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Veterinary CROs and CDMOs: Shaping the Future of Animal Health
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According to The Business Research Company's, The veterinary cro and cdmo market size has grown strongly in recent years. It will grow from $6.44 billion in 2023 to $7.03 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to regulatory compliance needs, globalization of animal health market, increased drug development for livestock, increased outsourcing by pharma companies.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Veterinary CRO And CDMO Market 2024 Key Insights:
• 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%.
• Increasing Animal Healthcare Investments
• Product Innovations In Veterinary Soft Chew Technology
• North America was the largest region in the veterinary CRO and CDMO market in 2023
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