The increase in pet ownership, the rise in animal health spending, and the prevalence of pet disease are driving the growth of the global Veterinary CRO market.
/ EIN News / – Portland, OR, April 8, 2021 (GLOBE NEWSWIRE) – Allied Market Research released a report entitled: Veterinary CRO Market by Service Type (Clinical Trials, Toxicology, Marketing Authorization and Regulatory Support, etc.), Application (Dogs, Cats, and Others), and End-Users (Oncology, Infectious Diseases, Neurology, and Others): Global Opportunity Analysis and Industry Forecast, 2020– 2027. “ According to the report, the global veterinary CRO industry generated $ 771.8 million in 2019 and is estimated at $ 1.26 billion in 2027, an annual growth rate of 7.7% from 2020 to 2027.
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Driver, Restrictions and Opportunities
The increase in pet ownership, the rise in animal health spending, and the prevalence of pet disease are driving the growth of the global Veterinary CRO market. However, a lack of standardization among veterinary CROs is hindering market growth. On the other hand, raising awareness of animal health offers new opportunities in the years to come.
- Most practices in the animal health industry have been affected due to transportation restrictions, limited human resources and statewide lockdowns during the Covid-19 pandemic.
- There was an economic slowdown due to the pandemic. This placed restrictions on the funding of R&D activities for veterinary companies and these had to be outsourced.
- Research and development activities for the development of Covid-19 veterinary vaccines and antiviral drugs have increased significantly as several cases of infections in dogs and cats have been reported.
The clinical trials segment is expected to maintain its leadership status over the forecast period
Based on the type of service, the clinical trials segment contributed the largest market share, accounting for nearly a third of the global veterinary CRO market in 2019 and will maintain its leadership status over the forecast period. In addition, the highest CAGR of 8.5% is forecast for this segment from 2020 to 2027. This is due to the amount of time it takes to complete the clinical trial process, which encourages outsourcing the service. The report also provides detailed analysis of segments including toxicology, regulatory and regulatory support, and others.
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The dog segment should maintain its dominant share throughout the forecast period
In terms of animal type, the dog segment had the highest revenue share in 2019, contributing to more than two-fifths of the global veterinary CRO market. It is estimated that it will maintain its dominant share over the forecast period. In addition, this segment is expected to grow from 2020 to 2027 with the highest CAGR of 8.3%. This is because dog ownership is increasing around the world as pets. The study also analyzes segments like cats and others.
North America is expected to maintain its leadership position through 2027
In terms of region, North America had the largest market share in 2019, accounting for more than a third of the global veterinary CRO market and will maintain its leadership position through 2027. This is due to the ready availability of CRO products, pet ownership and increased animal health spending. However, the Asia-Pacific region is projected to have the highest CAGR of 8.9% over the forecast period as animal health awareness has risen in the population.
Leading market players
- Charles River Laboratories, Inc.
- KLIFOVET AG
- Oncovet Clinical Research
- Löhlein & Wolf veterinary research
- ONDAX Scientific
- VetPharm, Inc.
- Veterinary Research Management (VRM) Ltd.
- VETSPIN SRL
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We have also published some syndicated market research in a similar area that may be of interest to you. Below is the title of the report for your reference considering the impact of Covid-19 on this market, which will help you to assess the impact of the pandemic on the short term and long term growth trends of this market.
Veterinary Imaging Services Market – Global Opportunity Analysis and Industry Forecast, 2020-2027
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Allied Market Research (AMR) is a full-service market research and management consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides unmatched quality of market research reports and business intelligence solutions to global corporations as well as medium and small businesses. AMR strives to provide business insights and advice to assist its clients with strategic business decisions and sustainable growth in their respective market areas.
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April 08, 2021 at 2:40 pm GMT
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