The Global Pet Cancer Therapeutics Market, by Therapy Type (Chemotherapy, Targeted Therapy, Combination Therapy, and Immunotherapy), by Pet Type (Cat, Dog, and Horse), by Mode of Administration (Oral, Intravenous, and Topical), by Application (Lymphoma, Mast Cell Cancer, Melanoma, Mammary and Squamous Cell Cancer, and Others) and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 183.3 million in 2017 and is projected to exhibit a CAGR of 7.7% over the forecast period (2017 – 2025), as highlighted in a new report published by Coherent Market Insights. The pet cancer therapeutics market is expected to gain significant traction with increasing global awareness regarding efficient and early diagnosis of pet cancers, adoption of novel therapies with the acclaimed safety profiles, and increasing R&D initiatives by research foundations.
Significant number of drugs in pipeline and growing veterinary healthcare expenditure to drive the global market growth
Market players engaged in pet therapeutics are focused on development, licensing, and commercialization of innovative therapeutics for dogs, cats, and horses. For instance, in 2017, Doxosphos Vet, a patented formulation of doxorubicin and XR17 technology by Oasmia Pharmaceuticals AB is currently under development for the treatment of lymphoma in dogs. The drug candidate was granted Minor Use & Minor Species (MUMS) designation by the FDA and is in clinical Phase II/dose confirmation trial. Also, in 2015, Rhizen Pharmaceuticals S.A. initiated Phase 2 study of RV1001, a novel oral selective inhibitor of PI3K delta for the treatment of lymphoma in dogs and was granted minor use designation by the FDA.
Moreover, increasing investments by pet owners in the developed economies is expected to propel the growth of market. According to an annual survey by the American Pet Products Association, 2015, the Americans spend an estimated US $15.4 billion on veterinary care annually.
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The veterinary pharmaceutical companies are focusing on strategic collaborations to develop and commercialize cancer treatments for companion animals. For instance, in 2017, Karyopharm and Anivive Lifesciences entered into an exclusive global license agreement to research, develop, and commercialize Verdinexor (KPT-335), a drug for the treatment of lymphoma, which is in phase 2b of clinical trials. The U.S. FDA Center for Veterinary Medicine (CVM) has found effectiveness and safety technical sections for Verdinexor complete to support conditional approval under a New Animal Drug Application (NADA) for the treatment of canine lymphoma and granted the Minor Use Minor Species (MUMS) designation to the drug candidate. Also, in 2016, Zenoaq, a Japan-based animal health company collaborated with Nexvet to form a research partnership for the development of monoclonal antibodies (mAbs) for canine cancer treatment.
Key Takeaways of the Pet Cancer Therapeutics Market:
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