[Research Report] The veterinary CROs market was valued at US$ 710.81 million in 2018 and it is projected to reach US$ 1,440.15 million by 2027; it is expected to grow at a CAGR of 9.3% from 2019 to 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 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.
The Veterinary CROs Market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.
Lucrative Regions for Veterinary CROs Market
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Market Insights
Growing Applications of Veterinary CROs in Healthcare to Drive Veterinary CROs Market Growth
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, From January to April 2015, disease reports from countries in North and West Africa, the Middle East, East, South and Southeast Asia mainly included outbreaks of Foot and Mouth Disease (FMD) and H5N1 highly pathogenic avian influenza (HPAI), two major trans-boundary animal diseases that are of global economic concern. 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 CROs are taking steps for the clinical trial steps for the veterinary medicines.
Approved animal medicinal products help many farmers around the world avoid animal losses every day. These medicines are helpful for the farmers to take better care of their animals. The rising incidence of veterinary diseases is leading to drive the growth of veterinary CRO marketThe 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. The demand for animal husbandries or household pets is rising due to the rise in outsourcing activities by pharmaceutical companies. This trend has been seen as a plan to remain competitive and flexible in a 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 2017, the total US pet industry spending was estimated to reach $69.36 billion, up from $66.75 billion in 2016. 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.
A rise in strategic initiatives by pharmaceutical companies has been witnessed during recent years. This trend has been seen as a plan to remain competitive and flexible in a market of exponential growth, collaboration, acquisition and partnerships, tests in animal models, and clinical trials which involve animal health. These merger and consolidation events typically introduce corporate cost-cutting measures that can be brutal on R&D budgets.
For instance, In August 2018, Charles River 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. In 2019, Charles River acquired Citoxlab is a premier, non-clinical contract research organization (CRO). Other than this the organizations have taken the initiative of product launch too, for instance, In June 2016, In June, the AVMA launched the AVMA Animal Health Research Database as a tool for researchers searching for animals to engage in clinical studies and for veterinarians and animal owners to discuss treatment options This acquisition will provide the drug discovery and development continuum of drug. This will lead to enhance the veterinary data safety business.
Service Type-Based Insights
In terms of service type, the Veterinary CROs Market is segmented into clinical trials, toxicology, market authorization and regulatory support, others. The clinical trials segment held a largest share of the market in 2019.
Veterinary CROs Market, by Service Type – 2018 and 2027
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Application-Based Insights
Based on application, the Veterinary CROs Market is segmented into pet, livestock, wild. In 2019, the pet segment held the largest share of the market, by application.
Indication-Based Insights
In terms of indication, the Veterinary CROs Market is segmented into oncology, infectious diseases, neurology, others. In 2019, the oncology segment held the largest share of the market, by indication.
End User-Based Insights
In terms of end user, the Veterinary CROs Market is segmented into pharmaceutical companies, and others. In 2019, the biopharmaceutical segment held the largest share of the market, by end user.
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The Veterinary CROs Market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.
Veterinary CROs Market – by Service Type
- Clinical Trials
- Toxicology
- Market Authorization and Regulatory Support
- Others
Veterinary CROs Market – by Application
- Pet
- Livestock
- Wild
Veterinary CROs Market – by Indication
- Oncology
- Infectious Diseases
- Neurology
- Others
Veterinary CROs Market – by End User
- Biopharmaceutical Companies
- Others
Veterinary CROs Market – by Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Spain
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South America and Central America (SCAM)
- Brazil
- Argentina
- Rest of SCAM
Company Profiles
- Charles River
- KLIFOVET AG.
- Clinvet
- Löhlein & Wolf Vet Research
- Oncovet Clinical Research
- Ondax Scientific
- Triveritas
- Veterinary Research Management
- VetPharm, Inc.
- Vetspin Srl
Published Report - Veterinary CRO Market Regional Insights
The regional trends and factors influencing the Published Report - Veterinary CRO Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Published Report - Veterinary CRO Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Published Report - Veterinary CRO Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2018 | US$ 710.81 Million |
Market Size by 2027 | US$ 1,440.15 Million |
Global CAGR (2018 - 2027) | 9.3% |
Historical Data | 2016-2017 |
Forecast period | 2019-2027 |
Segments Covered |
By Service Type
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
Published Report - Veterinary CRO Market Players Density: Understanding Its Impact on Business Dynamics
The Published Report - Veterinary CRO Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Published Report - Veterinary CRO Market are:
- Charles River Laboratories, Inc.
- Clinvet
- Klifovet ag
- Löhlein and Wolf Vet Research
- Oncovet Clinical Research
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Published Report - Veterinary CRO Market top key players overview
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Service Type ; Application ; Indication ; End-User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
Driving factors such as rising prevalence of veterinary diseases across the globe and Increasing animal healthcare expenditure are expected to boost the market growth over the years. Moreover, development of biosimilar and vaccines for animals is likely to have a positive impact on the growth of the market in the coming years.
The Indications covered in veterinary CROs services are oncology, gastrointestinal diseases, Infectious Diseases and Neurology.
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The List of Companies - Veterinary CROs Market
- Charles River Laboratories, Inc.
- Clinvet
- Klifovet ag
- Löhlein and Wolf Vet Research
- Oncovet Clinical Research
- Ondax Scientific
- Triveritas
- Research Management (Vrm) Ltd
- Vetpharm, Inc.
- Vetspin Srl