Veterinary CRO Market to Reach $1.33 Bn, Globally, by 2026
Increase in ownership of companion animals, rise in animal health expenditure, and surge in prevalence of various diseases among companion animals have propelled the growth of the global veterinary CRO market. Based on service type, the clinical trials segment held the largest share in 2018. Based on indication, the infectious diseases segment held the major share in 2018. Region wise, North America held the lion’s share in 2018.
Portland, OR, March 09, 2020 (GLOBE NEWSWIRE) -- According to the report, the veterinary CRO industry was pegged at $714 million in 2018 and is projected to $1.33 billion by 2026, registering a CAGR 8.1% from 2019 to 2026. The report provides a detailed analysis of the market size & estimations, top investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and wavering market trends.
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An increase in ownership of companion animals, rise in animal health expenditure and surge in the prevalence of various diseases among companion animals have propelled the growth of the global veterinary CRO market. Whereas, lack of standardization in veterinary CROs impede the market growth. On the contrary, rise in awareness regarding animal healthcare is expected to bring worthwhile opportunities in the near future.
The global veterinary CRO market size is segmented on the basis of service type, animal type, indication, and region. Based on service type, the market is separated into clinical trials, toxicology, market authorization & regulatory support, and others. The clinical trials segment held the major share in 2018, contributing to nearly one-third of the market, and is expected to dominate the market throughout the forecast period. Moreover, the segment is expected to portray the fastest CAGR of 8.9% in between 2019 to 2026.
Based on indication, the market is categorized into oncology, infectious disease, neurology, and others. The infectious diseases segment held the largest share in 2018, accounting for one-fifth and is expected to maintain its dominance throughout the study period. However, the neurology segment is anticipated to register the fastest CAGR of 9.0% during the study period.
Based on geography, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The market across North America held the largest share in 2018, accounting for more than one-third of the market. However, the market across Asia-Pacific is expected to manifest the fastest CAGR of 9.4% from 2019 to 2026.
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Key market players analyzed in the research include Löhlein & Wolf Vet Research, Clinvet, KLIFOVET AG, Oncovet Clinical Research, Triveritas, Veterinary Research Management (VRM) Ltd, VetPharm, Inc., VETSPIN SRL, ONDAX Scientific, and Charles River Laboratories, Inc.
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