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Portland, OR, Dec. 9, 2021 (GLOBE NEWSWIRE) – The global Veterinary CRO market was $ 577.20 million in 2020 and is projected to be $ 1.17 billion by 2030, according to the report released by Allied Market Research Dollars, which corresponds to a CAGR of 7.7%. from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimates, and key players.
Increased pet ownership, the rise in animal health spending, and the rise in the prevalence of pet disease are fueling the global veterinary CRO market. On the other hand, the lack of standardization in veterinary CROs hinders market growth. On the contrary, raising awareness of animal health offers opportunities for market participants.
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COVID-19 impact analysis (before and after)
- The rise in the spread of COVID-19 in animals has raised concerns among many veterinary companies around the world about screening samples from domesticated animals and pets for the COVID-19 virus.
- The increase in the use of animals for experimental testing of the veterinary vaccine SARS-CoV-2 serves as a useful model for vaccine and antiviral drug selection.
- The use of pets in veterinary studies of COVID-19 is expected to fuel the growth of the veterinary CRO market.
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The report segments the global Veterinary CRO Market on the basis of the service type, animal type, indication, and region.
Based on the nature of the service, the clinical trials segment had the largest market share in 2020 with nearly a third of the total share and is expected to remain in the lead throughout the forecast period. The same segment is estimated to have the fastest CAGR of 8.9% from 2021 to 2030. The report also covers the toxicology, marketing authorization and regulatory support segment.
Based on the animal type, the dog segment contributed almost two-thirds of the total market share to the highest market share in 2020 and is expected to dominate the market over the forecast period. The same segment is expected to have the fastest CAGR of 8.0% from 2021 to 2030.
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Based on the region, North America contributed more than a third of the total share to the highest share in 2020 and is expected to maintain dominance throughout the forecast period. The global Asia Pacific Veterinary CRO market is expected to have the fastest CAGR of 9.0% over the forecast period.
Key players in the global veterinary CRO market analyzed in the study include Clinvet, Charles River Laboratories, Inc., KLIFOVET AG, Oncovet Clinical Research, Löhlein & Wolf Vet Research, ONDAX Scientific, Veterinary Research Management (VRM) Ltd., Triveritas, VetPharm, Inc. and VETSPIN SRL.
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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 targeted business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services in 11 industries including Life Sciences, Consumer Goods, Materials and Chemicals, Construction and Manufacturing, Food and Beverage, Energy and Energy, Semiconductors and Electronics, Automotive and Transportation, ICT and Media, Aerospace and Defense, and BFSI .
We have professional business relationships with various companies and this helps us unearth market data which helps us to produce accurate research data tables and confirms the highest accuracy of our market forecasts. Pawan Kumar, CEO of Allied Market Research, is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality data and help customers succeed in every possible way. 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 method of obtaining secondary data involves in-depth online and offline research and discussions with knowledgeable professionals and industry analysts.
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