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Global Veterinary CRO And CDMO Market Overview Covering Forecast Market Size And Growth Rate 2033 | Labcorp Drug Development India Private Limited, Zoetis Inc., Eurofins Scientific SE, Pharmaceutical Product Development Inc
Veterinary CRO And CDMO Global Market Report 2024
The veterinary cro and cdmo market size is expected to see strong growth in the next few years. It will grow to $9.87 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to increasing adoption of precision medicine, focus on preventive healthcare, epidemiological surveillance, emergency preparedness, increasing complexity of veterinary therapeutics. Major trends in the forecast period include outsourcing of research and development, integration of technology, collaborations and partnerships, sustainability in manufacturing, digitalization of veterinary services.
Market Overview -
A veterinary CRO is a specialized service provider that conducts research and clinical trials to evaluate the safety and efficacy of veterinary drugs and healthcare products, and a veterinary CDMO is a specialized service provider that offers contract development and manufacturing services for veterinary drugs and healthcare products, assisting with formulation development, process optimization, and production.
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Increasing Animal Healthcare Investments
Increasing animal healthcare investments is expected to propel the growth of the veterinary CRO and CDMO market going forward. Investments in animal healthcare have been increasing in recent years due to the growing awareness of the importance of animal health and the expanding demand for veterinary services and products, hence contributing to the growth of the veterinary CRO and CDMO market. For Instance, in 2022, according to the report published by the American Pet Products Association (APPA), a US-based non-profit organization that promotes, develops, and advances pet ownership and the pet products industry, pet care expenditure in the U.S. increased from USD 123.6 billion in 2021 to 136.8 billion in 2022. Therefore, increasing animal healthcare investments will drive the veterinary CRO and CDMO market growth.
Competitive Landscape -
Major companies operating in the veterinary cro and cdmo market report are Labcorp Drug Development India Private Limited, Zoetis Inc., Eurofins Scientific SE, Pharmaceutical Product Development Inc., Syneos Health Inc., Charles River Laboratories Inc., IDEXX Laboratories Inc., Elanco India Private Limited., Inotiv Inc., Promega Corporation, Aenova Group, Sai Life Sciences Ltd., Taconic Bioscience Inc., Avid Bioservices Inc., Frontage Laboratories Inc., Angion Biomedica Corp., knoell Germany GmbH, ClinVet International Pty Ltd., VetPharm Inc., Vetio Animal Health Company, Ridgeway Research Ltd., Drayton Animal Health Ltd., KLIFOVET GmbH, Triveritas Ltd., Cebiphar, Ondax Scientific UK Ltd., Veterinary Research Management (VRM) Ltd., Vetspin Srl, STATKING Animal Health CRO, Arcoblu S.r.l.
Product Innovations In Veterinary Soft Chew Technology
Product innovations are the key trend gaining popularity in the veterinary CRO and CDMO market. Companies operating in the veterinary CRO and CDMO markets are focusing on product innovations to sustain their position in the market. For instance, in June 2022, Vetio, a US-based Contract Development and Manufacturing Organization (CDMO) dedicated to animal health, has been granted an Intention to Grant by the European Patent Office (EPO) and a Notice of Allowance by the United States Patent Office (USPTO) for its Starch-Free Soft Chew designed for veterinary applications. Vetio's Soft Chew Technology platform, specifically developed for animal health, is excellently tailored to deliver one or more active ingredients in a high-quality dosage form suitable for veterinary pharmaceutical use. Vetio's innovative composition and manufacturing process is free from starch and added water, making it highly suitable for moisture-sensitive active ingredients.
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Key Segments -
The veterinary cro and cdmo market covered in this report is segmented -
1) By Service Type: Discovery, Development, Manufacturing, Packaging And Labeling, Market Approval And Post-marketing
2) By Animal Type: Companion Animals, Livestock Animals
3) By Application: Medicines, Medical Devices, Pharmaceuticals, Biologics, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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