Veterinary CRO Market Size, Share, and CAGR by 2031
The veterinary CRO market size is projected to reach US$ 2145.74 million by 2031 from US$ 996.40 million in 2023. The market is expected to register a CAGR of 10.1% during 2023–2031. Increasing demand for preclinical research services and adoption of technology and digital solutions are likely to remain key trends in the market.
Veterinary CRO Market Analysis
Veterinary CRO market is driven by the increasing demand for animal healthcare owing to the increasing pet population along with surging awareness about animal health. To suffice the rising demand for animal has increased the research and development activities driving the the growth of Veterinary CRO market. Additionally, surging strategic collaborations in the market such as merger, acquisitions, and partnerships taking place in the market for the development of advanced products for the diagnosis and treatment of various health conditions among animals. Moreover, increasing demand of drugs for farm animals owing to increasing demand for meat products is also expected to drive the market growth. Furthermore, the increasing development of biosimilars and vaccines for animals is expected to create ample opportunities for Veretinary CRO market in coming years.
Veterinary CRO Market Overview
Veterinary CRO market is expected to show significant growth rate owing to surge in animal specific research and development activities and clinical trials in the last few years. This is primarily attributed to the increasing number of new drug molecules and medical devices for the treatment of various therapeutic areas among animals and the requirement for the fulfillment of stringent regulatory requirements before veterinary drugs and device approvals. Moreover, North America region held the largest share among all the geographies in 2023 and is estimated to dominate the market by 2031 owing to increasing ownership of companion animals in the country and surge in healthcare expenditure for animals. In 2023, Asia Pacific accounted as the fastest growing region in the global veterinary CROs market and was projected to grow at a faster pace over the forecast period. The growth of the veterinary CROs market in this region is primarily due to established pharmaceutical market, increasing R&D expenditures by the pharmaceutical and biopharmaceutical companies, favorable regulatory policies, low cost of production and R&D, increasing number of pharmaceutical and biotech companies in the region.
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Veterinary CRO Market: Strategic Insights
Market Size Value in US$ 710.81 Million in 2018 Market Size Value by US$ 1,440.15 Million by 2027 Growth rate CAGR of 9.3% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Veterinary CRO Market: Strategic Insights
| Market Size Value in | US$ 710.81 Million in 2018 |
| Market Size Value by | US$ 1,440.15 Million by 2027 |
| Growth rate | CAGR of 9.3% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Veterinary CRO Market Drivers and Opportunities
Surging Strategic Collaborations Among Market Players to Favor Market
There has been surge in strategic initiatives in the market which includes the merger and acquisition of various market players operating in the filed of veterinary CROs. This will helps market players to remain competitive and flexible in the for exponential growth and it also allows manufacturer to access to each other technologies, platforms which will further help them to grow significantly. Some of the recent strategic initiatives taken place in the market are as mentioned. In May 2023, Argenta acquired CRO services of Midwest Veterinary Services, Inc., as it will allow both organisations to provide customers with an even broader range of services across clinical research, product development, and manufacturing. Additionally, in December 2022, GD Group acquired Agrobiogen GmbH, Xenogenetik Ges.mbH, Nexttec GmbH and Nexttec Inc. Agrobiogen and Xenogenetik specialise in molecular genetic research and veterinary diagnostics, and Nexttec produces innovative DNA extraction kits. Therefore, increase in strategica collaboration among market players leads to the development of advanced diagnosis and treatment for the animals and contribute to the veterinary CRO market growth.
Development of Biosimilar and Vaccines for Animals
Bio therapeutics such as biosimilar and vaccines for veterinary is the fastest growing sector in the pharmaceutical industry. The efficacy and safety of bio therapeutics associated with the ability to treat various untreatable diseases in the animals such as Amphistomiasis, Schistosomiasis, Swine Fever, Salmonellosis is leading to get into need of more clinical trial. Technological advancement and significant improvement in the understanding of diseases such as cancer, rheumatoid arthritis among others are creating a demand for the development of biosimilar and veterinary vaccines.
