The global veterinary oncology market is anticipated to reach USD 611.09 million by 2028, at a CAGR of 10.8%from 2021 to 2028. The increasing prevalence of cancer in animals and rising demand for pet insurance are the key factors driving the market growth.
The veterinary oncology market is segmented based on type, end-user, and region. By type, the market is segmented into therapeutic and diagnostic. The therapeutic segment is expected to account for the largest market share over the forecast period, due to the increasing prevalence of cancer in animals and the growing demand for animal cancer treatments.
By end user, the market is segmented into veterinary hospitals, veterinary clinics, and research institutes. The veterinary hospital segment is expected to dominate the market due to the increasing demand for advanced treatments and diagnostic services.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is expected to account for the largest market share due to the presence of a large number of veterinary hospitals and clinics, and increasing pet insurance coverage in the region.
The key players in the global veterinary oncology market are Bayer AG (Germany), Boehringer Ingelheim GmbH (Germany), Merck & Co., Inc. (US), Novartis AG (Switzerland), Elanco Animal Health (US), Virbac SA (France), Zoetis (US), Dechra Pharmaceuticals PLC (UK), Ceva Sante Animale (France), and VCA, Inc. (US).
These companies are adopting various strategies such as product launches, partnerships, collaborations, mergers and acquisitions, and other strategies to gain a competitive edge in the market.