Accordingly, the global veterinary CRO market is poised to reach $1,260.5 million in 2027 from $771.8 million in 2019, and is expected to register a CAGR of 7.7% during the forecast period. The growth rate is majorly attributed to surge in ownership of companion animals and rise in animal health expenditure. Furthermore, other factors such as increase in global prevalence of diseases among companion animals and surge in the R&D activities among veterinary medicine manufacturers act as key development factors that contribute toward growth of the market. Nevertheless, lack of standardization in veterinary CROs is anticipated to hinder the market growth.
Contract research organizations (CROs) are companies that help assist in research & development and/or other services related to newer products for sponsor companies. Sponsors frequently outsource their product development functions to independent service providers to augment their practice of a flexible cost structure and overcome the requirement to maintain redundant development proficiencies globally. Clinical, regulatory, and therapeutic expertise of CROs help improvise total cost of product development and market entry of a new product. As a result, CROs have emerged as competent providers of an increasing array of value-added services for veterinary companies and are expected to continue to play a vital role in the in vivo studies involving companion animals.
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Conversely, awareness associated with animal healthcare is on the rise as pet owners are more concerned about health and diseases of their companion animals. This increase in awareness related to animal healthcare across the globe is expected to provide profitable opportunities for key industry players in the market during the forecast period. Furthermore, presence of associations and NGOs that work toward spreading awareness related to animal healthcare are predicted to expose newer possibilities for growth of veterinary CROs market.
Furthermore, veterinary CROs support sponsor companies by providing assistance in veterinary clinical trial development, strategic regulatory affairs expertise, project management support for an extensive range of veterinary products, new product development, lifecycle management of existing marketing authorizations (MA), and veterinary good clinical practice (GCP) regulatory management. Veterinary CROs also offer services such as strategic advice on data management & statistical analysis, post-marketing support, gap analysis, as well as pharmacovigilance. These services are often used by veterinary researchers and medicine manufacturers for newer product development along with testing safety & efficacy of veterinary drugs.
On the other hand, COVID-19 pandemic has greatly disrupted ongoing activities in the veterinary sector. Cost constraints on the entire animal healthcare industry, owing to economic slowdown due to the pandemic has imposed limitations on R&D finances of veterinary companies and has led companies to outsource these activities to veterinary CROs, consequently supplementing the market growth. Moreover, susceptibility of domesticated animals to SARS-CoV-2 along with reported cases in cats and dogs have raised concerns regarding the infection to emerge as a disease in animals in coming years. Accordingly, there is a substantial increase in R&D activities for development of COVID-19 veterinary vaccines and antiviral drugs. This has immensely heightened demand for companion animals such as cats for research purposes. Several clinical trials around the globe are currently investigated, which drives demand for such animals.
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The research study segments the global veterinary CRO market into service type, animal type, indication, and region. On the basis of service type, the market is divided into clinical trials, toxicology, market authorization & regulatory support, and others. By animal type, it is classified into dogs, cats, and others. Depending on indication, it is categorized into oncology, infectious disease, neurology, and others. Region wise, it is analyzed across North America (the U.S, Canada, and Mexico) and Europe (Germany, France, Italy, Spain, the UK, and rest of Europe), Asia-Pacific (Japan, China, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
KEY BENEFITS FOR STAKEHOLDERS
? This report provides a detailed quantitative analysis of the current market trends and future estimations from 2019 to 2027, which assists to identify the prevailing market opportunities.
? An in-depth analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders to formulate region-specific plans.
? A comprehensive analysis of the factors that drive and restrain the growth of the global Veterinary CRO market is provided.
? An extensive analysis of various regions provides insights that allow companies to strategically plan their business moves.
KEY MARKET PLAYERS
– Charles River Laboratories, Inc.
– Clinvet
– KLIFOVET AG
– Lohlein & Wolf Vet Research
– Oncovet Clinical Research
– ONDAX Scientific
– Triveritas
– Veterinary Research Management (VRM) Ltd
– VetPharm, Inc.
– VETSPIN SRL
KEY MARKET SEGMENTS
– By Service Type
o Clinical Trials
o Toxicology
o Market Authorization & Regulatory Support
o Others
– By Animal Type
o Dogs
o Cats
o Others
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– By Indication
o Oncology
o Infectious Disease
o Neurology
o Others
– By Region
o North America
? U.S.
? Canada
? Mexico
o Europe
? Germany
? France
? UK
? Italy
? Spain
? Rest of Europe
o Asia-Pacific
? Japan
? China
? Australia
? Rest of Asia-Pacific
o LAMEA
? Brazil
? Saudi Arabia
? South Africa
? Rest of LAMEA
Table of Contents:
- Introduction and Scope
- Definition and Forecast Parameters
- Methodology and Forecast Parameters
- Information Sources
- Latest Trends Summary
- Regional Trends
- Product Trends
- End-Use Trends
- Business Trends
- Industry Insights
- Industry Fragmentation
- Industry Landscape
- Vendor Matrix
- Technological and Innovative Landscape
- Market by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
- Company Profiles
- Company Overview
- Financial Elements
- Product Landscape
- SWOT Analysis
- Systematic Outlook
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