Global Veterinary CRO Market Size is estimated to reach $1.26 billion by 2027

According to a new report published by Report Ocean, titled, “Veterinary CRO Market by Service Type, Animal Type and Indication: Opportunity Analysis and Industry Forecast, 2020–2027,"" the global veterinary CRO market is estimated to reach $1.26 billion in 2027 from $0.77 billion in 2019, at CAGR of 7.7% during the forecast period. Veterinary CROs are organizations that offer support to veterinary drug manufacturers in the form of services. For instance, clinical trials involve handling large number of animals, which require specially designed facilities; therefore, veterinary CROs manage clinical trials for companies, which are engaged in introduction of new veterinary medications. Similarly, other services offered by veterinary CROs include regulatory support and market authorization process related to veterinary drugs. Furthermore, these organizations perform toxicology studies related to veterinary drugs to analyze safety and efficacy related to veterinary medicines. In addition, veterinary CROs conduct clinical trials for various indications in animals such as oncology, neurology, and infectious diseases.

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The veterinary CRO market growth rate is majorly attributed to rise in ownership of companion animals and surge in animal health expenditure worldwide. In addition, increase in prevalence of various diseases among companion animals significantly drives growth of the market. However, lack of standardization in veterinary CROs acts as a major restraint in the market. On the contrary, surge in awareness related to animal healthcare across the globe is expected to offer remunerative opportunities for the market expansion during the forecast period.

Furthermore, most practices in the animal health industry are affected by the COVID-19 pandemic, owing to transport restrictions, limited availability of human resources in manufacturing companies, and countrywide lockdowns. However, the COVID-19 phase has witnessed a significant rise in R&D practices in veterinary medicine. The Centers of Diseases Control and Prevention (CDC) recently reported that even animals are susceptible to the infection caused by SARS-CoV-2, several tests across the globe were undertaken to identify these animals and are currently used as animal models for research purposes. Although, the number of infections is quite low, the World Organization for Animal Health specifies that infection of animals with COVID-19 virus meets the criteria of an emerging disease. Moreover, the economic impact of COVID-19 has led veterinary drug manufacturers to restrict their budget and time toward research activities along with considering the urgency of drug development during this ongoing crisis. This has greatly facilitated outsourcing of R&D activities to veterinary CROs.

The veterinary CRO market is segmented into service type, animal type, indication, and region. According to service type, the market is segregated into clinical trials, toxicology, market authorization & regulatory support, and others. The clinical trials segment is the largest segment in the veterinary CRO market, in terms of revenue and is expected to exhibit fastest growth rate during the forecast period. This is attributed to increase in outsourcing of clinical trials, owing to its extensive nature due to which the entire process becomes lengthy and expensive. Thus, veterinary medicine manufacturing companies outsource clinical trials to veterinary CROs for managing lengthy procedures, which also involve handling of large number of animals in specialized facilities. Therefore, this factor considerably boosts the demand for clinical trial services offered by veterinary CROs.

By animal type, the dog segment acquired a major share of the global veterinary CRO market, and is expected to exhibit fastest growth rate during the forecast period, owing to surge in ownership of dogs as companion animals worldwide. Furthermore, surge in awareness related to dog health among their owners is another major factor that augments growth of the segment.

Key Findings Of The Study

By service type, the clinical trials segment accounted for the largest share in the veterinary CRO market in 2019.
Region wise, Asia-Pacific is anticipated to grow at the highest CAGR of 8.9% throughout the forecast period.
In Europe, Germany accounted the major share the veterinary CRO market, in 2019.
By animal type, the dog segment dominated the global veterinary CRO market in 2019.
Key players profiled in this report include Charles River Laboratories, Inc., Clinvet, KLIFOVET AG, Löhlein & Wolf Vet Research, Oncovet Clinical Research, ONDAX Scientific, Triveritas, Veterinary Research Management (VRM) Ltd., VetPharm, Inc. and VETSPIN SRL.

Region wise, North America acquired a major share, owing to easy availability of CRO services in the region, surge in pet ownership, and increase in the animal healthcare expenditure. However, Europe is expected to grow at the highest rate during the forecast period, owing to surge in awareness related to animal health among owners. In addition, presence of majority of key players in Europe boosts growth of the veterinary CRO market in this region.

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This release was published on openPR.