PORTLAND, Ore., Feb. 1, 2021
Increase in ownership of companion animals, surge in animal health expenditure, and prevalence of diseases among companion animals drive the growth of the global veterinary CRO market.
PORTLAND, Ore., Feb. 1, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Veterinary CRO Market by Service Type (Clinical Trials, Toxicology, Market Authorization & Regulatory Support, and Others), Application (Dogs, Cats, and Others), and End User (Oncology, Infectious Diseases, Neurology, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global veterinary CRO industry generated $771.8 million in 2019, and is estimated to garner $1.26 billion in 2027, manifesting a CAGR of 7.7% from 2020 to 2027.
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Drivers, restraints, and opportunities
Increase in ownership of companion animals, surge in animal health expenditure, and prevalence of diseases among companion animals drive the growth of the global veterinary CRO market. However, lack of standardization in veterinary CROs hinders the market growth. On the other hand, rise in awareness regarding animal healthcare presents new opportunities in the coming years.
The clinical trials segment to maintain its leadership status during the forecast period
Based on service type, the clinical trials segment contributed to the largest market share, holding nearly one-third of the global veterinary CRO market in 2019, and will maintain its leadership status during the forecast period. In addition, this segment is projected to register the highest CAGR of 8.5% from 2020 to 2027. This is due to time consumed to carry out the clinical trial process, which encourages outsourcing of the service. The report also offers a detailed analysis of segments including toxicology, market authorization & regulatory support, and others.
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The dogs segment to maintain its dominant share throughout the forecast period
Based on animal type, the dogs segment accounted for the highest share in terms of revenue in 2019, contributing to more than two-fifths of the global veterinary CRO market, and is estimated to maintain its dominant share throughout the forecast period. Moreover, this segment is expected to grow at the highest CAGR of 8.3% from 2020 to 2027. This is due to increase in ownership of dogs as companion animals across the world. The research also analyzes segments including cats and others.
North America to maintain its lead position by 2027
Based on region, North America held the largest market share in 2019, accounting for more than one-third of the global veterinary CRO market, and will maintain its lead position by 2027. This is attributed to ease in availability of CRO products, surge in pet ownership, and rise in animal healthcare expenditure. However, Asia-Pacific is projected to witness the highest CAGR of 8.9% during the forecast period, owing to surge in awareness related to animal health among the population.
Leading market players
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