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Impact of Rising Pet Ownership On The Growth Of The Veterinary Clinical Trials Market: A Key Factor Shaping the Future of the Veterinary Clinical Trials Market Sizein 2025
Veterinary Clinical Trials Market Size
The veterinary clinical trials Market Sizeis poised for growth, driven by the increasing population of pet owners. Possessing and caring for one or more pets, referred to as pet ownership, is on the rise due to various reasons. These include the need for company, the therapeutic effects of pets, and enhanced understanding of their positive influence on mental and physical health. Veterinary clinical trials serve pet owners by providing access to innovative treatments for their pets, promoting superior veterinary care, and consequently ensuring the improved wellbeing of animals. These trials play a key role in the development of safer and more efficient treatments. For example, The People's Dispensary for Sick Animals, a renowned veterinary charity in the UK, reported in June 2024 that the pet dog population in the UK is expected to rise from 9.6 million in 2021 to approximately 10.6 million, demonstrating that the swelling ranks of pet owners propels the growth of the veterinary clinical trials market.
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What is the projected compound annual growth rate (CAGR) of the veterinary clinical trials Market Sizefrom 2025 to 2034, and what factors influence it?
The of veterinary clinical trials has significantly expanded over the past few years. The prediction is that it will increase from $4.42 billion in 2024 to $4.85 billion in 2025, with a compound annual growth rate (CAGR) of 9.8%. This historic growth can be linked to various factors such as an upsurge in pet ownership, heightened demand for animal health products, expansion in livestock farming, enhanced regulatory pressure for safeguarding animal treatments, and an increased emphasis on preventing zoonotic diseases.
In the coming years, the veterinary clinical trials Market Sizeis projected to experience robust growth. By 2029, it is expected to expand to $6.97 billion, with a compound annual growth rate (CAGR) of 9.5%. This predicted growth over the forecast period can be credited to factors such as an increase in pet ownership, the rising incidence of animal diseases, an escalating demand for progressive veterinary treatments, growing regulatory backing for veterinary research, expansion in companion animal healthcare, and a surge in chronic animal diseases. The forecast period is likely to witness significant trends such as the utilization of AI for data analysis, the introduction of sophisticated imaging technologies for accurate diagnostics, the use of digital platforms for remote surveillance, blockchain for secure handling of data, wearable technology for real-time health tracking, 3D printing technology for personalized medical devices, and telemedicine for remote consultations and trial management.
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How are the latest trends influencing the growth of the veterinary clinical trials market?
Top-ranking businesses in the veterinary clinical trials sector are prioritizing the creation of innovative anti-aging medications aimed at prolonging pet lifespan and enhancing general animal wellbeing. These modern anti-aging medications are designed specifically to decelerate or reverse the aging process, thereby boosting the health and endurance of older animals. For instance, in February 2024, Loyal, a veterinary company based in the United States, initiated a clinical trial for LOY-002, a groundbreaking anti-aging medicine intended to prolong the healthy lifespan of older dogs. This chewable medication targets age-related metabolic changes that could result in assorted health concerns. It is especially formulated for senior dogs of nearly all sizes-excluding the smallest breeds-and is presently undergoing evaluation in the STAY study. This examination aims to involve more than 1,000 canines aged 10 and above from over 50 veterinary clinics across the United States. LOY-002 primarily aims to amplify metabolic function, potentially inhibiting age-related illnesses and enhancing the overall life quality of senior dogs.
What are the major segments of the veterinary clinical trials Market Sizeand their role in driving growth?
The veterinary clinical trials Market Sizecovered in this report is segmented -
1) By Animal: Livestock Animal, Companion Animal, Other Animals
2) By Indications: Oncology, Internal Medicine, Orthopedics, Cardiology, Neurology, Ophthalmology, Dermatology, Other Indications
3) By Intervention: Medicines, Medical Devices, Other Interventions
4) By End-Users: Academics And Research Centers, Pharmaceutical And Biopharmaceutical Companies, Other End-Users
Subsegments:
1) By Livestock Animal: Cattle, Sheep, Goats, Swine, Poultry
2) By Companion Animal: Dogs, Cats, Horses, Rabbits, Ferrets
3) By Other Animals: Wildlife, Exotic Pets, Laboratory Animals, Aquatic Animals
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Which regions are key players in the growth of the veterinary clinical trials market?
North America was the largest region in the veterinary clinical trials Market Sizein 2024. The regions covered in the veterinary clinical trials Market Sizereport are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the veterinary clinical trials market?
Major companies operating in the veterinary clinical trials Market Sizeare Merck & Co. Inc., Boehringer Ingelheim International GmbH, Laboratory Corporation of America Holdings, Zoetis Inc., Elanco Animal Health Incorporated, Charles River Laboratories International Inc., IDEXX Laboratories Inc., Ceva Santé Animale, Hill's Pet Nutrition Inc., Ethos Veterinary Health LLC, Orion Corporation, Dechra Pharmaceuticals plc, The Schwarzman Animal Medical Center, Argenta Holdco Limited, Morris Animal Foundation, Vaxine Pty Ltd, Bioagile Therapeutics Pvt. Ltd., VetStem Inc., VetDC, Vivesto AB, OCRvet, Vetbiolix, Clinvet International, Ondax Scientific S.l., Veterinary Research Management
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What Is Covered In The Veterinary Clinical Trials Global Market SizeReport?
• Forecast: Examine the veterinary clinical trials across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the veterinary clinical trials Market Sizefor a structured understanding.
•Key Players Overview: Analyze major players in the veterinary clinical trials market, including their Market Sizevalue, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the veterinary clinical trials market.
•Segment Contributions: Evaluate how different segments drive overall growth in the veterinary clinical trials market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the veterinary clinical trials market.
•Industry Challenges: Identify potential risks and obstacles affecting the veterinary clinical trials market.
•Competitive Landscape: Review strategic developments in the veterinary clinical trials market, including expansions, agreements, and new product launches.
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