Veterinary CRO And CDMO Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
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LONDON, GREATER LONDON , UK, July 4, 2024 /EINPresswire.com/ — The veterinary Contract Research Organization (CRO) and Contract Development and Manufacturing Organization (CDMO) market has witnessed robust growth in recent years, driven by increasing regulatory compliance needs, globalization of the animal health market, and heightened drug development for livestock. According to the latest report, the market size is projected to grow from $6.44 billion in 2023 to $7.03 billion in 2024, marking a compound annual growth rate (CAGR) of 9.1%.
Driving Factors for Market Growth
The historic growth of the veterinary CRO and CDMO market can be attributed to several key factors including regulatory compliance needs, the globalization of the animal health market, increased drug development for livestock, and rising outsourcing by pharmaceutical companies. Looking forward, the market is expected to continue its upward trajectory, reaching $9.87 billion by 2028 with a CAGR of 8.9%. This growth will be driven by the increasing adoption of precision medicine, a focus on preventive healthcare, epidemiological surveillance, emergency preparedness, and the increasing complexity of veterinary therapeutics.
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Veterinary CRO And CDMO Market Major Players and Market Trends
Key players such as Labcorp Drug Development India Private Limited, Zoetis Inc., Eurofins Scientific SE, and Pharmaceutical Product Development Inc. are actively driving market growth through innovation in service offerings. Companies are leveraging advanced technologies and strategic partnerships to enhance service capabilities and expand their global footprint. For instance, Zoetis Inc. launched AI-based blood smear testing on its Vetscan Imagyst
platform in 2022, revolutionizing in-clinic diagnostics for veterinary healthcare teams.
Veterinary CRO And CDMO Market Segmentation
The veterinary CRO and CDMO market is segmented based on service type, animal type, and application:
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
• Other Applications
Geographical Insights: North America Leads, Asia-Pacific to Witness Fastest Growth
North America emerged as the largest region in the veterinary CRO and CDMO market in 2023, driven by substantial investments in animal healthcare and advanced research capabilities. However, Asia-Pacific is expected to witness the fastest growth during the forecast period, fueled by increasing urbanization, rising disposable incomes, and growing awareness of animal health.
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Veterinary CRO And CDMO Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Veterinary CRO And CDMO Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on veterinary CRO and CDMO market size, veterinary CRO and CDMO market drivers and trends, veterinary CRO and CDMO market major players, competitors’ revenues, market positioning, and market growth across geographies. The veterinary CRO and CDMO market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Article originally published on www.einpresswire.com as Veterinary CRO And CDMO Market Analysis With opportunity segments