Veterinary Oncology Market Size, Share Report, Analysis, Trends, Growth 2032

Veterinary Oncology Industry Prospective:

The global veterinary oncology market size was worth around USD 1234.56 million in 2023 and is predicted to grow to around USD 2,794.08 million by 2032 with a compound annual growth rate (CAGR) of roughly 9.50% between 2024 and 2032.

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Veterinary Oncology Market: Overview

Veterinary oncology is a segment of the larger veterinary sector. It deals with the diagnosis of cancer and its treatment in animals. As per market research, cancer is one of the leading causes of death among animals with skin tumors as the most common form of cancer diagnosed in animals. The demand for veterinary oncology services is rapidly growing as animal care, especially the pet care sector, is surging at a rapid rate. Several factors have been acting as the crucial growth drivers including rising awareness among pet owners about the availability of several treatments and higher access to superior pet medical care. The growing advancements in veterinary oncology treatments have helped make the treatment more commercial and less exclusive since cancer in animals is now more manageable as compared to its state in the last decade. The growth in the number of pet adoptions is expected to generate higher growth possibilities during the forecast period. However, the industry for veterinary oncology will face several growth restrictions as the cost of the treatment is high. Moreover, the rising number of oncology institutes helping more professionals graduate with the degree will be essential in helping the industry flourish.

Key Insights:

• As per the analysis shared by our research analyst, the global veterinary oncology market is estimated to grow annually at a CAGR of around 9.50% over the forecast period (2024-2032)
• In terms of revenue, the global veterinary oncology market size was valued at around USD 1234.56 million in 2023 and is projected to reach USD 2,794.08 million, by 2032.
• The market is projected to grow at a significant rate due to the rising number of pet owners across the globe and the greater importance of pet care
• Based on the animal type, the canine segment is growing at a high rate and will continue to dominate the global market as per industry projection
• Based on the cancer type, the skin care segment is anticipated to command the largest market share
• Based on region, North America is projected to dominate the global market during the forecast period

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Veterinary Oncology Market: Growth Drivers

Rising number of pet owners across the globe and the greater importance of pet care will drive the market growth rate

The global veterinary oncology market is expected to grow due to the rising number of pet owners around the globe. As per official data, the US witnesses over 2 million dog adoptions every year. Furthermore, the younger generation is more keen on adopting animals as these pets provide them with a sense of companionship. The population living in urban areas is at a high risk of facing loneliness with the lack of human connections. Pets can fill the void. They are known to have several positive health benefits as proven by scientific research. For instance, pets are known to automatically reduce stress levels in their owners. They can instantly lift their owner’s mood. Furthermore, they can help cope with serious mental issues such as depression and anxiety. In some cases, pets are suggested by medical professionals to people with specific medical conditions. Therapy dogs have become widely common globally since they provide patients with a high level of comfort and support in managing specific medical issues. As the number of pet adoptions is growing rapidly, the demand for veterinary oncology is rising simultaneously.

Growing awareness about cancer care in animals will help the industry thrive

Animal care awareness has improved in the last few years. The increasing efforts undertaken by animal help groups and regional governments to promote animal welfare and increase a better understanding of the medical problems faced by animals along with learning the best ways to handle serious medical issues has been fruitful in driving the undertaking of veterinary oncology services. Additionally, more investments are registered in the research of novel solutions for animal cancer. In May 2023, the Morris Animal Foundation announced the launch of its 10th edition of the Stop Cancer Furever campaign. It is a two-month-long initiative and aims to generate higher awareness about cancer in animals. The funds collected through the program will be used for advanced research on cancer diagnosis, prevention, and treatment. In November 2023, Central Bark, a leading dog care company associated with the Animal Cancer Foundation hosted Unleash a Cure. The awareness-raising program aims to fight cancer in dogs thus creating a higher growth scope for the global veterinary oncology market.

Veterinary Oncology Market: Restraints

High cost of veterinary oncology treatments will restrict the market expansion rate

The global industry for veterinary oncology is expected to be restricted due to the high cost of the treatment. Although oncology treatments for animals are expanding, the treatment is still limited and has not reached its true potential. The lack of abundant availability of treatment along with the high cost of medication results in higher treatment costs. For instance, chemotherapy for dogs can cost between USD 10,000 to USD 30,000 in the US. Moreover, just like cancers in humans, veterinary cancers can return as a permanent cure for the disease that has not been developed yet.

Veterinary Oncology Market: Opportunities

Growing launch of new treatment programs and vaccines will generate high-growth opportunities

The global veterinary oncology market is expected to generate high growth opportunities due to the increasing launch of new treatments, drugs, and vaccines for treating animal cancers. In March 2024, the U.S. Department of Agriculture (USDA) was reported to be reviewing a potential treatment for cancer in dogs developed by a Yale-based researcher. The treatment is a form of immunotherapy and is reported to halt or slow certain types of cancers in canines. In July 2023, veterinary researchers at the University of Queensland were adopting bone cancer-diagnosed pet dogs for trial of new treatment. The therapy aims to stimulate the immune system of the dogs so that they can fight the disease.

