PORTLAND, Ore., February 1, 2021 / PRNewswire / – Allied Market Research released a report titled Veterinary CRO Market by Service Type (Clinical Trials, Toxicology, Marketing Authorization and Regulatory Support, etc.), Application (Dogs, Cats, and Others), and End-User (Oncology, Infectious Diseases, Neurology, and Other): Global Opportunity Analysis and Industry Forecast, 2020-2027. “According to the report, the global veterinary CRO industry has generated $ 771.8 million in 2019 and is estimated to collect $ 1.26 billion in 2027, which corresponds to a CAGR of 7.7% from 2020 to 2027.
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Driver, Limitations and Opportunities
The increase in pet ownership, the rise in animal health spending, and the prevalence of disease in pets are driving the growth of the global Veterinary CRO market. However, the lack of standardization of 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.
- The pandemic caused an economic slowdown. This placed restrictions on the funding of R&D activities for veterinary companies and they had to outsource these activities.
- 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 the outsourcing of 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 in the forecast period
In terms of animal type, the dog segment had the highest share of sales in 2019, contributing more than two-fifths of the global veterinary CRO market. It is estimated that it will retain 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 due to the increasing use of dogs as companion animals around the world. The study also analyzes segments like cats and others.
North America keep his leadership position until 2027
Based on the region, North America held the largest market share in 2019 with a share of more than a third of the global veterinary CRO market and will maintain its leading position through 2027. This is due to the lower availability of CRO products, the increase in animal ownership, and the increase in animal health spending. However, Asia Pacific The forecast period is forecast to see the highest CAGR of 8.9% 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.
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