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The global canine stem cell therapy market is expected to witness strong growth during the forecast period between 2021 and 2031.
Canine stem cell therapy refers to the use of a canine's stem cells to treat specific diseases. Stem cells can differentiate cells with specific functions that can help repair body tissues that are damaged by injury.
Some of the facilities that perform canine stem cell therapy include veterinary clinics, veterinary hospitals, and veterinary research institutes.
COVID-19 pandemic outbreak negatively impacted growth in overall canine stem cell therapy market. Increasing number of cases globally led to surge in hospitalization rate which decreased the focus on canine stem cell therapy and affected market growth.
However, with individuals in most age groups vaccinated twice and approval given to the use of third booster dose, it is expected that focus on canine stem cell therapy will increase, which could trigger the growth in global market, in future.
Increasing prevalence of chronic disorders in dogs is the key growth driver of global canine stem cell therapy market.
Also, rising preference for allogenic stem cells over autologous stem cells is expected to help create revenue-generating opportunities for well-established players in overall market, in the coming years.
In addition to this, government initiatives and measures such as offering funding to leading players in overall market for research and development undertakings could augment the growth in canine stem cell therapy market, in years to come.
Other factors such as rapid urbanization, especially in developing economies and rising disposable income leading to surge in pet ownerships could also create revenue-generating opportunities for leading market players, in the years ahead.
Dog animal segment is projected to emerge as largest revenue contributor to overall market in future because of rising number of dog owners worldwide, leading to increase in demand for canine stem cell therapy, which could contribute to market growth.
The global canine stem cell therapy market is competitive, with the presence of numerous prominent market players. Many of these players are expected to account for a large share in overall market, in the coming years.
Leading market players could make huge investments in research and development activities in a bid to produce improved canine stem cell therapy that can be deployed on different pets.
Furthermore, in a bid to expand their presence in global market and increase their revenue shares, well-established canine stem cell therapy market players could sign collaborative agreements with smaller market players.
Some of the leading players in global market include Animal Cell Therapies Inc., Magellan Stem Cells, Medrego, VetStem Biopharma Inc., and Aratana Therapeutics Inc.
The global canine stem cell therapy market is segmented into four regions, namely, North America, Asia Pacific, Europe, and rest of the world.
North America is expected to emerge as maximum revenue-generating region in global market during the forecast period. Rising adoption of pets in countries such as the U.S. and Canada is expected to be the key factor, driving the growth in the region.
Asia Pacific is projected to witness significant growth in global market because of growing adoption of canine stem cell therapy in countries such as India and China.
Ease of availability of key resources such as land and labor could help prominent market players in establishing research and development centers in Asia Pacific countries, in future.
Europe is anticipated to witness moderate growth in overall canine stem cell therapy market in future because of reduced presence of prominent market players in countries such as the U.K. and Germany.
The rest of the world is expected to witness sluggish growth in overall market, in the coming years.
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Canine Stem Cell Therapy Market
