WASHINGTON, June 08, 2023 (GLOBE NEWSWIRE) — 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 12.90% over the forecast period 2023-2030.
Factors such as rising pet expenditure, R&D in regenerative medicine, the frequency of acute and chronic pet disorders, and activities by key companies are driving growth. Among its objectives are the promotion of joint efforts and clinical investigations in the field, as well as the training of veterinary professionals, scientists, and engineers in veterinary regenerative medicine.
We forecast that the veterinary hospital/clinics in veterinary regenerative medicine market sales will account for more than 56% of total sales by2030. Some immunizations are only provided in accredited veterinary hospitals and clinics, which is responsible for this end-use company’s overall growth. Several health – care associations have produced rules for safety procedures and guidelines to be adopted in veterinary hospitals and clinics throughout the last few years, broadening the opportunity for segment expansion.
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Stem Cell Therapy is the Technology Support Market Expansion
There has been a surge in neuroscience research based on stem cells to address various neurological diseases. Serum and bone marrow stem cells have been extensively exploited in isolating and generating hematopoietic stem cells (HSCs) used in regenerative medicine. Adult stem cells have received increased attention as a potential pool from which pluripotent stem cells can be extracted and employed in various applications. The ability of adult stem cells to divide or self-renew indefinitely and generate all cell types of the organ from which they have stimulated study into them, potentially recreating the complete organ from a few cells.
Increasing Demand for Pet Insurance Policies Drives Market Growth
The increased use of star health insurance to pay for veterinarian services in developed countries is expected to drive market growth. Canada, the United Kingdom, and Sweden all have strong pet health insurance markets. Pet health insurance is becoming increasingly popular in China. The expanding popularity of pets and the increased awareness and comprehension of pet health have both influenced the creation of pet health insurance.
Top Players in the Global Veterinary Regenerative Medicine Market
- Vested, Inc. (U.S)
- Therapy (Portugal)
- Boehringer Ingelheim International GmbH (Germany)
- Vet biologic (U.S)
- Animal Cell Therapies, In (U.S)
- Zoetis (U.S)
- Detra (Northwich)
- A Cell Inc. (Integra LIFE Sciences) (Columbia)
- Enso Discoveries (U.K)
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Top Trends in the Global Veterinary Regenerative Medicine Market
- One trend that Vantage Market Research (VMR) expects to see in the veterinary regenerative medicine industry is government intervention. In several emerging economies, the cattle sector contributes significantly to GDP. As a result, governments have started focusing on adopting enhanced medication and immunization facilities to maintain a healthy cattle herd. Vaccine manufacturers’ profitability index is declining with growing worried about animal health. Governments, such as bulk vaccination purchases to ensure higher food quality and a healthy animal populace, influence distribution routes, increasing manufacturers’ dependency on government entities.
- Another trend that very predicts will continue in the veterinary regenerative medicine industry is its increasing trend of pharmaceutical applications due to an increase in infectious, blood-borne, and food-borne illnesses. The biologics segment is expected to grow quickly over the projection period as more sheep and companion animals utilize vaccines to avert illness. The large losses sustained by the animal breeding sector because of epidemics in previous years are pushing the demand for vaccinations as a defines against such diseases. Furthermore, many mergers and acquisitions undertaken by key market companies to widen their vaccine product portfolio are expected to boost the industry’s growth prospects greatly.
Top Report Findings
- Based on the animal type, most of the veterinary regenerative medicine market’s revenue is controlled by the large animals’ category. The industry is also driven by technical advances in veterinary health care, which are expected to provide future growth prospects. These breakthroughs include introducing effective information management systems, mobile technology that puts animal owners at the heart of developments, and vaccine banks.
- Based on product, most of the veterinary regenerative medicine market’s revenue is controlled by the stem cells category. Stem cells are gaining popularity in the field of regenerative medicine. The use of regenerative cell therapies has the potential to mend and replace damaged tissues and organs. Patients may benefit from tissue regeneration based on cellular therapies, lowering death and infection rates. Businesses and research institutes are working together to create new therapeutic options for the condition.
