Veterinary Oncology Market Size, Share, Growth Analysis, By Therapy(Surgery, Radiotherapy), By Animal type(Canine, and Feline), By Cancer Type(Lymphoma, Mast Cell Cancer) - Industry Forecast 2024-2031

Global Veterinary Oncology Market size was valued at USD 231.4 Billion in 2022 and is poised to grow from USD 259.4 Billion in 2023 to USD 646.87 Billion in 2031, at a CAGR of 12.10% during the forecast period (2024-2031).

The primary factors driving the market are the increased prevalence of cancer in the animal population and the rising use of veterinarian cancer therapy as a form of treatment. Growing owner desire to spend on animal healthcare and government initiatives for veterinary cancer therapy are the two main market-driving factors. Growing animal healthcare spending is occurring in developed economies. Additionally, the American Veterinary Medical Association (AVMA) predicted that 1 in 4 dogs would experience neoplasia at some point in their lifetimes.

According to the American Animal Hospital Association (AAHA), neoplastic disease was the primary cause of death in 73 out of 82 dogs and the leading cause of mortality in dogs under 1 year old. Traumatic damage is frequently caused by the condition. The feline population that has been identified to carry the feline leukemia virus (FeLV) has also been reported to be one of the main sources of lymphoma in felines. Therefore, better veterinary oncology treatment for these animals is required due to the increase in cancer incidence. The COVID-19 virus is expected to alter how people interact with their pet animals.

The majority of pet owners grew closer to their animals during the nationwide lockdowns intended to stop the spread of disease. Pet owners are encouraged to prioritize pet-friendly holidays and workplaces as life returns to normal and incorporate their pets even more into their everyday routines. Spending time with their pets improved wellbeing and helped reduce stress, according to 75% of pet owners polled by the American Pet Product Association. Adoption rates in animal shelters in the U.S. increased by as much as 40% from the previous year. Market expansion is anticipated to be supported by the trend towards pet humanization.

The market is also expanding as a result of the rising number of veterinary clinical studies being conducted to assess the efficacy and safety of various oncologic treatments for pets. To aid researchers conducting prospective veterinary clinical studies, the AVMA developed a database called the AVMA Animal Health Research Database (AAHSD). The market is expected to increase throughout the forecast period as a result of such studies by researchers who are interested in veterinary oncology treatments.

The industry is also being driven by favorable government initiatives related to the treatment of veterinary cancer. For instance, the NCI (National Cancer Institute) funded the testing of veterinary oncology medicines in animals as part of a clinical trial in July 2019. Finding novel cancer treatments that will maintain the dog's quality of life was the goal of the trials made available by veterinarian medical schools around the world. As humans and dogs share a similar biology for cancer, the experiment was also done to shed light on how the veterinary oncology therapies and techniques being tested in dogs may be applied to assist people with cancer.

US Veterinary Oncology Market is poised to grow at a sustainable CAGR for the next forecast year.