The global dog stem cell therapy market is poised to skyrocket in the years to come. The digital renaissance dictates the conditions for the industry. An AI-powered data core is used to provide insights. In addition, the virtual workforce will be developed with a transfer of digital skills, including from a variety of innovative ecosystems and industries. Conversational AI is used to help end users with timely feedback. This trend will certainly drive the entire industry forward in the coming period.
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Persistence Market Research (PMR) has published a new research report on stem cell therapy in dogs. The report is entitled, “Canine Stem Cell Therapy Market: Global Industry Analysis 2016 and Forecast 2017–2026.” Veterinary research has been used in regenerative and adult stem cell therapy and has grown in importance over the past decade. Canine stem cell therapy products have been found to have gained traction over the past five years, and the canine stem cell therapy market will grow at a moderate pace over the next few years, according to the research report mentioned above.
- VETSTEM BIOPHARMA
- Cell Therapy Science
- Regeneus GmbH
- Aratana therapeutics
- Medivet Biologics LLC
- Magellanic stem cells
- ANIMAL CELL THERAPIES, INC
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While not all animal stem cells are FDA approved, veterinary stem cell manufacturers and university researchers are pursuing various strategies to meet regulatory approvals and to streamline and expedite the review and approval process. In addition to acquiring patents, the providers in the market are relentlessly concentrating on research and development in order to develop novel therapies.
According to the market research report, Persistence is the global one Canine Stem Cell Therapy Market is expected to witness one CAGR of 4.2% in the forecast period 2017-2026. In 2017 the market was rated with $ 151.4 million and is expected to be based on a rating of US $ 218.2 million by the end of 2026.
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Burgeoning Chronic Disease Prevalence in Dogs to the Benefit of the Market
Fat stem cells (ASCs) are the most widespread and sought after adult stem cells because of their safety profile, ease of extraction and use, and ability to differentiate into multiple cell lines. The earliest clinical research has focused on fat stem cells for the treatment of various chronic diseases such as arthritis, tendonitis, lameness, and atopic dermatitis in dogs. A major focus in veterinary medicine is treating osteoarthritis in dogs, which becomes more common as people age. Globally, more than 20% of dogs suffer from arthritis, a common form of joint and musculoskeletal disorder in dogs. Of that 20%, only 5% appear to be receiving treatment. However, canine elbow dysplasia recorded a prevalence of 64%, which turned it into an alarming disease condition that should be treated as a priority. With the increasing number of chronic diseases in dogs, the demand for stem cell therapies is increasing significantly.
Expensive nature of therapy to hinder the growth path
The expensive nature and limited access to canine stem cell therapy have proven to be a major obstacle preventing its widespread adoption. The average Tier II and Tier III animal hospitals lack the facilities and expertise to perform stem cell procedures, which requires referral to a specialized veterinary clinic with experienced veterinarians. A trained veterinarian charges high treatment costs associated with stem cell therapy for dogs. In general, dog owners have pet insurance, which usually covers the maximum costs associated with steam cell therapy to treat the original injury, but pet insurance does not cover the costs for subsequent measures in the event of re-treatment. Stem cell therapy is therefore not cost-covering for a large number of animal owners, which is a major drag on market growth. Stem cell therapy is still in the development phase and a positive growth result for the market cannot yet be confirmed.
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