Global Market Analysis of Canine Stem Cell Therapy: Expected Strong Growth Through 2026
The global canine stem cell therapy market is expected to grow at a significant rate during the forecast period. The rising need for disease-modifying therapies and increasing occurrence of chronic diseases are expected to accentuate the growth of the global canine stem cell therapy market during the forecast period.
Moreover, emerging applications of stem cell therapy and growth in emerging countries are likely to provide significant growth opportunities to the players operating in this market. 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
DROT:
The prevalence of chronic diseases such as osteoarthritis amongst dogs is increasing. Currently, around 20% dogs in the US have osteoarthritis. This is a progressive chronic disease and is, therefore, creating a significant burden on healthcare resources. Thus, the increasing prevalence of chronic diseases will drive the growth of the canine stem cell therapy market.
Many companies and veterinarians have realized the potential of stem cells for the treatment of chronic disorders in dogs. Companies are increasingly investing in clinical trials of stem cells for use in various indications such as arthritis and atopic dermatitis. For instance, Aratana Therapeutics Inc. funded the clinical trials for AT-016, adipose-derived allogeneic stem cells for the treatment of osteoarthritis in dogs. In another event, the Australian government awarded Regeneus Ltd. US$ 2.73 Mn as part for R&D tax refund.
The average cost of canine stem cell therapy for dogs is between US$ 2,000 to US$ 3,000. Canine stem cell therapy is more widely used for the treatment of osteoarthritis. This cost includes doctor’s fees, x-ray costs, and other costs. The actual procedure cost is around US$ 1,700 to US$ 2,000. This is high as compared to the cost of supplements and anti-inflammatory drugs, which goes to around US$ 1,500 to US$ 1,800 per year. Even though stem cell therapy has better outcomes, the cost required for this treatment can be high for many pet owners, which can restrain the growth of the market.
Stem cell therapy is currently approved only for the treatment of degenerative disorders such as arthritis of hips, stifles, elbows, or shoulders. Therefore, the approval of stem cell therapy for new indications will create new growth opportunities for market players.
The rising disposable income in emerging countries has led to an increase in the pet population in these countries. Apart from this, the expenditure on pets has also increased. For instance, the expenditure on pets in China has doubled from 2007 to 2014. The rising pet population in these countries will lead to an increase in demand for stem cell therapy from these countries.
CPs & CI
The leading players in the global canine stem cell therapy market include Medrego, VetStem Biopharma, Magellan Stem Cells, and MediVet Biologic, among others. These players are expanding their presence across various regions and are entering new markets to expand their customer base and strengthen their presence in the market. Companies are also introducing new innovative products in the market to cater to the growing consumer demand. In March 2019, Medrego launched its product CaniCell, for the treatment of osteoarthritis, arthritis, joint inflammation, and hip dysplasia in dogs. The company offers pet owners an option to choose whether to use autologous or allogeneic stem cells.
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