Veterinary oncology deals with the diagnosis, prevention, and treatment of cancer in pets. Veterinary oncology has gained significant importance over the years. Early detection and accurate diagnosis are crucial for the successful treatment of cancer in pets. Innovations in diagnostic and imaging techniques allow veterinarians to detect cancers in their early stages. Advanced treatment options such as chemotherapy, radiation therapy, immunotherapy, and targeted therapy have improved the survival rates and quality of life of pets suffering from cancer.
The global Veterinary Oncology Market is estimated to be valued at US$ 657.42 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Innovations in veterinary cancer diagnostic techniques have been a key trend fueling market growth. Non-invasive imaging modalities such as CT, MRI, and PET scans have improved early detection capabilities. These advanced imaging techniques help veterinarians detect tumors that may not be identified on regular X-rays. They provide high-resolution anatomical images that help determine the size, location, and spread of tumors. Innovations in imaging techniques have streamlined the diagnostic process and enabled veterinarians to diagnose cancers at their earliest stages. This has significantly improved treatment outcomes and quality of life of pets suffering from cancer.
Segment Analysis
The global veterinary oncology market size is dominated by the companion animal segment. Within companion animals, canine oncology accounts for a major share due to factors such as rising pet adoption and expenditure on pets, increasing awareness about cancer diagnosis and treatment in dogs, and their comparable genotypes and molecular signaling pathways to humans. The canine segment is expected to witness high growth over the forecast period as well.
Key Takeaways
The global veterinary oncology market is expected to witness high growth over the forecast period of 2023 to 2030. The global Veterinary Oncology Market is estimated to be valued at US$ 657.42 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030.
Regional analysis shows that North America currently dominates the market due to growing veterinary healthcare expenditure and increasing adoption of advanced technologies for cancer diagnosis and treatment in pets. Europe holds the second largest share owing to rising animal health awareness and increasing number of veterinary practitioners. Asia Pacific exhibits the fastest growth rate led by improving pet care standards, increasing pet healthcare expenditure, and growing adoption of advanced therapies.
Key players operating in the veterinary oncology market are Thermo Fisher Scientific Inc., CRISPR Therapeutics AG, Intellia Therapeutics. Thermo Fisher Scientific Inc. offers a wide range of solutions for cancer research including flow cytometry, microscopy, cell culture, IHC staining, and genomic analysis. CRISPR Therapeutics AG is a biopharmaceutical company focused on developing transformative gene-based medicines for serious diseases using its leading gene-editing platform CRISPR/Cas9. Intellia Therapeutics leverages its proprietary in vivo CRISPR/Cas9 gene editing technology to develop curative single-administration therapies that provide long-lasting effects for patients suffering from genetic diseases.
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