Veterinary CRO Market to Reach $1.17 Billion by 2030, Prediction by Allied Market Research

Portland, OR, Dec. 09, 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global veterinary CRO market generated $577.20 million in 2020 and is anticipated to reach $1.17 billion by 2030 manifesting a CAGR of 7.7% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.

Rise in ownership of companion animals, increase in animal health expenses, and surge in prevalence of diseases among pets fuel the global veterinary CRO market. On the other hand, lack of standardization in veterinary CROs hinders the market growth. On the contrary, increase in awareness related to animal healthcare creates opportunities for the market players.

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COVID-19 Impact Analysis (Pre and Post)

• Surge in the spread of COVID-19 in animals has created concerns among many veterinary businesses across the globe to evaluate specimens from domesticated and companion animals for the COVID-19 virus. 

• Rise in the use of animals for experimental testing of SARS-CoV-2 veterinary vaccine serves as a useful model for selecting vaccines and antiviral drugs. 

• Use of companion animals in COVID-19 veterinary clinical trials is expected to drive the growth of the veterinary CRO market. 

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The report segments the global veterinary CRO market on the basis of service type, animal type, indication, and region.

Based on service type, the clinical trials segment accounted for the largest market share in 2020, contributing to nearly one-third of the total share, and is expected to maintain the lead throughout the forecast period. The same segment is estimated to witness the fastest CAGR of 8.9% from 2021 to 2030. The report also covers the toxicology, market authorization, and regulatory support segment.

Based on animal type, the dogs segment contributed to the highest market share in 2020, attributing to nearly two-thirds of the total market share, and is anticipated to dominate the market during the forecast period. The same segment is expected to manifest the fastest CAGR of 8.0% from 2021 to 2030. 
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Based on region, North America, contributed to the highest share in 2020, holding more than one-third of the total share, and is anticipated to maintain dominance throughout the forecast period. The global veterinary CRO market across Asia-Pacific is anticipated to exhibit the fastest CAGR of 9.0% during the forecast period. 

Key players of the global veterinary CRO market analyzed in the research include Clinvet, Charles River Laboratories, Inc., KLIFOVET AG, Oncovet Clinical Research, Löhlein & Wolf Vet Research, ONDAX Scientific, Veterinary Research Management (VRM) Ltd., Triveritas, VetPharm, Inc. and VETSPIN SRL.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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