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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