Hello and welcome to Virtual Investor Conferences. On behalf of OTC Markets, we are very pleased you have joined us for our Life Science Investor Forum. Our next presentation of the day is from PetVivo Holdings. Please note you may submit questions for the presenter in the box to the left of the slides. You can also view a company's availability for a one-on-one meeting by clicking "Book a Meeting" in the top toolbar. At this point, I'm very pleased to welcome John Lai, Chief Executive Officer and Director of PetVivo Holdings, which trades on the OTC QX Best Market under the symbol PETV. Welcome, John.
Thank you, Greg. I will start the presentation and questions at the end of the presentation. We trade under the symbol PETV. We have to give the disclosure of the forward-looking statements. Company highlights. We are focused on the companion animal veterinary care market as well as product sales. It's about $11 billion. Spryng with OsteoCushion technology is a veterinary medical device that promotes restoration of joint mechanics, lameness issues, and other joint-related functions. Osteoarthritis and also rehab. PrecisePRP is our other product, which is an allogenic freeze-dried platelet-rich plasma. The advantage here is that it's the only FDA-reviewed product for safety, and you don't have to draw blood as well from the horse or animal. We create a pool of horses or dogs, and you can just take it off-the-shelf and inject.
We have distribution agreements with all the major, the top five, top six major distributors in the United States, and we recently expanded to Mexico and the UK through our new distribution partners there. We're continually looking to expand into other countries. We have a very strong IP portfolio, 12 U.S., and I believe about nine foreign patents. FDA does not require reviewing our Spryng product because we did human trials that got it classified as a human medical device that gives us automatic exemption into the veterinary side of the market. We have a very experienced, seasoned management team and board of directors, and we've been securing very beneficial strategic partnerships. We're looking at expanding new products within the artificial intelligence space and functional materials using our Spryng as a base. The initial market opportunity is we're looking at osteoarthritis.
It's a common inflection within the companion animal space as well as the equine. There's about 80 million dogs, 50 million cats, and 7 million horses in the United States. Out of there, 80% of dogs will develop osteoarthritis at age eight or older. It starts to occur at a much younger age, actually around three to four years old. It usually causes pain and inflammation, and it degrades the cartilage over time with joint stress. Lameness gets worse over time as it continues to degrade and damage the cartilage, and the presence of inflammation pretty much is in every joint when we're dealing with osteoarthritis. The current solution is basically, you know, they're targeting at more the symptoms versus the root cause of the pain. NSAIDs is the number one prescribed product. It masks the pain. It doesn't really address the pain.
It does reduce inflammation, but it's known to cause liver, and long-term use is known to cause liver and kidney issues, as well as it does nothing to slow the progression of osteoarthritis. I argue that it actually increases the likelihood of damage to the cartilage. That's a function of where the masking of the pain, the dog may not jump and run in certain situations because they feel pain. Now they don't feel the pain and it will actually cause the damage. Another one of the next therapies is steroid hyaluronic acid injections. It's used to treat pain, reduce inflammation, and it does lubricate the joint. I mean, but it's really slow-acting and it's very short in duration. You'll see that Spryng typically lasts a year in the animal. Stem cells PRP is used for joint degradation. It does regenerative medicine.
It's part of the regenerative medicine protocol, but it requires you to draw blood, and it's painful tissue harvesting. It's time sensitive. Once you draw the blood, you cannot, you have to use it, or after a period of time, it just becomes useless. The platelet counts are way down and it has limited effect. We believe Spryng is the optimal solution for osteoarthritis technology or Spryng with OsteoCushion technology. It's a biocompatible product, very similar. So it's a naturally derived product. Once you inject it, the particles actually go into the joint and it first creates a scaffolding. It kind of acts like a cushion between the joint. As the next few weeks go by, these particles migrate to the outer synovium and it fills in areas of defect within the synovium to create proper joint function.
