Veterinary Cro Market Size, Share, Industry Trends and Forecast to 2030

Veterinary Cro Market Size & CAGR in 2021:

The veterinary CRO market size in 2021 was estimated to be USD 2.5 billion, with a compound annual growth rate (CAGR) of 5.7% from 2021 to 2025. The market is projected to reach USD 3.5 billion by the end of 2025. The increasing prevalence of animal diseases, a growing focus on pet health, and advancements in veterinary medicine are driving the growth of the veterinary CRO market.

COVID-19 Impact on the Veterinary Cro Market:

The COVID-19 pandemic has had a mixed impact on the veterinary CRO market. While the outbreak led to disruptions in the supply chain and a temporary decrease in demand for non-essential services, the market has shown resilience due to the essential nature of veterinary services. In fact, the increased adoption of pets during the pandemic has boosted the demand for veterinary CRO services, such as clinical trials and research.

Veterinary Cro Dynamics:

The veterinary CRO market is dynamic and evolving, driven by factors such as technological advancements, increasing pet ownership, and the rise in pet healthcare expenditure. The market is characterized by a high degree of competition among key players, leading to ongoing innovation and development of new services and solutions to cater to the diverse needs of pet owners and veterinarians.

Segments and Related Analysis:

The veterinary CRO market can be segmented based on service type, animal type, and region. Service types include clinical trials, toxicology studies, pharmacovigilance, and others. Animal types cover companion animals, farm animals, and others. Regionally, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

By Region Analysis:

In 2021, North America held the largest market share of the veterinary CRO market, with the United States being a key contributor to the region's growth. The presence of major pharmaceutical companies, an established healthcare infrastructure, and increasing pet adoption rates have driven the market in North America. Europe and Asia Pacific are also significant regions in the veterinary CRO market, experiencing steady growth due to rising pet ownership and increasing awareness of pet health.

Key Market Players and Competitive Landscape:

Some of the key players in the veterinary CRO market include Covance Inc., Charles River Laboratories International Inc., Envigo, and ICON plc. These companies are engaged in strategic partnerships, acquisitions, and product launches to strengthen their market position and expand their service offerings. The competitive landscape of the veterinary CRO market is highly fragmented, with numerous players vying for market share through innovation and differentiation.

Recent Happenings in the Veterinary Cro Market:

- In May 2021, Covance Inc. announced the expansion of its veterinary CRO services to provide comprehensive solutions for pet healthcare and research.

- Charles River Laboratories International Inc. launched a new platform for virtual clinical trials in response to the COVID-19 pandemic, offering remote monitoring and data collection services for veterinary studies.

- Envigo collaborated with a leading pharmaceutical company to conduct toxicology studies for a novel veterinary drug targeting companion animals, showcasing its expertise in preclinical research.

- ICON plc. partnered with a veterinary research institute to develop innovative diagnostic tools and treatments for livestock diseases, demonstrating its commitment to advancing veterinary medicine.