The global veterinary CROs market is expected to reach US$ 1,440.15 Mn in 2027 from US$ 710.81 Mn in 2019. The market is estimated to grow with a CAGR of 9.3% from 2019-2027.
Driving factors of the veterinary CROs are increasing demand for high performance materials and increasing funding by private bodies in R&D. Also, increasing Prevalence of veterinary diseases is likely to have a positive impact on the growth of the market in the coming years. Besides, development opportunities in emerging countries is expected to have a positive effect on the growth of the market in the forecast years.
In order to increase research and development activities, various public and private agencies or organizations are providing funds to the researchers to meet the increasing demand for technical innovation in several countries across the world. Several research activities are carried out by the biopharmaceutical companies and pharmaceutical companies to intensify the preference for rising Biosimilar and Veterinary Vaccines Market to boost the market growth in the upcoming years.
For instance, in April 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.
Thus, the increasing initiatives and funds incurred by private or public organizations are expected to drive the growth of veterinary CROs, thereby propelling the growth of the market over the forecast years.
The global veterinary CROs is segmented by service type, application, indication, end-user. Based on the service type, the market is segmented into Clinical Trials, Toxicology, Market Authorization and Regulatory Support, Others. The clinical Trials segment is expected to dominate the service type segment market due to the benefits offered by clinical Trials over Toxicology and Market Authorization. Based on the application, the market is segmented into Pet, Livestock, Wild. The pet segment held the largest share of the application segment during the forecast period. Similarly, based on the indication, the veterinary CROs is categorized as oncology, infectious diseases, neurology, Others. The oncology held the largest share of the indication segment during the forecast period. Based on the end user, the veterinary CROs is categorized as biopharmaceutical companies, others.
The biopharmaceutical companies segment held the largest share of the application segment during the forecast period
Some of the essential primary and secondary sources included in the report are, Food and Drug Administration, World Health Organization (WHO), World Bank, Emirates Development Bank, among others.