- Based on applications, most of the veterinary regenerative medicine market’s revenue is controlled by the orthopaedics category The high frequency of orthopaedics problems, such as chronic degenerative disease, the growing elderly workforce, and the rising number of traffic accidents, all contribute to market growth. The development of modern orthopaedic devices is projected to cut the cost of existing ones considerably. This contributes to the greater popularity of the latter in emerging economies.
- Based on end users, most of the veterinary regenerative medicine market’s revenue is controlled by the veterinary hospitals\ clinics category. This segment’s significant share is due to numerous purposes, such as clinical pathology, toxicological tests, and treatments. The accessibility of a diverse range of treatments and diagnostic choices in veterinary hospitals and clinics is a significant growth driver for this industry. Increased zoonotic rates are predicted to fuel the desire for diagnostic tests, driving the point-of-care testing and in-house screening segments in the coming years.
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Recent Developments in the Global Veterinary Regenerative Medicine Market
- In 2021: Crating Daeng, a brand of TCH Group, partnered with DHC, the top maker of food supplements in Japan, to meet the need for vitamin C in Thailand.
- In 2020: To meet the increased demand for immune-related products during the pandemic, Homaro Pharmaceuticals introduced three vitamin C medicines under its Top life and Springleaf brands in 2020.
Orthopaedics’ Category in Veterinary Regenerative Medicine Market to Generate Over 48% Revenue
For better understanding, based on the application, the veterinary regenerative medicine market is divided into orthopaedics, Trauma/Wound Care and Others.
The orthopaedics market was the largest by application, and it is anticipated to hold the top spot during the projected period. A significant rate of joint surgery has been recorded in the senior population. Because aging people have weaker fractures, they are more at risk for injuries and other structural abnormalities. Furthermore, an increase in musculoskeletal diagnoses and congenital hypothyroidism cracks is creating a market for implant materials among older people.
On the other hand, the wound care category is anticipated to grow significantly. Wound care solutions aid in treating diabetic foot ulcers, common in diabetes patients. Wound care solutions such as hydrocolloid dressings aid in water-holding capacity and enable faster blood clotting inside and outside. Furthermore, these medications aid in the absorption of necrotic tissues, which is helpful in the management of infections related to surgery.
North America Region in Veterinary Regenerative Medicine Market to Generate More 36.10% Revenue
The North American region is anticipated to do so in the coming years. This can be ascribed to a wide range of decisive actions implemented by administration and animal health agencies that continually attempt to improve overall animal and human health. Additionally, technological developments in veterinary diagnoses, rising zika virus prevalence, and increased awareness among pet owners are projected to drive market expansion. Numerous joint efforts by large corporations to improve their R&D skills and assure quality expectations are expected to drive higher demands in this region. The North American region’s major market is the United States. In the United States, there is an increasing incidence of illnesses like lung cancer and mellitus that various stem cell therapies can now heal.
The Asia Pacific region is projected to develop the fastest in the Veterinary regenerative medicine market. The rising incidence of chronic illnesses presents fresh possibilities for market participants. The key market participants are focused on R&D activities to create innovative treatments with stem cells that will aid in the market expansion of regenerative medicines. Growing animal expenditure and the region’s development of veterinary healthcare facilities are also expected to help with market expansion.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Veterinary Regenerative Medicine Market Forecast Report (2023-2030).
Global Veterinary Regenerative Medicine Market Segmentation
By Animal Type
- Small Animals
- Large Animals
- Trauma/Wound Care
- Veterinary Hospitals/Clinics
- Veterinary Research Institutes
- North America
- United States
- Rest of Europe
- Asia Pacific
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
|Market Size in 2022||USD 549.1 Million|
|Revenue Forecast by 2030||USD 1283.8 Million|
|CAGR||12.90% from 2023 to 2030|
|Forecast Year||2023 to 2030|
|Key Players||VetStem Inc., Vetherapy, Boehringer Ingelheim International GmbH, Vetbiologics, Animal Cell Therapies Inc., Ardent, Zoetis, Dechra, ACell Inc. (Integra Life Sciences), Enso Discoveries|
|Customization Options||Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/veterinary-regenerative-medicine-market-2153/request-sample|
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