Veterinary CRO Market to Reach at 8.1% CAGR & to Hit $1.33 Bn By 2026
Pune, Maharashtra, India, September 17 2020 (Wiredrelease) Allied Analytics –:Rise in ownership of companion animals, increase in animal health expenditure, and surge in prevalence of various diseases among companion animals have boosted the growth of the global veterinary CRO market
“Veterinary CRO Market by Service Type (Clinical Trials, Toxicology, Market Authorization & Regulatory Support and Others), Application (Dogs, Cats, and Others), End User (Oncology, Infectious Diseases, Neurology and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026″. According to the report, the global 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.
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Major market players-
The global veterinary CRO market is highly competitive, and the prominent players in the market have adopted various strategies for garnering maximum market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Charles River Laboratories, Inc., Clinvet, KLIFOVET AG, Löhlein & Wolf Vet Research, Oncovet Clinical Research, ONDAX Scientific, Triveritas, Veterinary Research Management (VRM) Ltd, VetPharm, Inc., and VETSPIN SRL.
Clinical trials segment dominated the market:-
The clinical trials segment held the largest share in 2018, contributing to nearly one-third of the market, owing to presence of stringent government regulations that support clinical trials of veterinary drugs. Moreover, the segment is expected to portray the fastest CAGR of 8.9% during the forecast period.
Neurology segment to manifest fastest growth through 2026:-
The neurology segment is anticipated to register the fastest CAGR of 9.0% during the study period, owing to surge in awareness related to early diagnosis of neurology disorders in companion animals for better treatment. However, 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.
North America held the lion’s share:-
The market across North America held the largest share in 2018, accounting for more than one-third of the market, owing to rise in ownership of companion animals and surge in animal healthcare expenditure in the region. However, the market across Asia-Pacific is expected to manifest the fastest CAGR of 9.4% from 2019 to 2026, owing to surge in awareness related to use of awareness among individuals related to treatment and early diagnosis of diseases in companion animals.
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