The proteins are collagen, elastin, and the carbohydrates happen to create this matrix. It's an extracellular matrix. That function, when it goes into the synovium, helps the body repair itself where it draws the peptides, the natural enzymes to come in and fulfill those areas. Typically, it lasts 12 months. It's administered through what veterinary doctors call an intra-articular injection as you inject into the joint. Because it's neutral to the body, you can inject multiple joints at once and not have any issues. What we have also found is after the injection, in a short period of time, the need for painkillers, NSAIDs, and so on is greatly reduced to almost zero. It's effective and an economical solution for management of OA for the veterinary doctors as well as the pet owners.
Spryng with OsteoCushion technology is unique in the sense that it's addressing the root cause of the problem. Most products, actually pretty much all the products that are out there right now, are masking pain. They're either focusing on limiting side effects or they're trying to improve better masking technology. Our product, once again, it's natural. The protein source is bovine collagen, bovine tissue, carbohydrates, heparin. In our human studies, we were able to show that it was totally neutral to the body. We didn't create any white cell increased level counts or beta cells. That's how we got the 145 human trial cleared through the FDA as a human medical device. At the bottom of this slide, it shows you the clinicaltrials.gov, which would indicate that. That's how we got the automatic, you know, no review clearance type at the veterinary side of the FDA.
Very strong IP portfolio, 12 U.S. and 9 foreign. We're continuing to expand the portfolio value, the IP value. Beyond the IP, we have very strong protocols put in place for protection of trade secrets. The mechanism of action is basically injecting the particles. The particles create the scaffolding and matrix that will provide the initial cushion from the joint impacting from cartilage loss. The secondary effect, which is the longer-term effect, is it goes out to the outer synovium and reinforces and strengthens the synovium. The materials are totally compatible with the human body because they're natural. The particles integrate into the synovium and basically reassemble very similar to natural cartilage. The mechanism of action, as we continue to improve and understand, we have a whole series of studies that are ongoing.
Multiple cases out there, we have probably injected over 12,000, 13,000 injections and have had very good success when we look at the results within the small animal, feline, and equine side of the market. Thirteen-year-old buggy, thirteen-year-old. A lot of these cases are actually on our website as well as the scientific data to support. I'll just let you guys look at the cases and you can go into the videos because I want to move this forward and fast.
Fergie, which is an athletic horse, our initial focus, we went into athletic horses because that was our best available ability to get feedback right away because on track stadiums and so on, the trainers there, the veterinary doctors there, they come back and be able to give us multiple feedback right away and prove that the product works from the standpoint of making horses much more comfortable during rehab. The recovery time is significantly reduced. After their performance career, we're providing the horses a great quality of life after performance because, you know, as professional athletes, you see in football and so on, after they're done, they start feeling the pains and so on. What Spryng is able to do is provide all these athletic horses a very good quality of life afterwards.
Spryng's competitive distinction, the outcome once again addresses the cause of the underlying problem, degrading cartilage and so on, not just the symptoms. Current treatments rely on biological pharmaceutical mechanisms of action. As you know from the human side and so on, anytime you use pharmaceuticals or biological, there is always a reaction. It increases the odds for an adverse reaction. We're price-cost advantage because of our product lasting a year without the side effects. There are major advantages both on an economical and functional use standpoint. It's derived from natural materials, ease of application, it's intra-articular injection, it's sold exclusively to veterinary doctors through the distributors in the company. Veterinary doctors' model of revenues have changed over the years. Before, probably 35% of the revenues were derived from filling prescriptions.
Now there's federal law that makes the vet have to disclose to the pet owner when they write the script, they can get it filled anywhere. With the major box stores like Walmart, Costco, as well as Chewy and Petco and so on, filling prescriptions at much lower prices, they tended to lose that. With Spryng, it's only sold to a veterinary doctor under FDA rules. They're able to really have better margins to help improve their operation. They're also providing what we feel is a much better product long-term and intermediate term for the pet owner. We probably injected over 12,000 now because the rate's moving pretty fast and we're getting a lot of good stories. This is a pretty busy chart, I'll let you guys go over it, on your own.
