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.
Based on type, the global canine stem cell therapy market has been segmented into autologous stem cells and allogeneic stem cells. 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
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.
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.
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.
Company Profiles and Competitive Intelligence:
The major players operating in this market are VetStem Biopharma, Medrego, and 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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