The 15th International Congress of the European Association of Veterinary Pharmacology and Toxicology (EAVPT), held in Bruges, Belgium, from 02 to 05 July 2023, provided an international platform for industry representatives to exchange ideas, develop innovations and meet in an evidence-based scientific forum. Serving as a beacon for discovery and innovation, the congress also facilitated significant networking opportunities, fostering potential collaborations and partnerships within the veterinary pharmaceutical industry.
Innocan Pharma (CSE: INNO) presented insightful results from pharmacokinetics and pharmacodynamics of CBD research during this meeting. The Israeli-Canadian company also exchanged views with leading veterinary pharmaceutical companies and regulatory agencies such as the FDA. These dialogues were instrumental in shaping the direction of Innocan’s strategy in the field of veterinary medicine research and broadening the scope of potential applications of CBD in animal health.
The Veterinary Services Market size was valued at USD 85.03 Billion in 2021 and is projected to reach USD 153.07 Billion by 2030, growing at a CAGR of 6.3% from 2023 to 2030. The global veterinary pain management market was already estimated at $1.44 billion in 2021 and is expected to reach around $2.9 billion by 2030. This represents a high CAGR of 8.12% – compared to a growth of “only” 5% in the overall animal health segment.
With an increased population of older pets, particularly dogs, there is a surge in incidences of conditions such as osteoarthritis. This scenario highlights an urgent need for novel, effective, and gentle treatments for managing chronic pain in pets. One of the most promising candidates for these treatments is cannabidiol or CBD.
CBD is one of more than 100 known cannabinoids from the hemp plant that, unlike the ingredient THC (tetrahydrocannabinol), has no psychoactive effect and is not addictive. CBD is already being used successfully in human health for the treatment of epileptic seizures, among other things, as well as for pain relief. Its adaptation into veterinary medicine is gaining momentum, with a focus on pain relief for animals.
Innocan Pharma presented a pilot clinical study on the therapeutic efficacy of liposomal cannabidiol (CBD) injections in dogs with naturally occurring osteoarthritis. This research opened a new potential therapeutic avenue for pain management with CBD.
Innocan also exchanged views with veterinary pharmaceutical companies such as Zoetis and MDS (Merck Sharp Dohme) specifically on liposomal CBD technology, its benefits, and innovations in the growing CBD market for animals. These conversations centered around its potential advantages, opportunities for further research and development, and prospective innovations in the rapidly growing CBD market for animals.
The therapeutic potential of CBD is vast and can revolutionize animal health. As pet owners seek innovative, effective and safe methods of managing their pets’ pain, the market for CBD in animal pain treatment is expected to witness a surge in demand. These factors, coupled with the increased pet adoption rates during the pandemic, are expected to accelerate the growth of this segment.
With the successful human application of CBD treatments already being shown, the application of its efficacy in veterinary medicine is more relevant than ever, laying the foundation for pioneering research in this area. The promising findings from Innocan Pharma’s pilot study could herald a new era of pain management for animals, potentially making CBD a staple in veterinary pharmacology.