Press release
Veterinary CROs Market is expected to reach US$ 1,440.15 Mn by 2027 | Charles River Laboratories, Inc., Clinvet, Klifovet Ag, Löhlein and Wolf Vet Research, Oncovet Clinical Research, Ondax Scientific, Triveritas, Veterinary Research Management (VRM) LTD
According to The Insight Partners market research study of ‘Veterinary CROs Market to 2027 - Global Analysis and Forecasts by Service Type, Application and Indication and End-User.’ The global veterinary CROs market is anticipated to reach US$ 1,440.15 Mn in 2027 from US$ 710.81 Mn in 2019. The market is anticipated to grow with a CAGR of 9.3% from 2020-2027. The report provides trends prevailing in the global veterinary CRO market and the factors driving market along with those that act as hindrances.Get a Sample Copy of the Report@ https://www.theinsightpartners.com/sample/TIPRE00008083/?openpr-10225
The global veterinary CROs market, based on the service type, is segmented into clinical trials, toxicology, market authorization and regulatory support, others.
The market for veterinary CROs is expected to grow, owing to factors such as increasing animal healthcare expenditure. Moreover, development opportunities in emerging countries are likely to have a positive impact on the growth of the market in coming years. Clinical trials segment led the market in 2019, and is expected to retain its dominance during the forecast period from 2020 to 2027.
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.
Market Insights
Rising in Animal healthcare expenditures
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.
The report segments Global Veterinary CRO Market as follows:
Global Veterinary CROs Market - By Service Type
Clinical Trials
Toxicology
Market Authorization and Regulatory Support
Others
Global Veterinary CROs Market - By Application
Pet
Livestock
Wild
Global Veterinary CROs Market - By Indication
Oncology
Infectious Diseases
Neurology
Others
Global Veterinary CROs Market - By End User
Biopharmaceutical Companies
Others
Global Veterinary CROs Market - By Geography
North America
US
Canada
Mexico
Europe
France
Germany
U.K
Spain
Italy
Asia Pacific (APAC)
China
India
Japan
Australia
South Korea
Middle East & Africa (MEA)
Saudi Arabia
U.A.E
South Africa
South & Central America (SCAM)
Brazil
Argentina
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Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense
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