Veterinary CRO Market to Hit $1.26 Billion by 2027- Rising Animal Health Expenditure is Anticipated to Rule the Growth

Veterinary CRO market

Increased pet ownership, increased animal health spending, and the prevalence of disease in pets are driving growth. “

– Allied market research

PORTLAND, OR, UNITED STATES, Oct 25, 2021 / – 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 in veterinary CROs is hindering market growth. On the other hand, raising awareness of animal health offers new opportunities in the years to come.

Veterinary CRO Market by Service Type (Clinical Studies, Toxicology, Marketing Authorization and Regulatory Support, and Others), 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 was $ 771.8 million in 2019 and is valued at $ 1.26 billion in 2027, a CAGR of 7.7% from 2020 to 2027 is equivalent to.

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Covid-19 scenario

– Most practices in the animal health industry are affected due to transportation restrictions, limited human resources and statewide lockdowns during the Covid-19 pandemic.

– Due to the pandemic, there was an economic slowdown. As a result, the funding of R&D activities for veterinary companies was restricted and these activities had to be outsourced.

– R&D activities to develop Covid-19 animal vaccines and antiviral drugs have increased significantly as several cases of infection 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, which held nearly a third of the global Veterinary CRO market in 2019 and will maintain its leadership status over the forecast period. In addition, this segment is expected to have the highest CAGR of 8.5% 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 a detailed analysis of the segments including toxicology, marketing authorization and regulatory support and others.

The dog segment should retain its dominant share in the forecast period

Based on animal type, the dog segment had the highest revenue share in 2019, contributing to more than two-fifths of the global Veterinary CRO market and is expected to maintain its dominant share throughout 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 increase in the ownership of dogs as companion animals around the world. The research also analyzes segments like cats and others.

North America is expected to maintain its leading position through 2027

North America held the largest market share by region in 2019, accounting for more than a third of the global Veterinary CRO market, and will maintain its leading position through 2027. This will be due to the increased availability of CRO products, the rise in pet ownership and rising animal health spending. For the Asia-Pacific region, however, the highest CAGR of 8.9% is forecast during the forecast period, as the population’s awareness of animal health has increased.

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Leading market players

Key players in this report include Charles River Laboratories, Inc., Clinvet, KLIFOVET AG, Löhlein & Wolf Vet Research, Oncovet Clinical Research, ONDAX Scientific, Triveritas, Veterinary Research Management (VRM) Ltd., VetPharm, Inc., and 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 report title for your reference considering the impact of Covid-19 on this market that will help you assess the aftermath of the pandemic on the short and long term growth trends of this market. “

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About us:

Allied Market Research (AMR) is a full-service market research and management consulting arm 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 provides focused business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas.

Allied Market Research CEO Pawan Kumar leads the company to deliver high quality data and insights. We have professional business relationships with various companies and this helps us unearth market data which will help us create accurate research data tables and confirm the highest accuracy of our market forecasts. All of the data presented in the reports we publish are extracted through primary interviews with top officials from leading companies in the domain in question. Our methodology for obtaining secondary data includes in-depth online and offline research and discussions with knowledgeable professionals and analysts

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October 25, 2021 at 5:56 pm GMT

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