According to a new report published by Allied Market Research, titled, "Veterinary CRO Market by Service Type, Animal Type, and Indication: Global Opportunity Analysis and Industry Forecast, 2018–2026," The global veterinary CRO market size was valued at $714.00 million in 2018, and is expected to reach $1,331.40 billion by 2026, registering a CAGR of 8.1% from 2019 to 2026.
Veterinary CROs are organizations that provide support to the veterinary medicine manufacturers in the form of services. For instance, clinical trials involve the handling of large number of animals, which require specially designed facilities; therefore, veterinary CROs manage clinical trials for companies, which are engaged in introduction of new veterinary medications. Similarly, the other services offered by veterinary CROs include regulatory support and market authorization process related to veterinary drugs. Furthermore, these organizations perform toxicology studies related to veterinary drugs to analyze the safety and efficacy related to veterinary drugs. In addition, veterinary CROs conduct clinical trials for various indications in animals such as oncology, neurology, infectious diseases, and others.
Rise in ownership of companion animals and surge in animal health expenditure are the major factors that boost the growth of global veterinary CRO market. In addition, increase in prevalence of various diseases among companion animals significantly drives the growth of the market. However, lack of standardization in veterinary CROs acts as a major restraint of the market. On the contrary, surge in awareness related to animal healthcare across the globe is expected to offer remunerative opportunities for market expansion during the forecast period.
The Veterinary CRO market is segmented into service type, animal type, indication, and region. As per service type, the market is segregated into clinical trials, toxicology, market authorization & regulatory support, and others.
Depending on animal type, it is fragmented into dogs, cats, and others. Depending on indication, it is categorized into oncology, infectious disease, neurology, and others. Region wise, it is analyzed across North America (U.S, Canada, and Mexico) and Europe (Germany, France, Italy, Spain, UK and rest of Europe), Asia-Pacific (Japan, China, Australia, rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa and rest of LAMEA).
By service type, the clinical trials is the largest segment in the veterinary CRO market in terms of revenue contribution, and is expected to exhibit the fastest growth rate during the forecast period. This is attributed to increase in outsourcing of clinical trials, owing to its extensive nature due to which the entire process becomes lengthy and expensive. Thus, veterinary medicine manufacturing companies outsource clinical trials to veterinary CROs for managing the lengthy procedure, which also involve the handling of large number of animals in specialized facilities. Therefore, this factor considerably boosts the demand for clinical trial services offered by veterinary CROs.
By animal type, the dog segment acquired the major share of the global veterinary CRO market, and is expected to exhibit the fastest growth rate during the forecast period, owing to surge in ownership of dogs as companion animals worldwide. Furthermore, surge in awareness related to dog health among their owners is another major factor that augments the growth of this segment.
Region wise, North America acquired a major share, owing to easy availability of CRO products in the region, surge in pet ownership, and increase in the animal healthcare expenditure. However, Europe is expected to grow at the highest rate during the forecast period, due to surge in awareness related to animal health among owners. In addition, presence of majority of key players in Europe boots the growth of the market in this region.
Key Findings of the Study:
- By service type, the clinical trials segment accounted for a share of one-thirds share in the veterinary CRO market in 2018.
- Region wise, Asia-Pacific is anticipated to grow at the highest CAGR of 9.4% throughout the forecast period.
- Rest of Europe accounted for one-thirds share of the veterinary CRO market, in 2018.
- By animal type, others segment accounted for a one-fourths share of in the veterinary CRO market in 2018.