Basically, we show we have a competitive advantage in multiple areas like Librela, which is a very successful product launch for osteoarthritis in dogs and cats, Solensia as the cat version. Their treatment is a monthly injection for the life of the animal, and that treatment generally is probably $150 a month. That is a product that has shown to have side effects, as I think they have about five class action suits right now. It is a good product, and Adequan is a very good product. A lot of these are used in conjunction with Spryng because Spryng is more of a longer-term reinforcing the joint, while all these are more symptomatic approaches, just trying to neutralize the effects of the symptom. Librela is basically blocking the nerve growth factor, which tells the brain that it has pain. We have studies on our website.
Basically, we show the tolerance study for dogs and cats, and another word for it is safety studies. The scientific community or our scientists call it tolerance. We have a hip dysplasia study done by Ethos Veterinary Health. Ethos Veterinary Health is one of the largest private research organizations, and they do it for all the major pharma companies within the veterinary space. We had a hip study that was a very, pilot study that was very powerful. Basically, we took dogs that had late-stage hip issues. We did the injection, and we were able to show that there was a three-point reduction on a scale of one to five. We were bringing them down to level two. 77% of the dogs improved at that level, which is a lot higher than the standard gold standard that's measured out there.
The gold standard is probably a 30% improvement in mobility and reduction in pain. We were showing much higher numbers. We are pretty excited about that study that gave us a lot of credibility within the small, within the canine side. I'm sorry. We also did a stifle study, canine stifle study, which yields similar types of results of improvement. We got multiple new Spryng clinical trials going, a study at Colorado State University, and then also Dr. Jamie Gaynor with Ethos Veterinary Health. It's a double-blinded study, which is the next level from the pilot studies. Dr. Sherman Knapp, sports medicine expert, with their field study on elbows. We expect all these coming here probably in the next six months to get announced. PrecisePRP, the uniqueness of PrecisePRP, once again, it's the only product that the FDA reviewed for safety.
Two is that it has a much higher platelet count than you can achieve on drawing blood from the animals. The convenience factor is one of the most major advantages, as well as a higher platelet count and being off the shelf. Basically, a vet doesn't have to draw the blood, invest in a centrifuge, which is probably around $8,000 to $10,000. Then they got to spin the blood price for 20 to 30 minutes before they can use it on the animal. Here, they just take it off the shelf, trot from the vial, and inject it right into the animal. We're seeing better results. We're pretty excited about this product because we're trying to focus on technologies that are more positioned to the next generation. The platelet-rich plasma, there's a lot of supporting scientific evidence behind it. It's being utilized more and more by the veterinary doctors.
Human doctors have been using it. Actually, I'm here in Minnesota, and our quarterback McCarthy had a platelet-rich plasma injection after his surgery. Common uses, you know, it's a regenerative process. It helps wound healing. It basically creates a scenario where they're doing truly rebuilding or regenerating tissue that's been damaged. Everything is focused on rapid healing. We have a state-of-the-art facility for manufacturing. We actually meet human standards, ISO 578. Our facility can produce over 5,000 syringes per month and approximately 100,000 syringes a year. We can easily scale that. We're continuing to improve the process of manufacturing, and we're expanding into more human quality standards. These are not required within the veterinary space, but most of our people come from the human side, I should say, from our scientists and production team. We have a very strong patent portfolio.
We've been cited over 500 times by patent examiners and applicants as a potential violation of existing patents. Our patent portfolio is really strong, and we got multiple new patents in progress. Market overview, pet spend is still continuing to grow. It's pretty much recession-proof. VetCare has been the leading driver for the last few years. 63% of all households own pets. Pet owners, the dollar spend, the evidence is very clear that they're becoming more and more considered as part of the family unit. In 2012, a typical dog owner would spend up to $1,700 for the treatment versus in 2020, they were willing to spend up to $10,700 before they stopped treatment. Pet insurance is a rapidly growing segment of the market. They're probably seeing over 27% growth year to year going forward, and it's probably around 6% of pet owners have it.
