“Surge in ownership of companion animals, increase in animal health expenditure, and rise in prevalence of different diseases among companion animals drive the growth of global veterinary CRO market.”
The global veterinary CRO industry garnered $714 million in 2018, and is estimated to reach $1.33 billion by 2026, growing at a CAGR 8.1% from 2019 to 2026. The report provides a detailed analysis of key winning strategies, drivers & opportunities, top investment pockets, market size & estimations, and competitive landscape.
Surge in ownership of companion animals, increase in animal health expenditure, and rise in prevalence of different diseases among companion animals drive the growth of global veterinary CRO market. However, there is no standardization of veterinary CROs, which in turn, poses a major hindrance in the market growth. On the other hand, increase in awareness regarding animal healthcare across the world is expected to provide numerous opportunities for market expansion during the forecast period.
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Based on end user, the neurology segment is expected to register the highest growth rate with a CAGR of 9.0% during the forecast period, owing to increase in awareness regarding early diagnosis of neurology disorders for better treatment of companion animals. However, the infectious diseases segment accounted for the highest share in 2018, contributing for nearly one-fifth of the total market share, and is expected to continue its dominance during the forecast period.
Based on service type, the clinical trials segment accounted for the highest market share in 2018, accounting for nearly one-third of the total share, owing to implementation of stringent government regulations for encouraging clinical trials of veterinary drugs. Moreover, this segment is estimated to witness the highest CAGR of 8.9% during the forecast period. The research also analyzes segments including toxicology, market authorization & regulatory support and others.
Based on region, the market across North America accounted for the highest market share in 2018, contributing for more than one-third of the total market, owing to increase in ownership of companion animals and rise in expenditure on animal healthcare in the region. However, Asia-Pacific is estimated to witness the highest CAGR of 9.4% from 2019 to 2026, owing to increase in awareness related to treatment and early diagnosis of diseases for companion animals.
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.
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The key market players discussed in the research include Charles River Laboratories, Inc., KLIFOVET AG, Clinvet, Oncovet Clinical Research, Löhlein & Wolf Vet Research, Triveritas, ONDAX Scientific, VetPharm, Inc., Veterinary Research Management (VRM) Ltd., and VETSPIN SRL. They have adopted different strategies including partnerships, expansions, collaborations, joint ventures, mergers & acquisitions, and others to gain a lead position in the industry.
Scope of The Report:
|Market size available for years||2018-2026|
|Base year considered||2019|
|Forecast units||Value (USD)|
|Segments covered||Service Type, Application and End User|
|Geographies covered||North America, Europe, Asia-Pacific, LAMEA|
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