Market Trends of Global Veterinary CRO Industry
Clinical Trial Support Segment is Expected to Hold a Major Market Share in the Veterinary CRO Market
The clinical trial support segment is expected to be dominant in the veterinary CRO market over the forecast period. The higher prevalence of diseases in animals is expected to be the major factor impacting this segment. For instance, as per the article published in 2022 under the title 'Ongoing rabies outbreak in dogs of unprecedented scale and human cases in Nelson Mandela Bay Municipality, South Africa, up to 13 February 2022', since July 2021, over 430 canine cases of rabies have been confirmed in the metropolitan area. Moreover, as per the 2022 report from Kerala Animal Husbandry Department, there has been an almost doubled rise in cases of dogs infected with the deadly rabies virus in the last five years in Kerala. Hence, the increase in the diseases associated with animals leads to the urge for more clinical trials for the proper vaccine/medicine to supply at the earliest. This leads to market growth in the clinical trial segment.
Furthermore, there are many veterinary clinical trials are under the pipeline, funded by different universities and agencies. For instance, the NC State University Veterinary Medicine department is anticipated to conduct a clinical trial under the title 'Clinical Trial For Dogs With Non-Seasonal Atopic Dermatitis To Investigate The Effectiveness Of Two Different Dosages Of A Novel Immunotherapy Drug' which is likely to be started on October 2022 and the anticipated date of completion is September 2023. In this trial, non-seasonal atopic dermatitis affecting dogs is studied and to investigate the effectiveness of two different dosages of a novel immunotherapy drug. Moreover, outsourcing the clinical trials for developing these drugs helps the manufacturers to save their costs and time, and manage the clinical trials effectively. Hence, these factors are expected to influence positively on the clinical trial support segment market.
Because of the aforementioned factors, the clinical trial segment is anticipated to face growth in the veterinary CRO market over the forecast period.
Asia-Pacific is Expected to Exhibit Fastest Growth Rate in the Veterinary CRO Market
Asia-Pacific is projected to register a substantial growth in the veterinary CRO market with the growing animal husbandry practices and the need for managing animal healthcare. Factors such as increased awareness regarding the importance of animal healthcare and research and development related to animals boost market growth. For instance, China Animal Husbandry Association is conducting 'China Animal Husbandry Expo' in September 2022. In the expo serves as an international meeting point for animal husbandry professionals in China, showcasing a complete range of products and services related to pig, poultry, cattle, dairy, and sheep.
Furthermore, strategic alliances, collaborative programs, and corporate partnership initiatives relating to animal health in the studied region boost the market growth. For instance, Animal Health, Nutrition, And Technology Innovation Asia are conducting a corporate partnership program in October 2022 named 'Advancing Innovation, Product Regulation and Strategic Corporate Partnerships in Asia Pacific'. This program brings local and international players in the veterinary fields together and provides an excellent platform to build business partnerships. Across regions of Asia, prediction, prevention, and treatment of disease in animals are becoming widely important, with Japan and China continuing to lead the charge. There are some emerging markets including Thailand, India, Indonesia, Vietnam, Singapore, South Korea, and Malaysia. Through this program, the authorities engage all key participants in the value chain and address the full scope of how animal health impacts pet owners, veterinarians, and farmers. Hence, such partnerships are intended to boost market growth over the forecast period.
Hence as per the factors mentioned above, the Asia-Pacific region is expected to witness growth in the veterinary CRO market over the forecast period.
