Global Canine Stem Cell Therapy Market: Overview
The global canine stem cell therapy market has seen vast developments in the past few years in terms of the technology available for obtaining, preserving, and using stem cells. The costs of canine stem cell therapy have also seen a notable decline over the years and stem cells are becoming a preferred mode of treating a number of ailments affecting canines. Moreover, studies showing the excellent level of safety granted by allogeneic stem cell therapy are also rising in numbers, leading to increased confidence among pet owners as well as veterinarians regarding canine stem cell therapy.
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Global Canine Stem Cell Therapy Market: Trends and Opportunities
Some of the key factors working in favor of the global canine stem cell therapy market are the rising prevalence of chronic diseases in dogs, increase in spending on R&D activities, surge in investment by government bodies, and expenditure on companion animals across the world. Technological advances in diagnostic practices, awareness about the treatment of chronic diseases, and high emphasis on prevention and wellness by veterinarians is expected to propel demand for canine stem cell therapy measures across the globe in the next few years.
However, the relatively high costs of these therapies, which could sound unaffordable for masses in emerging economies with low disposable incomes, could limit the growth of the market to a certain degree over the report’s forecast period. Moreover, in a number of countries across the globe, a large number of veterinary clinics lack advanced infrastructure and facilities. This necessitates referral to specialty veterinary hospitals that have expert veterinarians. Trained veterinarians often charge high costs for advanced therapies such as stem cell therapy. The non-availability of comprehensive pet health insurances makes the scenario grave for a large number of pet owners across the globe.
Global Canine Stem Cell Therapy Market: Segmentation
The report segments the global canine stem cell therapy market based on criteria such as product type, application, end user, and geography. Based on product type, the market has been examined for allogeneic stem cells and autologous stem cells. Of these, the segment of allogeneic stem cells, referring to stem cells that are collected from a healthy, matching donor and not from the patient’s own body, is the most preferred owing to low cost and the ease of harvesting and using.
In terms of application, the market has been examined for canine ailments such as lameness, arthritis, tendonitis, elbow dysplasia, and atopic dermatitis. Of these, the segment of osteoarthritis accounts for a dominant share in the overall revenue of the global market owing to the high prevalence of the condition in aged dogs. A high population of dogs suffer from the condition as they age but few are treated. This makes the segment highly opportunistic and lucrative for companies operating in the canine stem cell therapy market. Based on end user, the report segments the global canine stem cell therapy market into veterinary clinics, veterinary hospitals, and veterinary research institutes.
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Global Canine Stem Cell Therapy Market: Geographical and Competitive Dynamics
From a geographical standpoint, the report covers the market for canine stem cell therapy in regions such as North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. Presently, the markets in Europe and North America are among the leading contributors of revenue opportunities to the global market owing to the high numbers of pets, high disposable incomes of pet owners, and easy availability of advanced therapies for pets. The high numbers of specialized veterinarians and veterinary clinics in these regions also contribute to the promising growth opportunities held by the canine stem cell therapy market in these regions.
Some of the leading companies operating in the market are VetStem Biopharma, Inc., Regeneus Ltd, Aratana Therapeutics, Inc., VETherapy Corporation, Animal Cell Therapies, Inc., Magellan Stem Cells, and Medrego.