Veterinary CRO Market- Global Industry Size, Share, Trends, Opportunity and Forecast, Segmented By Service Type (Clinical Trials, Toxicology, Market Authorization & Regulatory Support and Others), By Animal Type (Dogs, Cats and Others), By Application (Oncology, Infectious Diseases, Cardiovascular Diseases, Metabolic Disease, Others), By Region, and Competition 2019-2029F
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationVeterinary CRO Market- Global Industry Size, Share, Trends, Opportunity and Forecast, Segmented By Service Type (Clinical Trials, Toxicology, Market Authorization & Regulatory Support and Others), By Animal Type (Dogs, Cats and Others), By Application (Oncology, Infectious Diseases, Cardiovascular Diseases, Metabolic Disease, Others), By Region, and Competition 2019-2029F
| Forecast Period | 2025-2029 |
| Market Size (2023) | USD 1.02 billion |
| Market Size (2029) | USD 1.62 billion |
| CAGR (2024-2029) | 8.23% |
| Fastest Growing Segment | Clinical Trials |
| Largest Market | North America |
Market Overview
Global Veterinary CRO Market was valued at USD 1.02 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 8.23%through 2029.
Key Market Drivers
Increasing Prevalence of Animal Diseases
The increasing prevalence of animal diseases is a significant factor driving growth in the Global Veterinary Contract Research Organization (CRO) market. Various factors contribute to this trend, including environmental changes, intensification of livestock farming practices, and globalization of trade. As a result, there has been a heightened demand for effective veterinary treatments and preventive measures, leading to increased collaboration between pharmaceutical companies, researchers, and veterinary CROs. The primary drivers of the rising prevalence of animal diseases is environmental changes, including climate change and habitat destruction. These changes can alter ecosystems, leading to the emergence and spread of new pathogens and the expansion of disease vectors. The environmental stressors such as pollution and deforestation can weaken animals' immune systems, making them more susceptible to infections and diseases. The intensification of livestock farming practices has contributed to the spread of infectious diseases among animals. Dense animal populations, inadequate sanitation, and poor biosecurity measures create favorable conditions for disease transmission and outbreaks. Livestock diseases not only pose risks to animal health and welfare but also have significant economic implications for farmers and the agricultural industry. The globalization of trade has facilitated the rapid spread of animal diseases across borders. The movement of animals, animal products, and vectors can lead to the introduction of pathogens into new regions, increasing the risk of disease outbreaks and transmission. This interconnectedness underscores the importance of international collaboration and coordinated efforts in disease surveillance, prevention, and control. In response to the growing challenges posed by animal diseases, pharmaceutical companies and researchers are increasingly turning to veterinary CROs for support. Veterinary CROs offer specialized services in preclinical research, clinical trials, and regulatory affairs, helping to accelerate the development and approval of new veterinary drugs, vaccines, and therapies. By leveraging their expertise and infrastructure, veterinary CROs play a vital role in advancing veterinary medicine and addressing the healthcare needs of animals worldwide. The increasing prevalence of animal diseases presents significant opportunities for the Global Veterinary CRO market. As the demand for effective veterinary treatments continues to rise, veterinary CROs are well-positioned to support research and development efforts aimed at improving animal health and welfare.
Growth in Pet Ownership
Globalization of Veterinary Pharmaceutical Industry
The globalization of the veterinary pharmaceutical industry is a key driver of the Global Veterinary Contract Research Organization (CRO) market, as it creates a growing need for specialized research and development services to support the development of veterinary drugs, vaccines, and medical devices. The veterinary pharmaceutical industry has witnessed significant globalization in recent years, driven by factors such as increasing demand for animal healthcare products, expansion of multinational companies, and harmonization of regulatory standards across regions. The primary drivers of the globalization of the veterinary pharmaceutical industry is the rising demand for animal healthcare products worldwide. As pet ownership and livestock production continue to increase globally, there is a growing need for effective veterinary treatments and preventive measures to address a wide range of animal diseases and health conditions. This growing demand has prompted pharmaceutical companies to expand their presence in new markets and regions, driving the globalization of the veterinary pharmaceutical industry. The expansion of multinational pharmaceutical companies has facilitated the globalization of the veterinary pharmaceutical industry. These companies operate across multiple regions and markets, leveraging their global presence to develop and distribute veterinary products worldwide. With operations spanning different countries and regulatory jurisdictions, multinational companies require specialized support in research and development, regulatory affairs, and clinical trials to navigate complex regulatory landscapes and ensure compliance with local requirements. The harmonization of regulatory standards and guidelines for veterinary products has accelerated the globalization of the veterinary pharmaceutical industry. Regulatory agencies around the world are increasingly adopting international standards and guidelines for the approval of veterinary drugs and medical devices, facilitating the movement of products across borders. This harmonization creates opportunities for veterinary CROs to provide regulatory support services, such as dossier preparation, regulatory submissions, and compliance assistance, to pharmaceutical companies seeking market authorization for their products in different regions. The globalization of the veterinary pharmaceutical industry presents significant opportunities for the Global Veterinary CRO market. As pharmaceutical companies expand their operations globally and seek market approval for veterinary products in new regions, there is a growing demand for specialized research and development services offered by veterinary CROs. By providing expertise in preclinical research, clinical trials, and regulatory affairs, veterinary CROs play a vital role in supporting the development and commercialization of veterinary drugs, vaccines, and medical devices on a global scale.
