PUBLISHER: Allied Market Research | PRODUCT CODE: 1566959
PUBLISHER: Allied Market Research | PRODUCT CODE: 1566959
Animal Stem Cell Therapy Market
The animal stem cell therapy market was valued at $256.0 million in 2023 and is projected to reach $440.0 million by 2033, growing at a CAGR of 5.6% from 2024 to 2033.
Animal stem cell therapy is a procedure which involves the usage of stem cells to treat injuries or cure diseases in animals. Stem cells are the undifferentiated cells inside a living body which possess the capacity to give rise to new cells with different functionalities. This ability of stem cells makes them essential for the repair of damaged tissues and organs. To perform the therapy, the stem cells are harvested from diverse body parts, including bone marrow, umbilical cord blood, or fat tissue. The therapy has proven to be beneficial in the treatment of different conditions such as osteoarthritis, neurological disorders, tendon & ligament injuries, and various autoimmune diseases.
Increase in the ownership of pets globally, along with surge in expenditure on their lifestyle and health is a key driver of the animal stem cell therapy market. In addition, prevalence of chronic diseases and health-related disorders is rising among animals, thereby boosting the demand for stem cell therapy. With progressing technology, the trend of integrating AI in stem cell therapy is gaining prominence. AI is proving to be an unprecedented tool for achieving precision and addressing complications during the treatment. The tool helps to design a reliable framework for different procedures, including classification of stem cells colony, identification of cellular morphology, characterization of undescribed morphological traits in cancer stem cells, and prediction of drug effects.
However, the costs of animal stem cell therapies are significantly high, restricting the pet owners with limited budgets from affording such treatments. In addition, the market development is hampered by the ethical considerations surrounding the utility of stem cells, as compliance with such regulations is an intricate and lengthy procedure. For instance, the European Medicines Agency has implemented a rigorous evaluation process pertaining to stem cell therapies for veterinary use.
Segment Review
The animal stem cell therapy market is segmented into type, species, end user, and region. On the basis of type, the market is bifurcated into allogenic and autologous. As per species, it is divided into dog, cat, and horse. Depending on end user, it is classified into veterinary hospitals and research organizations. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of type, the allogenic segment accounted for the highest market share in 2023.
As per species, the dog segment acquired high stakes in the market in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition Analysis
The leading players operating in the global animal stem cell therapy market include Aratana Therapeutics, Inc., VetStem, Inc., Regeneus Ltd., Magellan Stem Cells, PrimeGen Biotech, LLC, Vetbiologics, Boehringer Ingelheim, Cell Therapy Sciences, VETherapy Corporation, and MediVet Biologics LLC. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
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