Veterinary Regenerative Medicine Market

The global Veterinary Regenerative Medicine Market is valued at USD 549.1 Million in 2022 and is projected to reach a value of USD 1283.8 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 12.9% between 2023 and 2030.

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Veterinary regenerative medicine is a branch of medicine that employs cutting-edge techniques to aid in regenerating wounded tissues and organs in animals. It involves using stem cells, growth factors, and other biomaterials to promote the formation of new tissues and stimulate the body's natural healing processes. Factors such as rising pet expenditures, research and development in regenerative medicine, the prevalence of acute and chronic diseases in pets, and initiatives by key stakeholders fuel the growth. For instance, in July 2020, Boehringer Ingelheim acquired Global Stem Cell Technology (GST), a Belgian veterinary biotech company, to strengthen its stem cell capabilities in veterinary medicine.

In human and veterinary medicine, regenerative medicine therapy for treating various disease conditions has increased in popularity. In the rapidly developing discipline of veterinary regenerative medicine, animals are administered cells and tissues, such as living cells, serum, or bone, to restore diseased or damaged tissues or organs. Recent studies have demonstrated its effectiveness in treating various orthopedic disorders, including osteoarthritis and soft tissue injuries, in companion animals. Regenerative medicine is increasingly utilized as an alternative to surgical, pharmaceutical, and rehabilitation therapy or as a multimodal approach to treating a condition or injury.

Moreover, initiatives by public and private organizations are anticipated to contribute to market expansion. For example, the North American Veterinary Regenerative Medicine Association promotes the transmission of scientific information regarding regenerative medicine and stem cell therapy between veterinarians, researchers, and the animal industry. It is an independent, non-profit organization that aims to promote research and knowledge sharing among market participants in veterinary regenerative medicine. Its objectives are nurturing collaborative efforts and clinical research in the field and supporting the training of veterinarians and researchers in veterinary regenerative medicine.

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Top Market Trends

1. Rising Usage of Stem Cell Therapy: The increasing use of stem cell therapy to treat various animal injuries and diseases is one of the most significant developments. This includes osteoarthritis, ligament and tendon injuries, and spinal cord injuries. Platelet-rich plasma (PRP) and other growth factor therapies can promote animal healing and tissue regeneration. In addition, there is a developing interest in using regenerative medicine in livestock production, aiming to enhance animal health and welfare and boost farmers' productivity and profitability. A greater emphasis is placed on the ethical and regulatory aspects of veterinary regenerative medicine, and efforts are ongoing to establish clear guidelines for using these therapies on animals. These trends are driving innovation and expansion in the field of Veterinary Regenerative Medicine and are likely to continue to do so in the coming years.
2. Integration of PRP: Platelet-rich plasma (PRP) therapy is an additional development in veterinary regenerative medicine. Small amounts of blood are drawn from the animal and processed to isolate a concentrated solution of platelets, growth factors, and other beneficial components. This solution is then injected into the afflicted area of the animal's body to promote tissue healing and regeneration. Animals have been treated with PRP therapy for various ailments, including osteoarthritis, tendon and ligament injuries, and skin lesions. PRP therapy is becoming increasingly prevalent in veterinary medicine as more studies demonstrate its efficacy and safety.

Market Segmentation

The global Veterinary Regenerative Medicine market can be categorized on the following: Animal Type, Product, Application, End-Use, and Regions. Based on the Animal Type, the market can be categorized into Small Animals and Large Animals. Additionally, by Product, the market can be split between Stem Cells and Others. Moreover, by Application, the market can be differentiated between Orthopedics, Trauma/Wound Care, and Others. Additionally, by End-User, the market can be fragmented between Veterinary Hospitals/Clinics and Veterinary Research Institutes. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Animal Type

Smaller Animals to be Widely Utilized for Medicine Owing to Higher Prevalence of Chronic Disorders

In 2022, small animals such as cats and canines dominated the global veterinary regenerative medicine market. This is due to the growing pet population, the humanization of pets, the prevalence of chronic diseases, and rising pet care costs. According to a Canine Arthritis Management Ltd article, osteoarthritis is the most prevalent cause of dogs' persistent suffering. Up to 35% of canines of all ages and 80% of dogs older than eight years may be affected. In 2022, the massive animal segment held a significant revenue share. Increasing product penetration for treating injuries and orthopedic disorders in horses is primarily responsible. For instance, Dechra offers a variety of regenerative products for horses. These include the ProVet APC, the ProVet BMC, the Orthokine Vet trap 60, and the Osteokine PRP Device.

