Jersey City, NJ, March 07, 2024 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Veterinary CRO & CDMO Market - (By Animal Type (Companion, Livestock Animals), By Application Type (Medicine, Medical Devices), By Service Type (Discovery, Development, Manufacturing, Packaging & Labelling, Market Approval & Post-Marketing)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Veterinary CRO & CDMO Market is expected to grow with a CAGR of 9.6% during the forecast period of 2024-2031.
The veterinary contract research organization (CRO) and contract development and manufacturing organization (CDMO) market refers to the services provided to the animal health industry for the research, development, and production of veterinary drugs, vaccines, and associated commodities. Veterinary CROs offer services such as regulatory support, clinical trials, and preclinical research to help with the development of veterinary drugs. These services help to ensure the efficacy and safety of animal health products.
Veterinary CDMOs provide services for generating and developing medications and vaccines for the animal health sector. They facilitate both regulatory compliance and production scaling. Some CROs and CDMOs specialize in animal health services, increasing market competition. This industry commonly collaborates with biotech, pharmaceutical, and animal health-related companies.
The need for veterinary services and drugs has increased as pet ownership has increased and pet healthcare expertise has expanded. The market for veterinary medicine CROs and CDMOs has expanded as a result of the discovery of new pharmaceuticals and treatments for companion animals such as dogs, cats, and horses. Pharmaceutical and biotech companies are outsourcing more research and development work to save money, which is a growth driver for the market. Pharmaceutical companies and startups are turning to CROs and CDMOs for specialized knowledge due to rigorous regulations and the requirement to meet safety and effectiveness criteria.
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Recent Developments:
- In April 2022, Clinical validation of a next-generation sequencing-based multi-cancer detection 'liquid biopsy' blood test in over 1,000 canines using an independent testing set: The CANcer Detection in canines was a clinical investigation funded by PetDx. Assessing the efficacy of a novel multi-cancer blood test in identifying and classifying cancer in canines was the objective of this clinical investigation.
- In January 2022, Covetrus, a global leader in animal health technology and services, has announced the release of Covetrus Pulse, an innovative cloud-based veterinary operating system (vOS) that easily connects veterinarians to the technology they require to manage their practices and gives them more time to spend with the animals in their care.
- In March 2022, Clinvet acquired a stake in RTI Labs, a CRO headquartered in South Dakota that specialized in food-producing animal preclinical trials. Complementing the spectrum of services provided by Clinvet's large animals' facilities in South Africa and Morocco, RTI's research facilities in the United States and expertise in infectious disease and immunology research enhanced Clinvet's presence and service offering in North America.
List of Prominent Players in the Veterinary CRO & CDMO Market:
- Labcorp Drug Development
- Charles River Laboratories
- Clinvet
- Klifovet GmbH
- Oncovet Clinical Research (OCR)
- Knoell Triveritasm
- Vetspin,
- Inotiv
- Idexx Laboratories
- Zoetis Nexvet
- PAREXEL International Corporation
- ICON plc
- Pharmaceutical Product Development, LLC (PPD)
- Syneos Health
- WuXi AppTec
- Medpace
- Envigo
- Vetio Animal Health
- Clinipace
- MPI Research
- Veterinary Research Management (VRM)
- VetPharm, Inc.
- Merck Animal Health
- others.
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Veterinary CRO & CDMO Market Report Scope:
| Report Attribute | Specifications |
| Growth Rate CAGR | CAGR of 9.6% from 2024 to 2031 |
| Quantitative Units | Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
| Historic Year | 2019 to 2023 |
| Forecast Year | 2024-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Animal Type, Application Type, Service Type |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
Market Dynamics:
Drivers-
Several factors drive the market for veterinary Contract Research Organizations (CRO) and CDMOs. The rising demand for sophisticated veterinary medications and therapies, combined with the growing prevalence of animal diseases, is driving the demand for CRO and CDMO services. Furthermore, the veterinary pharmaceutical industry's emphasis on research and development operations is increasing need for specialized skills and infrastructure offered by CROs and CDMOs. Lastly, the globalization of veterinary drug discovery and manufacture, combined with the necessity for regulatory compliance, is driving the market's expansion.
Challenges:
There are a few problems that may impede the growth of the veterinary CRO and CDMO markets. The high cost of outsourcing services to CROs and CDMOs can be a substantial barrier for certain businesses, particularly those with little budgets. Furthermore, the complicated regulatory landscape and disparities in requirements across regions impede market expansion and global operations. Also, inadequate awareness and comprehension of the benefits of CRO and CDMO services among veterinary pharmaceutical companies may stymie market expansion.
Regional Trends:
North America is expected to be the largest region in the global veterinary CRO & CDMO market over the forecast period. The veterinary healthcare market is thriving due to its modern infrastructure, high awareness, and large number of pharmaceutical businesses and research institutions. need for specialized CRO and CDMO services is driven by strict regulatory frameworks and compliance requirements, whilst the large concentration of pet owners and robust livestock industry contribute to increased need for veterinary pharmaceuticals and research services. Moreover, Asia Pacific is expected to be the fastest-growing area in the worldwide veterinary CRO/CDMO market. The APAC region's vast population of companion animals and livestock has increased demand for veterinary medications and medical items. Pet ownership has surged in nations such as China and India, resulting in a greater demand for veterinary services.
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Segmentation of Veterinary CRO & CDMO Market-
By Animal Type -
- Companion
- Livestock Animals
By Application Type -
- Medicine
- Medical Devices
By Service Type -
- Discovery
- Development
- Manufacturing
- Packaging & Labelling
- Market Approval & Post-Marketing
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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