Key Trends And Drivers In The Veterinary CRO And CDMO Market 2024
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The veterinary Contract Research Organization (CRO) and Contract Development and Manufacturing Organization (CDMO) market has witnessed significant growth in recent years. According to recent data, the market size surged from $6.44 billion in 2023 to $7.03 billion in 2024, showcasing a robust compound annual growth rate (CAGR) of 9.1%.
Driving Factors Behind the Growth
- Regulatory compliance needs
- Globalization of animal health market
- Increased drug development for livestock
- Increased outsourcing by pharmaceutical companies
Anticipated Growth and Contributing Factors
The market is poised for continued expansion, with forecasts indicating a growth to $9.87 billion in 2028, at a CAGR of 8.9%. Key factors expected to fuel this growth include:
- Increasing adoption of precision medicine
- Focus on preventive healthcare
- Epidemiological surveillance
- Emergency preparedness
- Increasing complexity of veterinary therapeutics
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Embracing Major Trends
Several trends are set to shape the landscape of the veterinary CRO and CDMO market in the forecast period:
- Outsourcing of Research and Development: Pharma companies are increasingly outsourcing R&D activities to specialized CROs and CDMOs.
- Integration of Technology: Technological advancements are being integrated into veterinary services, enhancing efficiency and outcomes.
- Collaborations and Partnerships: Strategic collaborations between industry players are fostering innovation and market expansion.
- Sustainability in Manufacturing: There’s a growing emphasis on sustainable manufacturing practices to reduce environmental impact.
- Digitalization of Veterinary Services: Digital solutions are revolutionizing veterinary services, offering convenience and accessibility.
Driving Force: Increasing Animal Healthcare Investments
The surge in investments in animal healthcare is a significant driver for the growth of the veterinary CRO and CDMO market. Notably, the increasing awareness of animal health’s importance and the rising demand for veterinary services and products are contributing to this growth. For instance, in 2022, pet care expenditure in the U.S. escalated from USD 123.6 billion in 2021 to $136.8 billion in 2022.
Spotlight on Product Innovations
Innovations in product offerings are emerging as a prominent trend in the veterinary CRO and CDMO market. Companies are focusing on developing novel solutions to maintain their competitive edge. For example, Vetio’s Starch-Free Soft Chew, designed for veterinary applications, showcases innovative composition and manufacturing processes, catering to the evolving needs of the market.
Key Acquisitions Shaping the Market
In September 2021, Argenta, a Belgium-based CRO and CDMO dedicated to animal health, acquired Klifovet Gmbh, a Germany-based company offering a range of services for the animal health and nutrition industry. This acquisition underscores the trend of consolidation within the market, aimed at fostering innovation and supporting the needs of animal health companies.
Segmentation Insights
The veterinary CRO and CDMO market are segmented based on:
- Service Type: Discovery, Development, Manufacturing, Packaging and Labeling, Market Approval and Post-marketing.
- Animal Type: Companion Animals, Livestock Animals.
- Application: Medicines, Medical Devices, Pharmaceuticals, Biologics, and Other Applications.
Regional Dynamics
North America dominated the veterinary CRO and CDMO market in 2023, while Asia-Pacific is poised to emerge as the fastest-growing region in the forecast period, highlighting shifting market dynamics.
In conclusion, the veterinary CRO and CDMO market are witnessing remarkable growth, driven by factors such as increasing investments in animal healthcare, technological advancements, and strategic collaborations. As the market continues to evolve, stakeholders must adapt to emerging trends and capitalize on growth opportunities to stay ahead in this dynamic landscape.
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