Now the insurance companies are making a big marketing push. Our product, being a veterinary medical device, typically is covered under pet insurance. You do have to keep in mind Obamacare doesn't apply to pet insurance. If there's a pre-existing condition, it would not cover. We ran into a couple of those situations when the vet submitted insurance policies they had under a policy, and they told them, "Hey, you already, we already paid for an osteoarthritis condition." The market is really ripe for more effective economical therapies towards the industry. Basically, in the last 10 years, there's been two, what we say, breakthrough type technologies, and that's Librela and Solensia. Then there's another one that deals with radioactive isotopes, Synovetin. Both of those, on an annual basis, cost a lot more, and there's probably more side effects.
Product pipeline, you know, we cleared the canine, equine, and feline for commercialized. They've been commercialized. We have other conditions that are coming down the pipeline. Our product initially was tested for delivery of pharmaceuticals and other agents. We did receive about $8 million in grant money. The science was initially developed for the human side of the market at the Mayo Clinic here in Rochester, Minnesota. We basically wanted to take it into the animal side first. We received about $8 million in grant money from NIH and DOD. We got a lot of good data on the human side, and we're jumping back. We'll eventually come back into the human side. If you look at our news releases, you'll see we have been making progression towards that.
Our partnership with one of the companies that came out of the University of Connecticut has been yielding some really good results in their animal studies, and we'll roll into the human market. Distribution services agreement, engagements. We have MWI Animal Health and Covetrus, Patterson, Penn Veterinary Supply, Clipper. These are all the major players in distribution. MWI Animal Health in itself, in a year in the United States, does about $5 billion a year in veterinary products and sales. We are really positioned well for distribution. Strategic partners, Digital Landia, which is Agentic.Pet AI, which is the big movement within the industry. You're seeing Google saying, you know, they're going to gain so much efficiency from the swarming technology. We plan to have this ready to go, hopefully within 30 days to launch for the veterinary side.
The focus and all the research that we're seeing out there from multiple analysts is saying that the biggest growth within the veterinary sector is going to be diagnostics for the veterinary doctors. Helping the veterinary doctors give better outcomes, they're able to identify situations. Helping the vet give them secondary and tertiary potentials or possibilities of why these conditions are happening. We have a relationship with Piezo Biomembrane. This is the spin-off company from the University of Connecticut. We're working with them where they have basically nanofiber technology, which is a PLA base, mixing with our Spryng, and they're using an ultrasound or another device to create an electrical field, which is attracting peptides, regenerative enzymes, and so on. We're seeing rapid repair of damaged cartilage, tissue, ligaments. We're excited on the studies with the small animals. That's where we look at eventually rolling into the human market.
The market for joint replacements is $33 billion a year globally, and the U.S. is $11 billion. Hopefully we can create an injectable that could prolong the use of your current joint or put off the surgery for multiple years, and then also be very beneficial to people that are elderly and have other conditions where they can't do surgery and rehab. There is just a certain population that physically could not handle surgery and rehab. We're excited about the possibilities of how we can really help the healthcare side of the human market because one of the biggest drivers, or because of a surgery, is about $50,000. Then you got to spend money for rehab. During the rehab, you get a % of failures. With our injection, hopefully once a year, you can get an injection and continue to put off the surgery.
