Veterinary Regenerative Medicine Market Size, Share & Trends Analysis Report By Animal Type (Small Animals, Large Animals), By Product, By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global veterinary regenerative medicine market size was valued at USD 257.54 million in 2022 and is expected to expand at a lucrative compound annual growth rate (CAGR) of 12.54% from 2023 to 2030. The growth is propelled by factors such as increasing pet expenditure, R&D in regenerative medicine, the prevalence of acute & chronic diseases in pets, as well as initiatives by the key players. For instance, in July 2020, Boehringer Ingelheim acquired a Belgian veterinary biotech company- Global Stem cell Technology (GST), to strengthen its stem cell capabilities in veterinary medicine. The COVID-19 pandemic notably impacted the market with restricted access to veterinary care, a surge in pet adoption, supply chain challenges, operational hurdles, and dampened demand. Some challenges were exacerbated by the macroeconomic headwinds during 2022 impacting the market growth during the year and into Q1 2023. Bodevet for example, discontinued the sale of its StablePlate RX product for dogs, citing unfavorable market conditions and a lack of commercial viability despite an increase in product prices.

Regenerative medicine therapy has grown in popularity in both human and veterinary medicine for the treatment of a variety of disease conditions. In the rapidly developing field of veterinary regenerative medicine, cells, and tissues-such as live cells, serum, or bone-are utilized in animals with the hopes of restoring diseased or damaged tissues or organs. Recent studies have shown that it is effective in controlling a variety of orthopedic disorders in companion animals, including osteoarthritis and soft tissue injuries. Regenerative medicine is increasingly used as an alternative to surgical, medicinal, and rehabilitation therapy or as a multimodal approach to treating a condition or injury.

Furthermore, initiatives by public and private organizations are expected to fuel market’s growth. The North American Veterinary Regenerative Medicine Association, for instance, supports the exchange of scientific information in regenerative medicine and stem cell therapy between veterinary practitioners, research investigators, and animal industry participants. It is an independent, nonprofit organization that aims to encourage research and the exchange of knowledge among veterinary regenerative medicine market stakeholders. Some of its goals include fostering collaborative efforts and clinical studies in the field and supporting the training of veterinary professionals and research scientists in veterinary regenerative medicine.

Animal Type Insights

By animal type, small animals comprising cats and dogs dominated the global market for veterinary regenerative medicine in 2022. The segment is also projected to grow at the fastest CAGR of about 13% over the forecast period. This is owing to the increasing pet population, pet humanization, the prevalence of chronic diseases, and rising costs for pet care. For instance, according to an article by Canine Arthritis Management Ltd, osteoarthritis is the most common cause of persistent suffering in dogs. It may affect up to 35% of dogs of all ages, and 80% of dogs older than 8 years.

The large animals segment held a notable revenue share in 2022. This is mainly due to increasing product penetration for the treatment of injuries and orthopedic disorders in horses. Dechra, for instance, offers a range of regenerative products for equines. These include ProVet APC, ProVet BMC, Orthokine vet irap 60, and Osteokine PRP Device.

Product Insights

The stem cells segment accounted for the highest revenue share in 2022. This is due to the growing availability of stem cell-based therapy options for dogs, cats, and horses. For instance, in April 2022, Boehringer Ingelheim launched RenuTend, a stem cell therapy for horses to promote the healing of tendon and suspensory ligament injuries.

The other products segment is expected to grow at the fastest CAGR of over 13% during the forecast period. This includes products such as PRP which is increasingly used as a regenerative medicine treatment option in animal health. In June 2021, Zoetis expanded its equine portfolio, with the addition of Restigen PRP, Pro-Stride APS, and CenTrate BMA devices to aid in joint and soft tissue injuries in horses.

Application Insights

By application, orthopedics held the largest share of over 40% of the market in 2022. While the Other Applications segment, is projected to grow at the fastest CAGR of about 13% in the coming years. This is owing to the increasing usage of regenerative medicine therapy the for treatment of orthopedic diseases as well as emerging applications of stem cells and PRP with growing clinical evidence.

Actistem Therapy by Ardent for instance offers stem cell-based treatment options for arthritis, hip dysplasia, and more in dogs and other pets. Arti-Cell FORTE from Boehringer Ingelheim on the other hand is intended for lameness associated with joint inflammation in horses. The product was launched in 2019 and was the first-ever stem cell-based product to receive approval from the European Commission on animal health.

End-use Insights

The veterinary hospitals & clinics segment dominated the end-use segment in 2022. Some of the factors contributing to the high share of the segment include a large number of veterinary clinics & hospitals, a high footfall of patients received at these facilities, and growing pet health concerns. VCA Animal Hospitals in Canada for example, offers stem cell therapy, also known as regenerative medicine, to help dogs and cats' bodies heal and restore damaged tissues.

The veterinary research institutes segment is expected to grow at the highest CAGR of about 13% in the near future. This is owing to increasing R&D activities in regenerative medicine for animal health and growing clinical evidence. The U.S. FDA enlists clinical trials for Animal Cells, Tissues, & Cell- & Tissue-based Products. One such study to be carried out between 2018 and 2024 includes the treatment of Spina Bifida in dogs using allogeneic canine mesenchymal stem cells.

Regional Insights

North America registered the highest revenue share of over 35% in 2022. This is owing to the increasing awareness about the benefits of regenerative therapy and the presence of key companies. For example, key market players such as Zoetis, VetStem, Vetherapy, Vetbiologics, etc. are headquartered in the U.S. and implement various initiatives to increase their revenue. This attributes to the high share of the market.

The Asia Pacific region is anticipated to grow at the fastest CAGR of over 14% during the forecast period, due to the increasing number of facilities offering regenerative medicine services and the growing pet population across the region. Furthermore, increased animal expenditure and developing veterinary healthcare infrastructure in the region are other factors estimated to contribute to the market growth.

Key Companies & Market Share Insights

Owing to the presence of several notable companies, the market is anticipated to be fairly competitive. These players undertake various strategic initiatives to increase their market presence and share. These include partnerships, mergers & acquisitions, sales & marketing activities, product launches, and R&D among others. In September 2021, Dechra acquired marketing and distribution rights of ProVet BMC and ProVet APC systems from Hassinger Biomedical. These patented medical devices helped the company expand its equine product line and boosted its market position in the veterinary regenerative medicine market.Some prominent players in the global veterinary regenerative medicine market include:

• Boehringer Ingelheim International GmbH

• Zoetis

• Dechra

• ACell Inc. (Integra LifeSciences)

• Vetherapy

• VetStem, Inc.

• Ardent

• Enso Discoveries

• Animal Cell Therapies, Inc. 

• Vetbiologics 

Veterinary Regenerative Medicine Market Report Scope

Global Veterinary Regenerative Medicine Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global veterinary regenerative medicine market report based on animal type, application, product, end-use, and region:

• Animal Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Small Animals

  • Large Animals

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Stem Cells

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Orthopedics

  • Trauma/Wound Care

  • Others

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Veterinary Hospitals/Clinics

  • Veterinary Research Institutes

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Rest of Asia Pacific

  • Latin America

    • Brazil

    • Rest of LATAM

  • Middle East & Africa

    • South Africa

    • Rest of MEA