Pharmaceutical and biopharmaceutical companies are investing majorly for the research and development activities to develop innovative and advanced biological molecules. Companies are capitalizing on their expertise in biologics manufacturing to generate more revenue by fulfilling the unmet conditions. In recent years, there has been an increase in the launch and expansion of vaccines.
The steps required before the FDA will approve an NDA or vaccines approval, generally includes preclinical studies followed by multiple stages of clinical trials. In order to save the in-house cost and time required for these testing services throughout the development process of the biologics and biosimilar in the initial stages, the companies prefer to outsource these services to the veterinary CROs. This is expected to be a potential opportunity for the growth of the veterinary CROs across the globe in the coming years.
Veterinary CRO Market Report Segmentation Analysis
Key segments that contributed to the derivation of the veterinary CRO market analysis are service type, application, indication, and end user.
- Based on service type, the veterinary CRO market is fragmented into clinical trials, toxicology, market authorization and regulatory support, others. The clinical trials segment held a largest market share in 2023.
- By application, the market is classified into pet, livestock, wild. The pet segment held the largest share of the market in 2023.
- In terms of indication, the market is segmented into oncology, infectious diseases, neurology, others. The oncology segment held a largest share of the market in 2023.
- By end user, the market is bifurcated into pharmaceutical companies and others. The pharmaceutical companies segment held the larger share of the market in 2023.
Veterinary CRO Market Share Analysis by Geography
The geographic scope of the veterinary CRO market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market. The growth of the Veterinary CROs market in the United States is expected to grow due to significantly increasing prevalence of animal disorders, rising government initiatives such as animal healthcare and welfare programs, rising adoption of companion animals, growing livestock and dairy sectors. In Canada, the market is expected to grow due to the rising pet industries and rising investments to improve the veterinary healthcare infrastructure. In Mexico, the market is expected to grow due to the rising number of companies providing supporting services to clinical research such as regulatory support, market authorization, and toxicology service. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Veterinary CRO Market Report Scope
Veterinary CRO Market News and Recent Developments
The veterinary CRO market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the veterinary CRO market are listed below:
- Transpharmation Canada Ltd. and Veterinary Health Research Centers LLC (VHRC) have collaborated to accelerate drug discovery programs by providing high-quality, translational drug discovery services, this collaboration will enable a seamless transition of preclinical work conducted by Transpharmation into Proof of Concept or pre-IND/INAD clinical trials using animals with real-world conditions traditionally unavailable in research colonies. (Source: Veterinary Health Research Centers LLC, Press Release, 2023)
- Argenta acquired Spain-based clinical development specialist Ondax Scientific for strengthening clinical research capabilities and services. The deal expands Argenta’s geographic CRO footprint further into Southern and Western Europe, giving it access to new customers and strengthening its clinical, quality assurance and data management capabilities. (Source: Argenta, Company Wesite, 2022)
Argenta acquired Klifovet, the combined business will be a global, full-value strategic partner, stimulating innovation and supporting large and small animal health and nutrition companies. Klifovet will particularly complement Argenta's Clinical & Regulatory Services team based in the United States, offering an unparalleled level of expertise, and access to the largest transatlantic CRO capability in animal health. (Source: Argenta, Newsletter, 2021)
Veterinary CRO Market Report Coverage and Deliverables
The “Veterinary CRO Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Veterinary CRO market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Veterinary CRO market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- veterinary CRO market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the veterinary CRO market
- Detailed company profiles
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
North America region is dominated the veterinary CRO market in 2023.
Factors impacting the veterinary CRO market includes increasing demand for animal healthcare and surge in strategic collaborations among market players
Increasing demand for preclinical research services and adoption of technology and digital solutions are the future trends of the veterinary CRO market
The leading players operating in the veterinary CRO market includes Clinvet, Löhlein & Wolf Vet Research, Oncovet Clinical Research, Ondax Scientific, Triveritas, Veterinary Research Management, VetPharm, Inc., and Vetspin Srl among others
The the estimated value of the veterinary CRO market by 2031 is US$ 2.14 Bn
The expected CAGR of the veterinary CRO market from 2023-2031 is 10.1%
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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