Overview and Scope
A veterinary CRO is a specialized service provider that conducts research and clinical trials to evaluate the safety and efficacy of veterinary drugs and healthcare products, and a veterinary CDMO is a specialized service provider that offers contract development and manufacturing services for veterinary drugs and healthcare products, assisting with formulation development, process optimization, and production.
Sizing and Forecast
The veterinary cro and cdmo market size has grown strongly in recent years. It will grow from $6.44 billion in 2023 to $7.03 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to regulatory compliance needs, globalization of animal health market, increased drug development for livestock, increased outsourcing by pharma companies.
The veterinary cro and cdmo market size is expected to see strong growth in the next few years. It will grow to $9.87 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to increasing adoption of precision medicine, focus on preventive healthcare, epidemiological surveillance, emergency preparedness, increasing complexity of veterinary therapeutics. Major trends in the forecast period include outsourcing of research and development, integration of technology, collaborations and partnerships, sustainability in manufacturing, digitalization of veterinary services.
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Segmentation & Regional Insights
The veterinary cro and cdmo market covered in this report is segmented –
1) By Service Type: Discovery, Development, Manufacturing, Packaging And Labeling, Market Approval And Post-marketing
2) By Animal Type: Companion Animals, Livestock Animals
3) By Application: Medicines, Medical Devices, Pharmaceuticals, Biologics, Other Applications
North America was the largest region in the veterinary CRO and CDMO market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the veterinary cro and cdmo market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing animal healthcare investments is expected to propel the growth of the veterinary CRO and CDMO market going forward. Investments in animal healthcare have been increasing in recent years due to the growing awareness of the importance of animal health and the expanding demand for veterinary services and products, hence contributing to the growth of the veterinary CRO and CDMO market. For Instance, in 2022, according to the report published by the American Pet Products Association (APPA), a US-based non-profit organization that promotes, develops, and advances pet ownership and the pet products industry, pet care expenditure in the U.S. increased from USD 123.6 billion in 2021 to 136.8 billion in 2022. Therefore, increasing animal healthcare investments will drive the veterinary CRO and CDMO market growth.
Key Industry Players
Major companies operating in the veterinary cro and cdmo market report are Labcorp Drug Development India Private Limited, Zoetis Inc., Eurofins Scientific SE, Pharmaceutical Product Development Inc., Syneos Health Inc., Charles River Laboratories Inc., IDEXX Laboratories Inc., Elanco India Private Limited., Inotiv Inc., Promega Corporation, Aenova Group, Sai Life Sciences Ltd., Taconic Bioscience Inc., Avid Bioservices Inc., Frontage Laboratories Inc., Angion Biomedica Corp., knoell Germany GmbH, ClinVet International Pty Ltd., VetPharm Inc., Vetio Animal Health Company, Ridgeway Research Ltd., Drayton Animal Health Ltd., KLIFOVET GmbH, Triveritas Ltd., Cebiphar, Ondax Scientific UK Ltd., Veterinary Research Management (VRM) Ltd., Vetspin Srl, STATKING Animal Health CRO, Arcoblu S.r.l.
The veterinary cro and cdmo market report table of contents includes:
1. Executive Summary
2. Veterinary CRO And CDMO Market Characteristics
3. Veterinary CRO And CDMO Market Trends And Strategies
4. Veterinary CRO And CDMO Market - Macro Economic Scenario
5. Global Veterinary CRO And CDMO Market Size and Growth
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32. Global Veterinary CRO And CDMO Market Competitive Benchmarking
33. Global Veterinary CRO And CDMO Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Veterinary CRO And CDMO Market
35. Veterinary CRO And CDMO Market Future Outlook and Potential Analysis
36. Appendix