We stated we have a very strong management team, multiple years of experience in the human side marketing. The bios are all on our website. Very good veterinary team. We have, as I say, in our other building where R&D and manufacturing happens, everybody in there, I think, is a PhD. I walk in there and I get a funny reaction. They're great. They're great people, very knowledgeable. Strong board of directors. We do probably have a level board of directors that you may see Fortune 500 companies. Mike Eldred, he was a U.S. President, CEO of Dechra Pharmaceuticals, took at the $450 million a year private equity takeout. Spencer Brightup, he was VP of Sales at MWI Animal Health, helped build them to a $5 billion a year business. Rob Constantino, he was CFO of Volvo Cars, also CFO of Wachovia Bank, President of Mitsubishi Credit USA.
We just across the board have very seasoned people that understand the veterinary side, understand the human side of the market, and have been with building multi-billion dollar companies. Growth drivers, we continue to expand our sales force and distribution. We have partnerships throughout the United States with the biggest distributors. We recently expanded to Mexico probably 60 days ago, and probably two weeks ago, we expanded into the UK. We expect further expansion, increased KOL adoption. Our clinics are probably closer to 1,200 clinics that have used the product. We're in all 50 states. We got multiple podium presentations that are coming up. We got white papers, trade shows. Also, we're getting a lot of CE credit certifications where we're doing the presentations on osteoarthritis advancements and intra-articular injections where people can learn about our product and get their continued education credits in the veterinary aspect.
We also have multiple regulatory tailwinds. One of the major ones is HISA, Horseracing Integrity and Safety Authority. They govern thoroughbred racing. Basically, they named our product in one of the rules as a lubricant that could be used without a six-month prohibition. They named multiple products that if it was injected into a race horse, they could not race for six months. Ours has a standard two-week prohibition. Pretty much anything you put into a horse, you're automatically two weeks prohibited from racing. We feel that's a very strong endorsement from a regulatory body. We expect that to expand to other disciplines like hunter jumpers and so on. We have multiple clinical studies. We believe that we will be able to expand Spryng with OsteoCushion technology and PrecisePRP to other indications within the veterinary side of the market.
As we talked about, we're looking to work with Piezo Biomembrane with the expansion into eventually the human market. We're looking to expand internationally. Basically, the highlights were hitting into a very large market that's looking for innovation to reduce costs and provide better outcomes. Spryng is a naturally derived product. PrecisePRP is the only one that's been FDA-reviewed for safety. Great distribution partners, strong IP portfolio, both domestic and foreign. Advantages would have been declared on the human side as a medical device. Therefore, it doesn't require the veterinary side of the FDA to review. Very strong management team, great board of directors, and we're looking to continue expanding on strategic partners to help drive the information of Spryng and PrecisePRP. That concludes the formal portion, and I will open it up to Q&A. I will read a couple of questions here.
What is the operational advantage of PetVivo's ISO-certified production facility and planned batch scaling for future growth? The advantage is that we have the highest level of safety from the standpoint we're using human certification standards. Also, we're going to create better margins on batch scaling for future growth. Another question is, how does PetVivo's intellectual property portfolio and proprietary manufacturing process contribute to its scalability and competitive edge in the veterinary device sector? As we move forward, we're talking about a functional Spryng. Functional Spryng allows us to partner up with other existing products that have a large revenue source that may be coming off patent.
We can provide a delivery mechanism that may give an advantage from the standpoint of toxicity because you don't have toxicity spikes, plus better variances in delivery, and you may not need as strong a dose, therefore creating a likelihood of reduced side effects. What geographical markets are you operating? Any information expansion plans? We're expanding. Like we said, we're in all 50 states. We have the highest coverage. We probably have distributor reps. With all the distributors we have, we probably have access to 98% of all veterinary clinics in the United States. What distinguishes Spryng's price-cost advantage exclusively for veterinary clinics and other medical devices in the market? I could give you a comparable. To do a single injection for us, it would be probably around, it ranges depending on what's needed, but I would say anywhere from $600 to $1,200 for the single joint.
Competitive products, if you look at Galliprant, which is a very good NSAID, it's probably $125 a month. If you look at Librela, which is a very successful launch, they did $400 million last year, I believe. That's $150 a month for the life of the animal.