petco Foundation invested a USD 75,000 grant to subsidize the cost of cancer treatments for dogs and cats.
- However, the high cost associated with cancer treatment and the lack of awareness about veterinary diseases among owners are factors that may restrain the growth of the veterinary oncology market during the forecast period of the study.
