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Pet ownership in the United States has quietly become one of the more resilient corners of consumer spending. The industry topped $158 billion in 2025 and is on track to reach $165 billion in 2026, a projected gain of roughly 4.4%, according to the American Pet Products Association. Veterinary care alone accounted for $41.4 billion of last year’s total, and pet insurance grew 21.4% year over year, with 6.4 million pets now covered.
Within that spending lies a specific concern for owners: osteoarthritis, a condition that causes chronic pain and a gradual loss of mobility in aging dogs, cats, and horses. For years, treatment meant repeated injections requiring multiple clinic visits annually. Regulators have helped speed up alternatives somewhat: the FDA’s Center for Veterinary Medicine introduced a fast track review pathway that has shortened approval timelines for newer therapeutics, including monoclonal antibody treatments now reaching the market. Even so, most of those newer biologic treatments still require monthly dosing.
This is the space PetVivo Holdings (OTCQX: PETV) occupies. The company makes regenerative veterinary devices, benefiting from a structural advantage pharmaceutical companies do not have: because its products are classified as medical devices rather than drugs, they do not require premarket approval from the U.S. Food and Drug Administration, shortening the path to market considerably.
Its flagship product, Spryng with OsteoCushion Technology, is an injection made from naturally derived bovine collagen and elastin combined with porcine heparin, designed to mimic the cushioning function of natural cartilage. A single injection is intended to last more than twelve months, compared with competing treatments requiring between twelve and eighteen injections annually. More than 12,000 dogs, cats, and horses have received the injection to date, backed by a 145 patient human clinical trial and six completed animal trials, all reporting positive outcomes. Additional studies, including research at Colorado State University and a placebo controlled canine hip study, are expected to produce results through the third quarter of 2026.
The company’s second product, PrecisePRP, is a freeze dried, shelf stable platelet rich plasma treatment that does not require a blood draw or centrifuge, and PetVivo describes it as the only FDA reviewed product of its kind on the market. A canine version launched in February 2025, with an equine version following in November.
Strategically, the year ahead looks different from the one just closed. Last week PetVivo announced an Agreement and Plan of Merger to acquire PiezoBioMembrane, Inc., a University of Connecticut spin off developing piezoelectric biomaterials. PetVivo plans to fold the company into Cosmeta Corp, a subsidiary it set up for next generation biomaterials. PiezoBioMembrane shareholders will receive an aggregate of 3,000,000 shares of PetVivo common stock: up to 1,500,000 fully vested at closing, with the rest subject to forfeiture unless development milestones are met. Closing also requires PetVivo to complete an equity financing of at least $5,000,000, meaning the deal remains conditional. The two companies have already collaborated since May 2025 on materials that combine piezoelectric nanofibers with a biocompatible structure meant to encourage tissue and bone repair, an approach distinct from a one-time injection like Spryng. The acquisition is meant to bring that work fully in house and feed a product called SmartSpryng.
John Lai, Chief Executive Officer of PetVivo Holdings, called the deal “a transformative step in PetVivo’s long term growth strategy.” He added that PiezoBioMembrane’s “compelling functional biomaterials platform” could support “multiple medical device and therapeutic product lines across both human and animal health markets,” and that the combined organization may also create access to grant funding and research and development tax credits.
Separately, Health Canada recognized Spryng as a veterinary medical device back in January, with a commercial launch targeted for late July, in a Canadian animal health market projected to grow at a 6.8% annual rate to $4.4 billion by 2031. The company is also building an artificial intelligence platform called AgenticPet aimed at veterinary clinics.
Financially, the year ended March 31, 2026 was uneven. Revenue was essentially flat at $1,141,607, up less than 1% from the prior year, despite strong early quarters. Gross margin slipped to about 66% from 88%, and the net loss widened to $10,473,672. Cash on hand stood at just $200,782 at year end, down from $3.3 million earlier in the fiscal year.
What emerges is a company with a genuinely different commercial model than most of its peers, one that has already moved more than 12,000 animals onto a longer lasting treatment in a market still dominated by frequent injections. The pieces now in motion, the Canadian launch, the AgenticPet platform, and the PiezoBioMembrane acquisition, give PetVivo more avenues to grow than it had a year ago, and the coming months should make clear just how much momentum the company can build from here.
