Veterinary CRO Market Size, Trends and Growth Analysis by 2027

The global market for veterinary Contract Research Organizations (CROs) is projected to grow significantly, reaching approximately US$ 1,440.15 million by 2027, up from US$ 710.81 million in 2019. This growth represents a compound annual growth rate (CAGR) of 9.3% from 2019 to 2027.

Several factors are driving the expansion of the veterinary CROs market. One of the primary catalysts is the rising demand for high-performance materials, coupled with increased funding from private entities directed towards research and development (R&D). Additionally, the growing prevalence of veterinary diseases is anticipated to positively influence market growth in the forthcoming years. Furthermore, the development opportunities present in emerging markets are expected to contribute significantly to the market's expansion during the forecast period.

To bolster research and development efforts, numerous public and private organizations are allocating funds to researchers, aiming to satisfy the escalating demand for technological advancements across various countries. Biopharmaceutical and pharmaceutical companies are actively engaging in research initiatives to enhance the market for biosimilars and veterinary vaccines, which is expected to further stimulate market growth in the near future.

For example, in April 2019, Charles River Laboratories acquired Citoxlab, a leading non-clinical contract research organization. This strategic acquisition is set to enhance the continuum of drug discovery and development, thereby improving the safety data available for veterinary applications.

Consequently, the increasing initiatives and financial support from both private and public sectors are likely to propel the growth of veterinary CROs, thereby fostering overall market development in the years ahead.

The global veterinary CROs market is categorized based on service type, application, indication, and end-user. In terms of service type, the market is divided into several segments: Clinical Trials, Toxicology, Market Authorization and Regulatory Support, and Others. Among these, the Clinical Trials segment is expected to lead the market due to the advantages it offers compared to Toxicology and Market Authorization services.

When examining applications, the market is segmented into Pet, Livestock, and Wild categories. The Pet segment is projected to hold the largest share of the application market throughout the forecast period. Similarly, regarding indications, veterinary CROs are classified into oncology, infectious diseases, neurology, and others, with oncology anticipated to dominate this segment during the forecast period.

In terms of end-users, the veterinary CROs market is divided into biopharmaceutical companies and other entities. The biopharmaceutical companies segment is expected to capture the largest share of the market during the forecast period.

Key sources of information for this report include both primary and secondary data from reputable organizations such as the Food and Drug Administration, World Health Organization (WHO), World Bank, and Emirates Development Bank, among others.

In summary, the veterinary CROs market is on a robust growth trajectory, driven by increased funding for R&D, a rise in veterinary diseases, and opportunities in emerging markets. The segmentation of the market by service type, application, indication, and end-user provides a comprehensive understanding of the dynamics at play, highlighting the significant role of biopharmaceutical companies and the dominance of clinical trials and oncology in shaping the future of this industry.