Veterinary CRO Market Year 2020 to 2027: Klifovet ag, Triveritas, Vetpharm, Löhlein and Wolf Vet Research

The global veterinary CROs market, based on service type, has been segmented into clinical trials, toxicology and market authorization and regulatory support and others. 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.

Company Profiles

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

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.

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.

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.

Veterinary CROs market, based on end user was segmented into biopharmaceutical companies and others. Biopharmaceutical Companies among all is leading the market. Pharmaceutical and biopharmaceutical companies are increasingly adopting the trend of outsourcing research activities to contract research organizations as one of the strategies to remain flexible and competitive in the pharmaceutical industry

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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