Increasing the construction of new veterinary centers equipped with novel diagnostic and treatment tools will create a higher scope for further growth

As the demand for a robust animal care ecosystem is surging, there has been a rise in the number of new veterinary clinics equipped to handle serious cases such as animal cancers. In March 2023, reports indicated that LastMile, a progressive approach to educating smallholder farmers in the regions of Africa about ways to prevent animal diseases, was reported to have reached over 40,000 farmers spread across 6 African nations. The initiative was launched by Boehringer Ingelheim with the Global Alliance for Livestock Veterinary Medicines (GALVmed) acting as a partner and the Bill & Melinda Gates Foundation (BMGF) funding the initiative. In February 2024, the Tata Trust of India announced that it will construct the country’s first small animal hospital in the city of Mumbai thus creating higher growth scope for the global veterinary oncology market.

Veterinary Oncology Market: Challenges

Limited availability of large-scale sample size will challenge the market expansion rate

The global industry for veterinary oncology will be challenged by the difficulties faced by medical professionals and scientists in researching the several types of cancers that can affect animals in addition to this the extent of cancer affects each animal and its subspecies. The Earth’s biological world comprises millions of animal species making it impossible to learn and develop treatments for animal diseases. Researchers currently working on animal cancer have access to limited sample sizes for disease-based research.

Veterinary Oncology Market: Segmentation

The global veterinary oncology market is segmented based on animal type, therapy, cancer type, and region.

Based on animal type, the global market segments are feline, canine, and equine. In 2023, the highest demand was observed in the canine segment. Cancers in dogs are a common occurrence hence the segment is widely explored. Additionally, the investments in further canine-based cancer research have increased in the last 5 years. The growing number of canine adoptions and higher access to treatment procedures will drive the segmental demand in the coming years. As per market research, over half of dogs over the age of 10 years are exposed to the risk of cancer.

Based on therapy, the global veterinary oncology industry segments are chemotherapy, surgery, radiotherapy, immunotherapy, and others.

Based on cancer type, the global market divisions are sarcomas, lymphomas, skin cancers, and others. In 2023, the highest treatment demand was observed for skin cancers. Dogs are at a higher risk of developing skin cancer in areas that are not covered with fur such as the belly region. Additionally, ultraviolet radiation can further impact the vulnerability to developing skin cancer. Dogs with stage 1 skin cancer can live for another 18 months if surgery is conducted on time.

Veterinary Oncology Market Report Scope

Veterinary Oncology Market: Regional Analysis

North America to lead with way during the forecast period

The global veterinary oncology market is expected to witness the highest growth in North America. Countries such as the US and Canada have high animal care expenditures. The presence of a robust animal healthcare infrastructure in these countries helps the regional market flourish. As per official reports, US citizens spent nearly USD 137 billion on pet care in 2022. The rising number of pet adoptions and growing initiatives to educate the general people about the importance of animal care have worked in the favor of the regional market. Furthermore, North America is witnessing a surge in the number of research conducted to understand more about animal cancer and possible treatments. In November 2023, scientists at Colorado State University initiated the first trial to test the effectiveness of CAR T-cell therapy for treating dogs diagnosed with solid tumors. In January 2024, Morris Animal Foundation announced the names of 8 new recipients for grants. These agencies will work toward improving the lives of dogs living with cancer. Europe is projected to witness rapid expansion during the forecast period. The increasing government initiatives for generating awareness about cancers in animals and the growing number of veterinary clinics will assist in the regional market growth rate.

Veterinary Oncology Market: Competitive Analysis

The global veterinary oncology market is led by players like:

• NorthStar VETS
• Animal Medical Center Oncology Service
• BluePearl Pet Hospital
• Animal Cancer & Imaging Center
• Veterinary Cancer Society
• Veterinary Oncology Services
• PetCancerVet
• Ethos Veterinary Health
• PetCure Oncology
• SouthPaws Veterinary Specialists & Emergency Center
• Pet Emergency & Specialty Center of Marin
• VCA Animal Hospitals
• Oncura Partners Veterinary Radiation Oncology
• University of Illinois Veterinary Teaching Hospital Oncology Service
• Colorado State University Veterinary Cancer Center.

The global veterinary oncology market is segmented as follows:

By Animal Type

• Feline
• Canine
• Equine

By Therapy

• Chemotherapy
• Surgery
• Radiotherapy
• Immunotherapy

By Cancer Type

• Sarcomas
• Lymphomas
• Skin Cancers

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa