Veterinary CRO Market Size to Reach $1.26 Bn, Globally, by 2027 at 7.7% CAGR: Allied Market Research

Veterinary CRO Market Size to Reach $1.26 Bn, Globally, by 2027 at 7.7% CAGR: Allied Market Research

News Highlights

Portland, OR, April 08, 2021 (News) — Allied Market Research published a report, titled, Veterinary CRO Market by Service Type (Clinical Trials, Toxicology, Market Authorization & Regulatory Support, and Others), Application (Dogs, Cats, and Others), and End User (Oncology, Infectious Diseases, Neurology, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global veterinary CRO industry generated $771.8 million in 2019, and is estimated to garner $1.26 billion in 2027, manifesting a CAGR of 7.7% from 2020 to 2027.

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Drivers, restraints, and opportunities

Increase in ownership of companion animals, surge in animal health expenditure, and prevalence of diseases among companion animals drive the growth of the global veterinary CRO market. However, lack of standardization in veterinary CROs hinders the market growth. On the other hand, rise in awareness regarding animal healthcare presents new opportunities in the coming years.

Covid-19 Scenario

  • Most of the practices in the animal health industry have been affected due to transport restrictions, limited availability of human resources, and countrywide lockdowns during the Covid-19 pandemic.
  • Economic slowdown occurred due to the pandemic. This led to limitations on funding for R&D activities for veterinary companies and they needed to outsource these activities.
  • There has been a substantial rise in R&D activities for development of Covid-19 veterinary vaccines and antiviral drugs as several cases of infection in dogs and cats were reported.  

The clinical trials segment to maintain its leadership status during the forecast period

Based on service type, the clinical trials segment contributed to the largest market share, holding nearly one-third of the global veterinary CRO market in 2019, and will maintain its leadership status during the forecast period. In addition, this segment is projected to register the highest CAGR of 8.5% from 2020 to 2027. This is due to time consumed to carry out the clinical trial process, which encourages outsourcing of the service. The report also offers a detailed analysis of segments including toxicology, market authorization & regulatory support, and others.

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The dogs segment to maintain its dominant share throughout the forecast period

Based on animal type, the dogs segment accounted for the highest share in terms of revenue in 2019, contributing to more than two-fifths of the global veterinary CRO market, and is estimated to maintain its dominant share throughout the forecast period. Moreover, this segment is expected to grow at the highest CAGR of 8.3% from 2020 to 2027. This is due to increase in ownership of dogs as companion animals across the world. The research also analyzes segments including cats and others.

North America to maintain its lead position by 2027

Based on region, North America held the largest market share in 2019, accounting for more than one-third of the global veterinary CRO market, and will maintain its lead position by 2027. This is attributed to ease in availability of CRO products, surge in pet ownership, and rise in animal healthcare expenditure. However, Asia-Pacific is projected to witness the highest CAGR of 8.9% during the forecast period, owing to surge in awareness related to animal health among the population.

Leading market players

  • Charles River Laboratories, Inc.
  • KLIFOVET AG
  • Clinvet
  • Oncovet Clinical Research
  • Löhlein & Wolf Vet Research
  • Triveritas
  • ONDAX Scientific
  • VetPharm, Inc.
  • Veterinary Research Management (VRM) Ltd.
  • VETSPIN SRL

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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.

Similar Reports:

Veterinary Imaging Services Market – Global Opportunity Analysis and Industry Forecast, 2020–2027

Veterinary Diagnostics Market – Global Opportunity Analysis and Industry Forecast, 2019-2027

Veterinary Ultrasound Market – Global Opportunity Analysis and Industry Forecast, 2019-2027

Veterinary/Animal Vaccines Market – Global Opportunity Analysis and Industry Forecast, 2019–2027

Veterinary Equipment and Disposables Market – Global Opportunity Analysis and Industry Forecast, 2019–2027

Veterinary Medicine Market – Global Opportunity Analysis and Industry Forecast, 2019–2027

Veterinary Radiography Market – Global Opportunity Analysis and Industry Forecast, 2019–2027

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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