The Veterinary CRO Market is expected to register a CAGR of 8.1% during the forecast period owing to higher burden of diseases in animals such eastern equine encephalitis is a fatal infection that impacts the brain. It affects variety of animal such as reptiles, amphibians and birds. According to the United States Department of Agriculture, in 2018, around 107 cases of were reported equine encephalitis in the United States. Furthermore, increasing animal farming for its products, emerges the need for its healthcare management. For instance, according to the Food and Agriculture Organization of the United Nations, approximately 580 species of aquatic animals are being farmed around the world. It is considered as one of the fastest growing food sectors. According to the Animal Health Institute, animal health market in the United States accounts for approximately 9.9 billion USD where in 29% of its source is from the flea and tick medications. According to the report of the Economics and Social Health Contributions of the Animal Health Industry, 2018, the industry spent over 46,000 million USD in R&D activities related to animal health. Thus, it increases the importance for developing novel treatment for maintaining the veterinary health which is expected to propel for veterinary CRO market.
Key Market Trends
Clinical Trial Support Segment is Expected to Hold a Major Market Share in the Veterinary CRO Market
Clinical Trial Support Segment is expected to be dominant in the veterinary CRO market. The higher prevalence of diseases in animals is expected to be the major factor to impact on this segment. According to the Health for Animals, Global Animal Medical Association, each year one out of five farm animals die due to preventable diseases. This 20% of animal lost can cause a heavy losses to the farmers. According to the above mentioned source, the animal deaths have costed around 80 billion USD of losses over the 12 years.
In addition, growing awareness about the importance of veterinary healthcare management is expected to drive the market growth. According to the study “Current Status of the Use of Antibiotics and the Antimicrobial Resistance in the Chilean Salmon Farms”, in 2016, around 382.5 tons of antibiotics were used for treating salmon fishes. It is expected to boost the demand for novel drugs and vaccines for treating animals.
Moreover, outsourcing the clinical trials for developing these drugs helps the manufacturers to save their cost and time, and also manage the clinical trials effectively. Hence, these factors are expected to influence positively on the clinical trial support segment market.
Asia-Pacific is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
Asia-Pacific is expected to be a dominant region in veterinary CRO market with the growing animal husbandry practices and the need for managing the animal healthcare. According to the data of National Bureau Statistics of China, in 2017, the animal husbandry and fishery industry managed to produce an output of around 3148.6 per 10,000 tons for milk and aquaculture products were accounted to be around 6445.3 per 10,000 tons. Also, according to the report of World Organization of Animal Health, in 2016, the number of cases for avian influenza (H5N1) in the domestic poultry was around 5880 in the Eastern Asian region. Furthermore, World Animal Protection has established a program, ‘’Nation’s Rabies Control Prevention Plan” that encourages vaccination, other treatment and education of rabies in animals among people which is expected to strengthen the need and importance of veterinary healthcare management which may fuel the growth of Veterinary CRO market in Asia-Pacific region. Therefore, these factors are expected to drive the veterinary CRO market growth in this region.
Competitive Landscape
The Veterinary CRO Market is being currently dominated by few of the key players such as Charles River Laboratories, Inc., Clinvet, Klifovet AG, Löhlein and wolf vet research, Oncovet Clinical Research, Ondax Scientific, Triveritas, Veterinary Research Management, Vetpharm, Inc. and Vetspin SRL.
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Table of Contents
Companies Mentioned
A selection of companies mentioned in this report includes:
- Charles River Laboratories, Inc.
- Clinvet
- Klifovet AG
- Lohlein and wolf vet research
- Oncovet Clinical Research
- Ondax Scientific
- Triveritas
- Veterinary Research Management
- Vetpharm, Inc.
- Vetspin SRL
Methodology
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