Veterinary CRO Market to grow at an Impressive CAGR During the Forecast Period
Presence of NGOs working for the awareness of animal
healthcare is driving the growth of Global Veterinary CRO Market in the
forecast period.
According to TechSci
Research report, “Global Veterinary CRO Market By Service Type
(Clinical Trials, Toxicology, Market Authorization & Regulatory Support and
Others) By Animal Type (Dogs, Cats and Others) By Application (Oncology, Infectious Diseases, Cardiovascular Diseases,
Metabolic Disease, Others) By Region, Competition Forecast &
Opportunities, 2026”,
the global veterinary CRO market is projected to grow at an impressive CAGR in
the forecast period, 2022-2026. The market is anticipated to grow on the
backbone of increasing number of fatal diseases like eastern equine
encephalitis which is a brain disorder in animals. Animals like reptiles,
amphibians, and birds are highly affected by this disease and increasing demand
for the treatment of such diseases is driving the global veterinary CRO market
in the forecast period. Moreover, increasing animal farming for the by products
is driving the growth of the global veterinary CRO market in the forecast
period.
Veterinary contract
research organizations (CROs) are organizational systems that help
pharmaceutical and biopharmaceutical companies with their drug trials, data
management, and performs long term and strategic role in developmental
processes specifically for the veterinary medicines and treatment plans. These
organizations are rapidly increasing, and the market is growing on the need to
finding cure for terminal and unknown diseases in animals. Moreover, colleges
and universities are actively promoting higher studies and doctoral research by
the students which is boosting the growth of global veterinary contract
research organization market in next five years.
Due to the onset of
COVID-19 and urgency to find the cure, prevention, and containment of the virus
drove the market growth to rise exponentially in 2020. Countries across the
world were cumulatively putting in their effort to find the vaccine for the
disease that caused millions of deaths in the span of few months. By the middle
of the year, vaccines were already in for various phases of trial that boosted
the growth of veterinary CROs multiple fold since the clinical trials include
the trial of the drugs on animals before proceeding toward the human trials.
The economy was adversely affected in many countries but a complete
governmental focus and support from health industry itself resulted in the
growth of the veterinary contract research organization market.
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The
global veterinary CRO market is segmented by service type, animal type, application,
regional distribution, and competitional landscape. Based on
animal type the market is further fragmented into cats, dogs, and others. Dogs
are more susceptible to the diseases like eastern equine
encephalitis therefore the veterinary CROs for the dogs is anticipated to
dominate the market segment in the forecast period.
Based on application
the market is further categorized into oncology, infectious diseases,
cardiovascular diseases, metabolic disease, and others. Oncology applications
are anticipated to hold the largest share of the market owing to the rising
prevalence of cancer among dogs. Moreover, cardiovascular diseases are also
anticipated to hold a significant market share in the next five years owing to
the rising cases of cardiovascular diseases in dogs.
Some
of the major competitors in the market are Charles River Laboratories, Inc., Clinvet
International Pty Ltd., Klifovet AG, Lohlein & Wolf Vet Research LLC, Oncovet
Clinical Research, ONDAX Scientific SL, Triveritas Ltd., Veterinary Research
Management (VRM) Ltd, VetPharm, Inc., Vetspin Srl, among others.
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“North American region is anticipated to own almost one-third of the
market share in the next five years. The healthcare industry in the region is
of excellent standards. The increasing healthcare expenditures on the animals
as well as the availability of the technologically advanced treatments and plans
that are to be tested before providing them to the sick animals is driving the
global veterinary CRO market in the upcoming five years,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based Global
management consulting firm.
“Global Veterinary CRO
Market By Service Type (Clinical Trials, Toxicology, Market Authorization &
Regulatory Support and Others) By Animal Type (Dogs, Cats and Others) By
Application (Oncology, Infectious Diseases, Cardiovascular Diseases, Metabolic
Disease, Others) By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential
of global veterinary CRO and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in global veterinary
CRO.
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