Tuesday, November 17th, 2020 - The Insight Partners

According to The Insight Partners 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 CROs 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. The report provides trends prevailing in the global veterinary CRO market and the factors driving market along with those that act as hindrances.

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.

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Leading companies operating in the veterinary CROs 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.

The animal health sector is on a growth path, propelled by the rise of pet ownership and a global population hungry for meat and dairy products. A rise in outsourcing activities by pharmaceutical companies, animal husbandries or household pets has been witnessed during recent years in great expenditure. This trend has been seen as a plan to remain competitive and flexible in a veterinary CRO market of exponential growth, sophisticated technologies, and an unstable economic environment. Companies generally outsource R&D tasks which include a broad range of activities such as, fundamental research to late-stage development: hit exploration and lead optimization, target validation, genetic engineering, assay development, safety and efficacy tests in animal models, and clinical trials which involve animals. In 2016 The total US pet industry spending is estimated to reach $69.36 billion, up from $66.75 billion. 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 giving rise in Veterinary CRO market during forecast period.

Clinical trials segment captured the largest share in the global veterinary CROs market. clinical trials Clinical trials for veterinary medical products refer to a study of the effects of medical drugs or products on target animal species with an objective to assess its efficacy, safety, absorption, distribution, metabolism, and excretion. These trials are needed to be conducted in the justifiable means of veterinary medicines with sufficient information available regarding the product’s analytical and behavioral properties. Veterinary clinical studies aim to improve scientific knowledge to find effective and best ways for prevention, diagnosis, and disease treatment of various conditions affecting animals.

The report segments Global Veterinary CRO Market as follows:

Global Veterinary CROs Market - By Service Type

Clinical Trials

Toxicology

Market Authorization and Regulatory Support

Others

Global Veterinary CROs Market - By Application

Pet

Livestock

Wild

Global Veterinary CROs Market - By Indication

Oncology

Infectious Diseases

Neurology

Others

Global Veterinary CROs Market - By End User

Biopharmaceutical Companies

Others

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.


Sameer Joshi
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Veterinary CROs market was valued at US$ 710.81 million in 2019 and is expected to grow at a CAGR of 9.3% from 2019 to 2027 to reach US$ 1,440.15 million by 2027.

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