Based on Product

Stem Cells to Account for Largest Market Share Due to Wider Research Among the Prominent Players

In 2022, the stem cells segment had the greatest revenue share. Stem cell-based therapy options for canines, cats, and horses are becoming increasingly accessible. In April of 2022, for instance, Boehringer Ingelheim introduced RenuTend, a stem cell therapy for horses that promotes the healing of tendon and suspensory ligament injuries. The segment of other products is anticipated to have the highest CAGR during the forecast period. This includes products such as platelet-rich plasma (PRP), increasingly used in animal health as a regenerative medicine treatment option. In June 2022, Zoetis added Restigen PRP, Pro-Stride APS, and CenTrate BMA devices to its equine portfolio to treat joint and soft tissue injuries in horses.

Based on Application

Orthopedics-Based Applications to Widen their Sales Owing to Rising Number of Product Launches

Orthopedics held the greatest market share by application in 2022. This is due to the expanding use of regenerative medicine therapy for treating orthopedic diseases and the emergence of stem cell and PRP applications supported by growing clinical evidence. Actistem Therapy by Ardent, for example, offers stem cell-based treatment options for canine arthritis, hip dysplasia, and other conditions. Arti-Cell FORTE from Boehringer Ingelheim is designed to treat disability in horses caused by joint inflammation. The product was introduced in 2019 and was the first stem cell-based product to receive European Commission approval for animal health. At the same time, others are anticipated to have the highest CAGR over the next few years.

Based on End-User

Veterinary Hospitals/Clinics to Accommodate a Larger Share Due to Rising Focus on Canine Health

In 2022, veterinary hospitals/clinics dominated the end-use segment. A large number of veterinary clinics and hospitals, a large number of patients treated at these facilities, and rising canine health concerns are factors that contribute to the segment's high market share. For example, VCA Animal Hospitals in Canada offer stem cell therapy, also known as regenerative medicine, to aid in healing and restoring damaged tissues in canines and cats. In the near future, the segment of veterinary research institutes is anticipated to grow at the maximum CAGR. This results from expanding research and development efforts in regenerative medicine for animal health and growing clinical evidence. The FDA solicits clinical trials for Animal Cells, Tissues, and Cell- and Tissue-based Products in the United States. In one study conducted between 2018 and 2024, Spina Bifida in canines will be treated with allogeneic canine mesenchymal stem cells.

Based on Region

Asia Pacific to Lead Global Sales Owing to Rising Utilization in the Agriculture Industry

In 2022, North America had the greatest revenue share. This is due to the growing awareness of regenerative therapy's benefits and the presence of critical companies. For instance, market leaders such as Zoetis, VetStem, Vetherapy, and Vetbiologics are headquartered in the United States and engage in various initiatives to boost their revenue, contributing to the high market share.

The Asia-Pacific region is expected to experience the highest CAGR during the forecast period due to the increasing number of facilities offering regenerative medicine services and the region's expanding canine population. In addition, rising animal expenditures and the development of veterinary healthcare infrastructure in the region are anticipated to contribute to market expansion.

Competitive Landscape

The market is anticipated to be quite competitive due to numerous prominent companies. These participants employ a variety of strategic initiatives to expand their market presence and share. These include, among others, partnerships, mergers and acquisitions, sales and marketing activities, product introductions, and research and development. Hassinger Biomedical sold marketing and distribution rights for the ProVet BMC and ProVet APC systems to Dechra in September 2021. These patented medical devices enabled the company to expand its equine product line and strengthen its veterinary regenerative medicine market position.

The key players in the global Veterinary Regenerative Medicine market include - VetStem Inc. (U.S.), Vetherapy (U.S.), Boehringer Ingelheim International GmbH (Germany), Vetbiologics (U.S.), Animal Cell Therapies Inc. (U.S.), Ardent (U.S.), Zoetis (U.S.), Dechra Pharmaceuticals PLC (UK), ACell Inc. (U.S.), Enso Discoveries (U.S.) among others.

Recent Market Developments

• December 2021: Zoetis Inc. and CellVec, a veterinary cell therapy company, have collaborated to develop gene-edited cell therapies for companion animals.
• November 2021: Aratana Therapeutics, Inc. announced the completion of a pivotal field effectiveness study for their osteoarthritis stems cell therapy for canines. The study revealed a considerable improvement in mobility and pain scores between the treated and control groups.
• February 2021: IFFCO launches its nanotechnology-based products, nano nitrogen, nano zinc, and nano copper, for on-field trials as part of its attempts to reduce the use of chemical fertilizers and increase farmers' income.

Segmentation of the Global Veterinary Regenerative Medicine Market