2024-2033 Veterinary CRO And CDMO Market Forecast: Predicted Growth Rate and Market Size
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How Rapidly is the Veterinary CRO And CDMO Market Forecasted to Grow Between 2024 and 2033?
In the past few years, there has been a significant expansion in the veterinary cro and cdmo market. The market size is projected to rise from $6.44 billion in 2023 to $7.03 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.1%. Several factors have contributed to this growth during the historic period, including the necessity for regulatory compliance, expansion of the global animal health market, advancements in livestock drug development, and a rise in outsourcing from pharmaceutical firms.
The size of the veterinary cro and cdmo market is predicted to experience substantial growth in the upcoming years, reaching $9.87 billion by 2028 with a compound annual growth rate (CAGR) of 8.9%. This anticipated surge in the forecast period can be credited to the rising acceptance of precision medicine, emphasis on preventive healthcare, epidemiological monitoring, readiness for emergencies, and the growing intricacy of veterinary therapeutics. Additionally, a forecasted trend includes the outsourcing of research and development, technological integration, alliances and partnerships, sustainable production practices, and the digitization of veterinary assistance.
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What Factors Are Behind the Rapid Growth of the veterinary cro and cdmo Market?
The veterinary CRO and CDMO market is anticipated to grow due to increasing investments in animal healthcare. The rise in these investments can be credited to a heightened awareness about the significance of animal health, coupled with a burgeoning demand for veterinary products and services. This trend, in turn, has been a major contributor to the expansion of the veterinary CRO and CDMO market. For example, the American Pet Products Association (APPA), a U.S. not-for-profit entity that supports and advocates for pet ownership and the pet product industry, published a report in 2022 that illustrated a spike in pet care spending. The expenditure on pet care in the U.S. was seen to jump from 123.6 billion USD in 2021 to 136.8 billion USD in 2022. Hence, it is clear that investments in animal healthcare are on a rising trajectory, and this is expected to be a driving force for the growth of the veterinary CRO and CDMO market.
What Are the Principal Segments of the Veterinary CRO And CDMO Market?
1) By Service Type: Discovery, Development, Manufacturing, Packaging And Labeling, Market Approval And Post-marketing
2) By Animal Type: Companion Animals, Livestock Animals
3) By Application: Medicines, Medical Devices, Pharmaceuticals, Biologics, Other Applications
What Emerging Patterns Are Redefining the Veterinary CRO And CDMO Market?
Innovations in the realm of products are a primary trend notably escalating within the veterinary CRO and CDMO marketplace. To secure their status in the industry, companies involved in the veterinary CRO and CDMO markets are honing in on product innovation. A case in point is the US-based Vetio, a Contract Development and Manufacturing Organization (CDMO) committed to the sector of animal health. Vetio was bestowed with an Intention to Grant by the European Patent Office (EPO) and a Notice of Allowance by the United States Patent Office (USPTO) in June 2022. This award was given for their Starch-Free Soft Chew, which was specifically designed for veterinary use. Vetio’s Soft Chew Technology platform is expertly tailored for animal health, to deliver one or multiple active ingredients in a dosage form of superior quality, perfectly for veterinary pharmaceutical utilization. Vetio’s groundbreaking manufacturing procedure and composition are free of added water and starch, proving highly compatible with active ingredients sensitive to moisture.
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Which Geographical Regions Are Shaping the Veterinary CRO And CDMO Market Growth?
North America was the largest region in the veterinary CRO and CDMO market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the veterinary cro and cdmo market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Veterinary CRO And CDMO Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the veterinary cro and cdmo market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Veterinary CRO And CDMO Market Include
1. Veterinary CRO And CDMO Market Executive Summary
2. Veterinary CRO And CDMO Market Segments
3. Veterinary CRO And CDMO Market Size And Template Market Growth Rate
4. Key Veterinary CRO And CDMO Market Trends
5. Major Veterinary CRO And CDMO Market Drivers
……
25. Key Mergers And Acquisitions In The Veterinary CRO And CDMO Market
26. Top Veterinary CRO And CDMO Companies
27. Veterinary CRO And CDMO Market Opportunities And Strategies
28. Veterinary CRO And CDMO Market, Conclusions And Recommendations
29. Appendix
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