According to The Insight Partners new market research study of ‘Veterinary CROs Market to 2027 – Global Analysis and Forecasts by Service Type, Application and Indication and End-User.’ The global Veterinary CROSs market is anticipated to reach US$ 1,440.15 Mn in 2027 from US$ 710.81 Mn in 2019. The market is anticipated to grow with a CAGR of 9.3% from 2020-2027.
Veterinary CROs are described as organizations offering services that support the veterinary drug discovery processes in veterinary drug companies. For example, some of the services veterinary CROs offer include market authorization support, regulatory support, support for clinical trials and toxicology studies. The growth of the Veterinary CROs in healthcare market is attributed to the increasing prevalence of veterinary diseases, rising animal expenditures and strategic initiatives by key players have been boosting the market over the years. However, dearth of skilled professionals is likely to have a negative impact on the growth of the market in the coming years. On the other hand, increasing number of vaccines and biosimilar development for animals is likely to provide growth opportunity for market players in the coming years.
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Leading companies operating in the veterinary CROSs market are Charles River Laboratories, Inc., Clinvet, Klifovet Ag, Löhlein and Wolf Vet Research, Oncovet Clinical Research, Ondax Scientific, Triveritas, Veterinary Research Management (VRM) LTD, VetPharm, Inc., Vetspin SRL among others.
In order to rise in prevalence of veterinary disease The animals are playing important aspect in terms of clinical trials. Veterinary contract research organizations services protect and improve the health, efficiency and marketability of the livestock, animal products and veterinary biologics of our nation by preventing, regulating or removing animal diseases, and by tracking and promoting animal health and productivity. For instance, in between January – April 2015, disease reports in North and West Africa, Middle East and African region, primarily included an upsurges of Foot and Mouth Disease (FMD) and H5N1 highly pathogenic avian influenza (HPAI) raising a global economic concerns. Disease like Lumpy Skin Disease (LSD), Foot-and-Mouth Disease, Hemorrhagic Septicemia, Black Quarter, Zoonotic disease events are leading to death of the animals, for the wellbeing of animals the veterinary CROSs are taking steps for the clinical trial steps for the veterinary medicines. Thus, the increasing in incidence of veterinary diseases leading to drive the growth of veterinary CROS market.
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According to American Pet Products Association’s 2019-2020 National Pet Owners Survey, the North American Pet Health Insurance Association (NAPHIA) announced that the U.S. and Canada pet health insurance market posted a combined gross paid premium of 1.42 billion dollars in 2018, up from 1.15 billion dollars in 2017. At the end of 2018, the total number of covered pets hit 2.43 million, up by more than 17 per cent from 2017. Therefore, rise in animal health care expenditure is expected to drive the veterinary CRO market during forecast period.
Below is the list of the growth strategies done by the players operating in the Veterinary CROs market.
In Apr-2019 – Charles River acquired Citoxlab is a premier, non-clinical contract research organization (CRO). This acquisition will provide the drug discovery and development continuum of drug. This will lead to enhance the veterinary data safety business.
In Aug-2018 – Charles River Completes Acquired MPI Research premier non-clinical contract research organization (CRO) providing comprehensive testing services to biopharmaceutical and medical device companies. This acquisition will include Ocular toxicology, Infectious disease models for vaccine safety and efficacy studies for development of veterinary safety data assessment.
The report segments Global Veterinary CROS Market as follows:
Global Veterinary CROS Market – By Service Type
- Clinical Trials
- Market Authorization and Regulatory Support
Global Veterinary CROSs Market – By Application
Global Veterinary CROSs Market – By Indication
- Infectious Diseases
Global Veterinary CROSs Market – By End-User
- Biopharmaceutical Companies
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