New York, June 27, 2022 (GLOBE NEWSWIRE) -- The global animal stem cell therapy market recorded sales of around US$ 249.9 Mn in 2021 and the market is predicted to experience healthy growth over the years ahead at a CAGR of 5.2% (2022 to 2032).
Animal stem cell therapies are treatments for disorders such as arthritis, soft tissue injuries, traumatic fractures, tendonitis, inflammatory bowel disease, and others that are given to animals. Hematopoietic stem cells and mesenchymal stem cells are used in these treatment procedures.
As the focus on giving animals a better quality of life grows, so does the adoption of such therapies across the world. The market for animal stem cell therapy is predicted to continuously increase owing to the growing need for higher levels of veterinary care.
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Regulatory bodies are also encouraging veterinary regenerative medicine research & development.
- The Veterinary Innovation Program, for example, fosters breakthroughs in the field of animal products such as animal cells, tissues, and cell- and tissue-based products. It aids in the streamlining of such products' regulatory activities.
The European Commission has approved a few stem cell-based products within the region.
- For example, Boehringer Ingelheim has obtained approval for its Arti-Cell® Forte, which is a stem cell-based product for the treatment of lameness in horses.
The animal stem cell therapy market is moderately fragmented with a few key market players and presents numerous opportunities for new market entrants to create a foothold in the industry. Increased pet adoption rate can be a beneficial factor for manufacturers of stem cells to expand into emerging markets.
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Key Takeaways from Market Study
- Use of the mesenchymal stem cells, under the product type category for the animal stem cell therapy, is growing moderately. This segment held 71.1% market share by value in 2021.
- Under the source category, high adoption of allogeneic stem cell therapy is being witnessed. Thus, the allogeneic source of animal stem cell therapy held the highest market share of 66.9% in 2021.
- Osteoarthritis indication accounted for a market share of around 43.6% in 2021.
- Increased adoption of canines is the reason this segment held the highest market share of 66.1% in 2021.
- Under the end-user category, veterinary hospitals held 43.4% market share by value in 2021.
- The Europe animal stem cell therapy market accounted for 31.5% of the global market share at the end of 2021.
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“With rising disposable incomes and higher adoption rate of pet animals, the global market for animal stem cell therapy is set to gain traction over the coming years,” says an analyst of Persistence Market Research.
Market Competition
Key animal stem cell therapy providers are investing in innovating veterinary regenerative medicines and they are also coming up with new product launches for the well-being of animals.
Along with product innovation, market players are also aiming for various collaborations to strengthen their R&D in the field of animal stem cell therapy.
- Boehringer Ingelheim, one of the key players in the animal stem cell therapy market, launched a new stem cell therapy that aims to improvise the healing capability of the tendon and suspensory ligament injuries in equines. This product, called RenuTend™, was launched in April 2022.
- In April 2022, Exceed Equine collaborated with Medrego for determining stem cell treatments for a variety of ailments affecting performance horses.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the animal stem cell therapy market in its latest study, presenting historical demand assessment of 2012 – 2021 and projections for 2022 – 2032.
The research study is based on product type (hemopoietic stem cells and mesenchymal stem cells), source (allogeneic and autologous), indication (osteoarthritis, soft tissue injuries, traumatic fractures, tendonitis, inflammatory bowel disease, and others), species (canine, feline, and equine), and end user (veterinary hospitals, veterinary clinics, and veterinary research institutes), across seven key regions of the world.
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