“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 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. 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 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.
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
Based on region, the market across North America acquired a major share, owing to easy availability of CRO services in the region, surge in pet ownership, and increase in the animal healthcare expenditure. However, Asia-Pacific is expected to grow at the highest rate during the forecast period, owing to surge in awareness related to animal health among owners leading to rise in demand for novel therapeutics and research related to bringing them to market which in turn leads to surge in need for outsourcing.
Key Findings of the Study:
- By service type, the clinical trials segment accounted for a share of 33.67% in the veterinary CRO market in 2020.
- Region wise, Asia-Pacific is anticipated to grow at the highest CAGR of 9.0% throughout the forecast period.
- In Europe, Germany accounted for 17.91% of the veterinary CRO market, in 2020.
- By animal type, the dog segment accounted for a share of 65.90% in the global veterinary CRO market in 2020.
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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.
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