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$300mn by 2024: Pet Cancer Therapeutics Market Set for Rapid Growth

Author : Rahul Sankrityayan | Published Date : 2019-04-04 

Global Pet Cancer Therapeutics Market to exceed USD 300 million by 2024, as per a new research report by Global Market Insights, Inc. Growing pet adoption rate coupled with increasing disposable income of pet owners will drive market growth. Strong and robust drug pipeline for treatment of pet cancer will stimulate business growth over the forecast years. Rising number of pet dogs suffering from cancer will spur orthopedic implants and devices demand. According to American Veterinary Cancer Society, nearly 50% of dogs over the age of 10 have cancer and die of it. The need to control cancer in pets and pet owners will to save their pet from cancer is a major reason behind development in cancer therapeutics.

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Companies in pet cancer therapeutics market have been working toward launching new drugs for cancer treatments to increase the survival rates in the animals. The newly developed UMN drug referred as eBAT was successfully tested on 23 dogs of different breeds at the University of Minnesota, the outcome of which indicated a rise in the survival rates of dogs affected from Hemangiosarcoma (HSA) cancer. During the trials, canines were injected with eBAT thrice before chemotherapy and after performing surgeries for tumor removal. The therapy raised the survival rate of the pet animals to 70% - a factor which may cause pet cancer therapeutics market players to sit up and explore potential growth opportunities. Besides, five of the 23 dogs, who were treated with eBAT, survived for over 450 days. HSA being a blood vessel based cancer type, necessitated the use of the UMN drug for the clinical test, as it can target both, the vascular system and cancer tumor.
 
Dating back to 2014, Advaxis, a biotechnology and healthcare firm based in the U.S., had discovered a drug called ADXS-cHER2 and successfully treated the 18 dogs affected from osteosarcoma at the Pennsylvania School of Veterinary Medicine. During the clinical tests, 9 out of 18 dogs depicted positive immunological responses. It was later discovered that more than two-third of the dogs who were treated with the drug survived for a prolonged period.  These drug trials depict that new inventions in the field of pet cancer technology are certain to augment pet cancer therapeutics market share.
 
Speaking of another novel collaboration in pet cancer therapeutics industry, in December 2015, Spotlight Innovation Incorporation, had formed a subsidiary firm named as CDT Veterinary Therapeutics Incorporation to detect new cancer treatment methods in pets. The latter had emphasized on the commercialization of Crotalin, a drug comprising cytotoxic proteins, endowed with the ability to eliminate animal cancer cells.  The move offers more opportunities for other key business players to explore various dimensions of cancer treatment, thereby providing a positive impetus to pet cancer therapeutics industry. As per Global Market Insights, Inc., pet cancer therapeutics industry is slated to produce a revenue of more than USD 300 million by 2024, growing at a rate of over 10% over 2017-2024.

Strategic alliances and joint ventures are the prime growth strategies of pet cancer therapeutic industry. In 2016, Aratana Therapeutics Incorporation, a U.S. based pharmaceutical firm, had entered an alliance with Elanco, a division of Eli Lilly & Company. According to the strategic agreement, the latter was provided with the rights to expand its pet animal product portfolio across the U.S.

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Pet Cancer Therapeutics Market by Medicine Type

Chemotherapy drugs
Vaccines

Pet Cancer Therapeutics Market by Species

Dogs
Cats

 

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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