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Veterinary CRO Market Developments and Growth Strategies Adopted by Top Key Players Triveritas, Vetpharm, Ondax Scientific, Klifovet ag, Clinvet, Research Management, Vetspin

07-29-2020 03:57 AM CET | Health & Medicine

Press release from: The Insight Partners

Veterinary CRO

Veterinary CRO

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.

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The 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.

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.

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.

Application Insights

Global veterinary CROs market, based on application was segmented into pets, livestock and wild. The pet market witnessed the highest share in 2019 and is expected to show noteworthy growth during the forecast period owing to various applications in different fields.

In terms of market share, pet segment held the largest market share. Additionally, it is likely to witness growth opportunities due to increasing market for companion animal medications and rising number of trials for pet medications over the last years.

Indication Insights

The Indication segment in this study include into oncology, infectious diseases, neurology, and others. The oncology market is particularly found among pet that live for more than ten years. These animals are then recommended and given appropriate radiotherapy, chemotherapy, and surgery as per the individual condition. The common types of cancer found among animals include skin tumors, breast cancer, head and neck cancer, lymphoma, testicular tumors, bone tumors, and abdominal tumors.

The oncology held the largest market share in the indication segment and is expected to dominate the market during the forecast period. This is expected to increase the number of clinical trial models for conducting research studies for cancer medicine benefitting the veterinary CRO service providers.

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Reason to Buy This Report

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Veterinary CROs market.

Highlights key business priorities in order to assist companies to realign their business strategies.

The key findings and recommendations highlight crucial progressive industry trends in the global Veterinary CROs market, thereby allowing players across the value chain to develop effective long-term strategies.

Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.

Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.

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