Veterinary CRO Market Statistics- 2030
The global veterinary CRO market was valued at $577.20 million in 2020 and is projected to reach $1,175.72 million by 2030 registering a CAGR of 7.7% from 2021 to 2030. Contract research organizations (CROs) are companies that help assist in research & development and/or other services related to newer products for sponsor companies.
Sponsors frequently outsource their product development functions to independent service providers to augment their practice of a flexible cost structure and overcome the requirement to maintain redundant development proficiencies globally. Clinical, regulatory, and therapeutic expertise of CROs help improvise total cost of product development and market entry of a new product. Veterinary CROs are organizations that offer support to veterinary drug manufacturers in the form of services. For instance, clinical trials involve handling 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, 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 safety and efficacy related to veterinary medicines. In addition, veterinary CROs conduct clinical trials for various indications in animals such as dermatology, gastrointestinal and others.
The Veterinary CRO market is driven due to an increase in companion animal ownership, an increase in animal health expenditure are the key factors anticipating the growth of market. In addition, increase in global prevalence of diseases among companion animals and surge in the R&D activities among veterinary medicine manufacturers act as key development factors that contribute toward growth of the market. In addition, surge in awareness related to animal healthcare across the globe is expected to offer remunerative opportunities for the market expansion during the forecast period. For instance, the Canadian Veterinary Medical Association (CVMA) organizes animal health week, which is a national public awareness campaign organized and hosted by veterinarians across Canada. The major aim of the awareness campaign is to promote animal health and responsible animal ownership. However, lack of standardization in veterinary CROs acts as a major restraint in the market. Conversely, surge in veterinary drug discovery is expected to offer lucrative opportunities during the forecast period.
Impact of COVID-19 Pandemic on Veterinary CRO Market (Pre and Post Analysis)
The World Health Organization (WHO) on January 30, 2020 declared COVID-19 outbreak a public health emergency of international concern. COVID-19 has affected around 210 countries across the globe. Due to the COVID-19 pandemic, governments across the globe announced country-wide lockdowns as well as social distancing measures to prevent collapse of the healthcare system. Governments have also issued limitations and bans on medical procedures and elective surgeries. These restrictions continue to impact the growth of various industries, and the immediate impact of the outbreak varies from industry to industry. The distribution, production, and supply chain have been affected, due to the implementation of lockdown across the globe.
The overall impact of COVID-19 remains positive for veterinary CRO market. As the COVID-19 phase has witnessed a significant rise in R&D practices in veterinary medicine. In addition, rise in number of COVID-19 infections in animals has alarmed various veterinary organizations across the world to assess specimens from domesticated as well as companion animals for COVID-19 virus. This has greatly facilitated use of these animals for experimental testing of SARS-CoV-2 veterinary vaccine, which serves as a valuable model for screening vaccines and antiviral drugs. For instance, Centers of Diseases Control and Prevention (CDC) recently reported that even animals are susceptible to the infection caused by SARS-CoV-2, several tests across the globe were undertaken to identify these animals and are currently used as animal models for research purposes.
Thus, helping researchers to determine possible treatments and predict antiviral and vaccine mechanisms for COVID-19 virus in affected animals. Therefore, rise in use of companion animals in COVID-19 veterinary clinical trials is predicted to impact positively on the growth of veterinary CRO market.
Veterinary CRO Market Segmentation
The veterinary CRO market is segmented into service type, animal type, indication, and region to provide a detailed assessment of the market. By service type, it is divided into clinical trials, toxicology, market authorization & regulatory support, and others. By animal type, it is bifurcated into dogs & cats. By indication, it is classified into dermatology, gastrointestinal and others. By region it is bifurcated into North America, Europe, Asia-Pacific and LAMEA
Service Type Segment Review
By product, the clinical trial segment was the major revenue contributor, and is projected to grow significantly during the forecast period. Owing 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 lengthy procedures, which also involve handling of large number of animals in specialized facilities. Therefore, this factor considerably boosts the demand for clinical trial services offered by veterinary CRO.
By Services
Clinical Trials segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Animal Segment Review
By animal type, the dog segment was the major revenue contributor, and is projected to grow significantly, owing to surge in ownership of dogs as companion animals worldwide. Furthermore, surge in awareness related to dog health among their owners are the key factors driving the market growth during the forecast period.
By Animal Type
Dogs Segment hold the dominant position over the forecast period.
Indication Segment Review
By indication, the dermatology segment was the major revenue contributor, and is projected to grow significantly during the forecast period, owing to a rise in the prevalence of skin diseases such as abscesses, dermatoses and among others is the factor that drive the growth of market.
By Indication
Dermatology segements holds a dominant position in 2020 and continue to maintain lead in the forecast year
Major Key players operating in veterinary CRO market 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.
By Region
North America region holds the dominant position in 2020 and would exhibit the highest CAGR of 8.0 % during 2021-2030
Veterinary CRO Market Research Study Key Benefits
- The study provides an in-depth analysis of the veterinary CRO market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers veterinary CRO market analysis from 2020 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
- A comprehensive analysis of four regions is provided to determine the prevailing opportunities.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook and global veterinary CRO market growth.
Veterinary CRO Market Report Highlights
| Aspects | Details |
 By SERVICE TYPE |
|
 By ANIMAL TYPE |
|
 By INDICATION |
|
 By Region |
|
 Key Market Players | VETERINARY RESEARCH MANAGEMENT (VRM) LTD, KLIFOVET AG, ONCOVET CLINICAL RESEARCH, VETSPIN SRL, LÖHLEIN & WOLF VET RESEARCH, ONDAX SCIENTIFIC, TRIVERITAS, VETPHARM, INC, CHARLES RIVER LABORATORIES, INC, CLINVET |
Analyst Review
Veterinary CROs are organizations that offer support to veterinary drug manufacturers in the form of services. For instance, clinical trials involve handling large number of animals, which require specially designed facilities; therefore, veterinary CROs manage clinical trials for companies, which are engaged in the introduction of new veterinary medications.
Factor such as owing to increase in pet ownership across the globe. In addition, the market is exhibiting high growth rate, owing to surge in awareness about animal healthcare among owners. Moreover, surge in prevalence of various diseases such as cancer and infectious diseases among companion animals lead to serious deterioration of animal health, which can also cause death. This drives the growth of the market. These factors are expected to facilitate R&D in veterinary medicine, in turn leading to outsource of these services to veterinary CROs. Likewise, various newer technologies from diagnostics are being adapted for the veterinary domain. This tendency is projected to continue in the future, which contributes toward the growth of the veterinary CRO market.
In addition, North America is expected to offer remunerative growth opportunities to key players operating in the industry. This is majorly attributed to factors such as development in animal healthcare facilities and rise in disposable income. Growth in awareness in emerging economies about animal health and the need to prevent infectious diseases are key opportunities for the veterinary CRO market.
Major players operating in the market 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
The total market value of Veterinary CRO Market is $1,175.72 Million in 2030
The forecast period in the report is from 2021 to 2030
The market value of Veterinary CRO in 2020 was 577.20 million in 2020
The base year for the report is 2020
Yes, Veterinary CRO Market companies are profiled in the report
The top companies that hold the market share in Veterinary CRO Market are Charles River Laboratories, Inc., Clinvet, KLIFOVET AG, Löhlein & Wolf Vet Research, Oncovet Clinical Research
No, there is no value chain analysis provided in the Veterinary CRO Market report
The key trends in the Veterinary CRO Market areincrease in companion animal ownership, an increase in animal health expenditure are the key factors driving the market growth.t
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