Veterinary CRO Market Analysis and Opportunities by 2031

The veterinary CRO market size is projected to reach US$ 2145.74 million by 2031 from US$ 996.40 million in 2023. The market is expected to register a CAGR of 10.1% during 2023–2031. Increasing demand for preclinical research services and adoption of technology and digital solutions are likely to remain key trends in the market.

Veterinary CRO Market Analysis

Veterinary CRO market is driven by the increasing demand for animal healthcare owing to the increasing pet population along with surging awareness about animal health. To suffice the rising demand for animal has increased the research and development activities driving the the growth of Veterinary CRO market. Additionally, surging strategic collaborations in the market such as merger, acquisitions, and partnerships taking place in the market for the development of advanced products for the diagnosis and treatment of various health conditions among animals. Moreover, increasing demand of drugs for farm animals owing to increasing demand for meat products is also expected to drive the market growth. Furthermore, the increasing development of biosimilars and vaccines for animals is expected to create ample opportunities for Veretinary CRO market in coming years.

Veterinary CRO Market Overview

Veterinary CRO market is expected to show significant growth rate owing to surge in animal specific research and development activities and clinical trials in the last few years. This is primarily attributed to the increasing number of new drug molecules and medical devices for the treatment of various therapeutic areas among animals and the requirement for the fulfillment of stringent regulatory requirements before veterinary drugs and device approvals. Moreover, North America region held the largest share among all the geographies in 2023 and is estimated to dominate the market by 2031 owing to increasing ownership of companion animals in the country and surge in healthcare expenditure for animals. In 2023, Asia Pacific accounted as the fastest growing region in the global veterinary CROs market and was projected to grow at a faster pace over the forecast period. The growth of the veterinary CROs market in this region is primarily due to established pharmaceutical market, increasing R&D expenditures by the pharmaceutical and biopharmaceutical companies, favorable regulatory policies, low cost of production and R&D, increasing number of pharmaceutical and biotech companies in the region.

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Veterinary CRO Market: Strategic Insights

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Veterinary CRO Market Drivers and Opportunities

Surging Strategic Collaborations Among Market Players to Favor Market

There has been surge in strategic initiatives in the market which includes the merger and acquisition of various market players operating in the filed of veterinary CROs. This will helps market players to remain competitive and flexible in the for exponential growth and it also allows manufacturer to access to each other technologies, platforms which will further help them to grow significantly. Some of the recent strategic initiatives taken place in the market are as mentioned. In May 2023, Argenta acquired CRO services of Midwest Veterinary Services, Inc., as it will allow both organisations to provide customers with an even broader range of services across clinical research, product development, and manufacturing. Additionally, in December 2022, GD Group acquired Agrobiogen GmbH, Xenogenetik Ges.mbH, Nexttec GmbH and Nexttec Inc. Agrobiogen and Xenogenetik specialise in molecular genetic research and veterinary diagnostics, and Nexttec produces innovative DNA extraction kits. Therefore, increase in strategica collaboration among market players leads to the development of advanced diagnosis and treatment for the animals and contribute to the veterinary CRO market growth.

Development of Biosimilar and Vaccines for Animals

Bio therapeutics such as biosimilar and vaccines for veterinary is the fastest growing sector in the pharmaceutical industry. The efficacy and safety of bio therapeutics associated with the ability to treat various untreatable diseases in the animals such as Amphistomiasis, Schistosomiasis, Swine Fever, Salmonellosis is leading to get into need of more clinical trial. Technological advancement and significant improvement in the understanding of diseases such as cancer, rheumatoid arthritis among others are creating a demand for the development of biosimilar and veterinary vaccines.

Pharmaceutical and biopharmaceutical companies are investing majorly for the research and development activities to develop innovative and advanced biological molecules. Companies are capitalizing on their expertise in biologics manufacturing to generate more revenue by fulfilling the unmet conditions. In recent years, there has been an increase in the launch and expansion of vaccines.

The steps required before the FDA will approve an NDA or vaccines approval, generally includes preclinical studies followed by multiple stages of clinical trials. In order to save the in-house cost and time required for these testing services throughout the development process of the biologics and biosimilar in the initial stages, the companies prefer to outsource these services to the veterinary CROs. This is expected to be a potential opportunity for the growth of the veterinary CROs across the globe in the coming years.

Veterinary CRO Market Report Segmentation Analysis

Key segments that contributed to the derivation of the veterinary CRO market analysis are service type, application, indication, and end user.

• Based on service type, the veterinary CRO market is fragmented into clinical trials, toxicology, market authorization and regulatory support, others. The clinical trials segment held a largest market share in 2023.
• By application, the market is classified into pet, livestock, wild. The pet segment held the largest share of the market in 2023.
• In terms of indication, the market is segmented into oncology, infectious diseases, neurology, others. The oncology segment held a largest share of the market in 2023.
• By end user, the market is bifurcated into pharmaceutical companies and others. The pharmaceutical companies segment held the larger share of the market in 2023.

Veterinary CRO Market Share Analysis by Geography

The geographic scope of the veterinary CRO market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the market. The growth of the Veterinary CROs market in the United States is expected to grow due to significantly increasing prevalence of animal disorders, rising government initiatives such as animal healthcare and welfare programs, rising adoption of companion animals, growing livestock and dairy sectors. In Canada, the market is expected to grow due to the rising pet industries and rising investments to improve the veterinary healthcare infrastructure. In Mexico, the market is expected to grow due to the rising number of companies providing supporting services to clinical research such as regulatory support, market authorization, and toxicology service. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.

Veterinary CRO Market Regional Insights

The regional trends and factors influencing the Veterinary CRO Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Veterinary CRO Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Veterinary CRO Market Report Scope

Veterinary CRO Market Players Density: Understanding Its Impact on Business Dynamics

The Veterinary CRO Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Veterinary CRO Market are:

1. Clinvet
2. Löhlein & Wolf Vet Research
3. Oncovet Clinical Research
4. Ondax Scientific
5. Triveritas
6. Veterinary Research Management

Disclaimer: The companies listed above are not ranked in any particular order.

Veterinary CRO Market News and Recent Developments

The veterinary CRO market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the veterinary CRO market are listed below:

• Transpharmation Canada Ltd.  and Veterinary Health Research Centers LLC (VHRC) have collaborated to accelerate drug discovery programs by providing high-quality, translational drug discovery services, this collaboration will enable a seamless transition of preclinical work conducted by Transpharmation into Proof of Concept or pre-IND/INAD clinical trials using animals with real-world conditions traditionally unavailable in research colonies. (Source: Veterinary Health Research Centers LLC, Press Release, 2023)
• Argenta acquired Spain-based clinical development specialist Ondax Scientific for strengthening clinical research capabilities and services. The deal expands Argenta’s geographic CRO footprint further into Southern and Western Europe, giving it access to new customers and strengthening its clinical, quality assurance and data management capabilities.  (Source: Argenta, Company Wesite, 2022)

Argenta  acquired Klifovet, the combined business will be a global, full-value strategic partner, stimulating innovation and supporting large and small animal health and nutrition companies. Klifovet will particularly complement Argenta's Clinical & Regulatory Services team based in the United States, offering an unparalleled level of expertise, and access to the largest transatlantic CRO capability in animal health. (Source: Argenta, Newsletter, 2021)

Veterinary CRO Market Report Coverage and Deliverables

The “Veterinary CRO Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Veterinary CRO market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Veterinary CRO market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• veterinary CRO market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the veterinary CRO market
• Detailed company profiles