The need for new veterinary products is growing, new products are created daily, and the whole veterinary market is blossoming. With this growth in the veterinary field, CROs (Contract Research Organizations) are also taking their share.
Since they provide the veterinary drug manufacturers with services, such as clinical trials, different studies, analyses, and similar, they’re a big part of the production and sales. CROs are involved in everything vet-related, from drugs to quick working home Pet DNA kits.
This is why the Veterinary CRO market was valued at $577.20 million in 2020. The experts expect annual growth of 7.7% during the next eight years. So, by 2030, the market should be worth $1.17 billion. So let’s see what the changes in the market will be.
- In 2020, clinical trials were responsible for almost ⅓ of the market earnings. They are expected to dominate the market in the next few years as well, growing by 8.9% annually.
Other segments, such as toxicology, regulatory support, and market authorization, are expected to grow too, but at a slower pace.
- The dog segment made the most money in 2020, and it took nearly ⅔ of the market share. In the next period, it should grow by 8% each year and dominate the market.
- North America was the absolute leader, with ⅓ of the CRO market. For the next 8 years, it’s expected to stay in the lead, but there will be some changes in the market share. The Asia-Pacific market will grow the fastest — by 9% CAGR, and it will take more share.
With the increase in pet-related health issues, such as obesity, the veterinary market is not going to stop growing anytime soon. And since it depends on the CROs to function, there’s a chance that the market expectations will be surpassed.