Key Market Challenges
Regulatory Complexity
Regulatory complexity poses a significant challenge to the Global Veterinary Contract Research Organization (CRO) market, impacting the development and approval process of veterinary pharmaceuticals, biologics, and medical devices. Veterinary CROs play a crucial role in supporting clients through various stages of regulatory compliance, including preclinical research, clinical trials, and market authorization. However, navigating the complex regulatory landscapes across different regions and countries requires specialized expertise and resources. The primary challenges faced by veterinary CROs is the variability and inconsistency in regulatory requirements across different jurisdictions. Regulatory standards, guidelines, and approval processes can vary significantly between countries and regions, leading to challenges in harmonizing regulatory strategies and submissions for veterinary products intended for global markets. This variability necessitates careful planning and coordination to ensure compliance with local regulatory requirements while maintaining efficiency and cost-effectiveness. The regulatory agencies often update and revise their guidelines and requirements, adding further complexity to the regulatory landscape. Keeping abreast of these changes and ensuring timely compliance can be challenging for veterinary CROs, particularly those operating in multiple regions simultaneously. Failure to stay updated on regulatory developments can result in delays in research projects, increased costs, and potential regulatory hurdles during the approval process. The regulatory approval process for veterinary products can be lengthy and time-consuming, requiring extensive documentation, data submission, and review by regulatory authorities. Delays in regulatory approvals can have significant implications for clients, including delayed product launches, loss of market opportunities, and increased development costs. Veterinary CROs must effectively manage timelines, anticipate regulatory challenges, and provide strategic guidance to clients to mitigate risks and expedite the approval process. In response to these challenges, veterinary CROs must invest in regulatory expertise, stay informed about evolving regulatory requirements, and establish robust regulatory compliance strategies. Collaboration with regulatory consultants, engagement with regulatory agencies, and participation in industry forums can also help veterinary CROs navigate regulatory complexities and ensure successful outcomes for their clients in the global veterinary pharmaceutical market.
Talent Acquisition and Retention
Key Market Trends
Increased Focus on Companion Animal Health
Outsourcing of Research and Development Activities
Segmental Insights
Service Type Insights
Based on
Animal Type Insights
Based on animal type, Dogs segment dominated the Global Veterinary CRO Market in 2023. This is ascribed due to their long-standing history of companionship with humans, their versatility in roles such as working, service, and therapy animals, and their widespread popularity as pets. Dogs have been domesticated for thousands of years and are deeply integrated into human societies across different cultures. They often serve as loyal companions, guardians, and helpers, contributing to their prominence in households worldwide. The diversity of dog breeds offers options to suit various lifestyles and preferences. While cats also hold significant popularity as pets, Dogs' extensive roles in human life and their deep-rooted connection with people often make them the dominant choice among companion animals. Therefore, Dogs emerge as dominant among Dogs, Cats, and Others due to their multifaceted roles and enduring bond with humans.
Regional Insights
Recent Developments
- InApril 2022, PetDx initiated funding for a groundbreaking clinical trial titledthe 'CANDiD study,' aimed at clinically validating a cutting-edgenext-generation sequencing-based multi-cancer early detection 'liquid biopsy'blood test in over 1,000 dogs. This innovative trial seeks to assess the test'sperformance in accurately detecting and characterizing various types of cancerin canine patients, revolutionizing cancer diagnosis and management inveterinary medicine.
- InJanuary 2022, Covetrus, a renowned leader in animal health technology andservices, unveiled Covetrus Pulse. This pioneering cloud-based veterinaryoperating system (vOS) streamlines practice management by seamlessly connectingveterinarians to essential technologies. Covetrus Pulse empowers veterinariansto efficiently manage their practices, allowing them more time to devote to thecompassionate care of their animal patients. The introduction of Covetrus Pulsemarks a significant advancement in veterinary technology, enhancing operationalefficiency and improving the overall veterinary healthcare experience.
Key Market Players
- CharlesRiver Laboratories, Inc
- ClinvetInternational Pty Ltd.
- Klifovet AG
- Lohlein& Wolf Vet Research LLC
- OncovetClinical Research
- ONDAXIncorporation
- TriveritasGroup LLC.
- VeterinaryResearch Management (VRM) Ltd
- Vet Pharm,Inc.
- Vetspen Srl.
| By Service Type | By Animal Type | By Application | By Region |
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