Veterinary CRO Market to Reach $1.33 Bn, Globally, by 2026 at 8.1% CAGR, Says Allied Market Research

Rise in ownership of companion animals, increase in animal health expenditure, and surge in prevalence of various diseases among companion animals have boosted the growth of the global veterinary CRO market

PORTLAND, Oregon, Jan. 17, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Veterinary CRO Market by Service Type (Clinical Trials, Toxicology, Market Authorization & Regulatory Support and Others), Application (Dogs, Cats, and Others), End User (Oncology, Infectious Diseases, Neurology and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global veterinary CRO industry was pegged at $714 million in 2018, and is projected to $1.33 billion by 2026, registering a CAGR 8.1% from 2019 to 2026.

Incentives for market growth

Rise in ownership of companion animals, increase in animal health expenditure, and surge in prevalence of various diseases among companion animals have boosted the growth of the global veterinary CRO market. However, lack of standardization in veterinary CROs hamper the market growth. On the contrary, rise in awareness regarding animal healthcare is expected to create lucrative opportunities in the near future.

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Clinical trials segment dominated the market

The clinical trials segment held the largest share in 2018, contributing to nearly one-third of the market, owing to presence of stringent government regulations that support clinical trials of veterinary drugs. Moreover, the segment is expected to portray the fastest CAGR of 8.9% during the forecast period.

Neurology segment to manifest fastest growth through 2026

The neurology segment is anticipated to register the fastest CAGR of 9.0% during the study period, owing to surge in awareness related to early diagnosis of neurology disorders in companion animals for better treatment. However, the infectious diseases segment held the largest share in 2018, accounting for one-fifth and is expected to maintain its dominance throughout the study period.

North America held the lion's share

The market across North America held the largest share in 2018, accounting for more than one-third of the market, owing to rise in ownership of companion animals and surge in animal healthcare expenditure in the region. However, the market across Asia-Pacific is expected to manifest the fastest CAGR of 9.4% from 2019 to 2026, owing to surge in awareness related to use of awareness among individuals related to treatment and early diagnosis of diseases in companion animals.

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Major market players

• Charles River Laboratories, Inc.
• KLIFOVET AG
• Clinvet
• Oncovet Clinical Research
• Löhlein & Wolf Vet Research
• Triveritas
• ONDAX Scientific
• VetPharm, Inc.
• Veterinary Research Management (VRM) Ltd
• VETSPIN SRL

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