The global veterinary CRO market was valued at $485.5 million in 2018, and is expected to reach $894.7 million by 2026, registering a CAGR of 7.9% from 2019 to 2026. Contract research organizations (CROs) are companies that aid in conducting research for a sponsor company. Moreover, veterinary CROs are companies, which are specialized in in-vivo studies that involve companion animals. Sponsor companies seek provision from veterinary CROs to support research and development programs for biopharmaceutical industries. Furthermore, different types of services are provided by veterinary CROs such as clinical trials, toxicology, and market authorization & regulatory support. These services are utilized by veterinary medicine manufacturers to test the safety and efficacy of veterinary drugs, which are used in different indications such as oncology, neurology, and infectious diseases.
The factors that boost the growth of the veterinary CRO market include surge in ownership of companion animals and rise in animal health expenditure. Furthermore, other factors such as increase in prevalence of various diseases among companion animal acts as a major factor that contributes toward the growth of the market. However, lack of standardization in veterinary CROs is a factor that restrains the growth of the market. Conversely, surge in awareness related to animal healthcare across the globe is expected to provide lucrative opportunities in the market during the forecast period.
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The veterinary CRO market is segmented 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, the market 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 (U.S, Canada, and Mexico) and Europe (Germany, France, Italy, Spain, UK and rest of Europe), Asia-Pacific (Japan, China, Australia, rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa and rest of LAMEA).
The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
Analysis of COVID-19
The demand for and supply of non-COVID-19-related medical care has decreased as a result of the COVID-19 pandemic. Patients are delaying or avoiding a variety of treatments, including urgent care for serious illnesses, regular checkups, and advised cancer screenings. Untreated illnesses and delayed treatment will have detrimental effects on long-term health. A number of current and emerging healthcare trends have been pushed by COVID-19, including, for example, new talent and care delivery models, the fusion of life science and healthcare, and changing consumer attitudes and behaviors.
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KEY BENEFITS FOR STAKEHOLDERS
– This report entails a detailed quantitative analysis along with the current global veterinary CRO market trends from 2019 to 2026 to identify the prevailing opportunities along with the strategic assessment.
– The market size and estimations are based on a comprehensive analysis of key developments in the industry.
– A qualitative analysis based on innovative service types facilitates strategic business planning.
– The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market
List of key players profiled in the report:
– 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
LIST OF OTHER PLAYERS IN THE VALUE CHAIN (These players are not profiled in the report. The same will be included on request)
– AlcheraBio
– Likarda
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
– By Indication
o Oncology
o Infectious Disease
o Neurology
o Others
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– By Region
o North America
o U.S.
o Canada
o Mexico
o Europe
o Germany
o France
o UK
o Italy
o Spain
o Rest of Europe
o Asia-Pacific
o Japan
o China
o Australia
o Rest of Asia-Pacific
o LAMEA
o Brazil
o Saudi Arabia
o South Africa
o Rest Of LAMEA
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Reasons to Buy This Report:
- This file will help the peruses with appreciation the opposition interior the ventures and structures for the serious local weather to improve the feasible benefit. The document moreover facilities round the cutthroat scene of the market, and provides exhaustively the piece of the pie, industry positioning, contender organic system, market execution, new object advancement, recreation circumstance, development, and securing.
- And so forth of the fundamental players, which assists the peruses with distinguishing the indispensable contenders and profoundly know the opposition instance of the market.
- This record will help companions with greedy the global enterprise popularity and patterns of Telemedicine Administration Frameworks and offers them statistics on key market drivers, restrictions, difficulties, and open doors.
- This document will aid companions with grasp contenders higher and collect experiences to reinforce their scenario in their organizations. The serious scene region contains the piece of the pie and rank (in extent and worth), contender environment, new object improvement, development, and obtaining.
- This document stays refreshed with novel innovation mix, highlights, and the latest developments on the lookout.
- This file assists companions with grasp the Coronavirus and Russia-Ukraine War Impact on the Telemedicine Administration Frameworks industry.
- This record assists companions with obtaining bits of know-how into what locales to internationally target.
- This file assists companions with obtaining experiences into the end-client perception regarding the reception of Telemedicine Administration Frameworks.
- This document assists companions with distinguishing a component of the central members on the lookout and hold close their essential commitment.
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