Veterinary CRO Market Presents Strong Revenue Visibility in Near Future And Booming at a CAGR of 9.3%

Veterinary CRO Market Presents Strong Revenue Visibility in Near Future And Booming at a CAGR of 9.3%
4 min read
20 October 2022

According to a new market research study of ‘Veterinary CROSs Market to 2027 – Global Analysis and Forecasts by Service Type, Application and Indication and End-User.’ The global Veterinary CROSs market is anticipated to reach US$ 1,440.15 Mn in 2027 from US$ 710.81 Mn in 2019. The market is anticipated to grow with a CAGR of 9.3% from 2020-2027. The report provides trends prevailing in the global veterinary CROSs market and the factors driving market along with those that act as hindrances.

In order to rise in prevalence of veterinary disease The animals are playing important aspect in terms of clinical trials. Veterinary contract research organizations services protect and improve the health, efficiency and marketability of the livestock, animal products and veterinary biologics of our nation by preventing, regulating or removing animal diseases, and by tracking and promoting animal health and productivity.

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For instance, in between January - April 2015, disease reports in North and West Africa, Middle East and African region, primarily included an upsurges of Foot and Mouth Disease (FMD) and H5N1 highly pathogenic avian influenza (HPAI) raising a  global economic concerns. Disease like Lumpy Skin Disease (LSD), Foot-and-Mouth Disease, Hemorrhagic Septicemia, Black Quarter, Zoonotic disease events are leading to death of the animals, for the wellbeing of animals the veterinary CROSs are taking steps for the clinical trial steps for the veterinary medicines. Thus, the increasing in incidence of veterinary diseases leading to drive the growth of veterinary CROS market.

The global veterinary CROSs market, based on application, was segmented as pet, livestock, and wild. Pet led the market in 2019, contributing to have the highest market share and is expected to retain its dominance during the forecast period from 2020 to 2027.

Leading companies operating in the veterinary CROSs market are Charles River Laboratories, Inc., Clinvet, Klifovet Ag, Löhlein and Wolf Vet Research, Oncovet Clinical Research, Ondax Scientific, Triveritas, Veterinary Research Management (VRM) LTD, VetPharm, Inc., Vetspin SRL among others.

The report segments Global Veterinary CROS Market as follows

Global Veterinary CROS Market – By Service Type

  1. Clinical Trials
  2. Toxicology
  3. Market Authorization and Regulatory Support
  4. Others

Global Veterinary CROSs Market – By Application

  1. Pet
  2. Livestock
  3. Wild

Global Veterinary CROSs Market – By Indication

  1. Oncology
  2. Infectious Diseases
  3. Neurology
  4. Other

Veterinary CROs are described as organizations offering services that support the veterinary drug discovery processes in veterinary drug companies. For example, some of the services veterinary CROs offer include market authorization support, regulatory support, support for clinical trials and toxicology studies.

Market leaders operating in the market have undertaken various organic growth strategies in the Veterinary CROs market. Several organic approaches, such as product launches, and expansion/relocation in the Veterinary CROs market, have resulted in the positive growth of the market. Product launches help the company to strengthen its product offering and the customer base, which allows the company to hold a strong position in the market. Similarly, utilizing expansion activities, it is easy to venture into untapped economies and use the opportunities being offered.

Below is the list of the growth strategies done by the players operating in the Veterinary CROs market.

Apr-2019         Charles River acquired Citoxlab is a premier, non-clinical contract research organization (CRO). This acquisition will provide the drug discovery and development continuum of drug. This will lead to enhance the veterinary data safety business.

Aug-2018        Charles River Completes Acquired MPI Research premier non-clinical contract research organization (CRO) providing comprehensive testing services to biopharmaceutical and medical device companies. This acquisition will include Ocular toxicology, Infectious disease models for vaccine safety and efficacy studies for development of  veterinary safety data assessment.

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Ankush Makde 2
Joined: 1 year ago
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