Global Canine Stem Cell Therapy Market Is Likely to Reach USD 240.7 Million By 2026
The global canine stem
cell therapy market was valued USD 118.5 Million in 2018 and is likely
to reach USD 240.7 Million by 2026, with a compound annual growth rate
of xx% over the forecast period 2019-2026.
Canine stem cell
therapy is a disease-modifying therapy used for the treatment of degenerative
disorders such as arthritis of hips, elbows, shoulders, etc. Factors like
rising prevalence of canine arthritis and increasing investment in research and
development are expected to accentuate the growth of the canine stem cell
therapy market.
However, stem cell
therapy is an expensive procedure as compared to other treatment options and
this is impeding the growth of the market. Moreover, the lack of pet insurance
will further restrain the growth of the market. The Autologous Stem Cells
segment is expected to dominate the market throughout the forecast period Based
on type, the global canine stem cell therapy market has been segmented into
autologous stem cells and allogeneic stem cells.
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The autologous stem
cells segment accounts for more than 80% of the global canine stem cell therapy
market. This segment is expected to reach $xx million by 2026 from $xx in 2019,
growing at a significant rate. The major factor that is driving the growth of
this segment is the approval of autologous stem cell therapy for indications
such as spinal injuries, gastrointestinal issues, bone repair, and renal
conditions.
However, the expensive
nature of the therapy as compared to allogeneic stem cell therapy and the
longer time required for sample acquiring, processing, and the final treatment
may impede the growth of this segment. The allogeneic stem cell therapy segment
is also growing at a significant rate. This segment has been driven by factors
such as faster treatment availability, better efficacy rate, non-invasiveness
of the therapy for patient animals, and cost benefits, as compared to the
autologous stem cell therapy.
Based on application,
the treatment segment is expected to dominant the market during the forecast
period Based on applications, the market has been segmented into treatment and
research. The treatment segment accounts for the largest share in the global
canine stem cell therapy market by application. The rising prevalence of canine
arthritis is driving the growth of this market segment. The increasing
penetration of pet insurance and growing awareness about stem cell therapy will
lead to the rising adoption of stem cell therapy and thereby, drive the
treatment segment of the market.
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Based on the end-user,
the veterinary clinics segment is expected to dominate during the forecast
period Based on the end-user, the market has been segmented into veterinary
hospitals, veterinary clinics, and veterinary research institutes. The
veterinary clinics segment accounts for the largest share in the market and
held more than 60% of the total market in 2018.
The increasing number
of veterinary clinics offering stem cell therapy will drive the growth of this
end-user segment. Furthermore, there has been an expansion in the number of
veterinary clinic chains, which has made treatment more accessible over a wide
geography. This will also drive the growth of the veterinary clinics end-user
segment.
North America to
dominate the global canine stem cell therapy market throughout the forecast
period North America accounted for the highest share in 2018 and is expected to
continue its dominance in the market throughout the forecast period. North America
has the highest population of pet dogs, with around 73 million dogs in the US
and over 6 million in Canada. The rising pet ownership in this region is one of
the most important factors driving the growth of this market. The US accounted
for around 90% of the market in 2018. The rising research and development
activity in this region will also augment the growth of the canine stem cell
therapy market.
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Company Profiles and Competitive Intelligence:
The major players operating in this market are
·
VetStem Biopharma,
·
Medrego,
·
Magellan Stem Cells,
·
Amongst others.
Most of the companies
are conducting clinical trials to study the safety and efficacy of stem cells
for various indication such as spinal disorders, renal disorders, etc.
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