Veterinary CRO And CDMO Market Size (2024 - 2029)

Veterinary CRO And CDMO Market Analysis

The Veterinary CRO And CDMO Market size is estimated at USD 6.34 billion in 2024, and is expected to reach USD 10.48 billion by 2029, growing at a CAGR of 8.20% during the forecast period (2024-2029).

The major factors driving the market's growth are the broad adoption of veterinary outsourcing services, increasing investment in R&D, and strategic collaboration by market players. The wide adoption of veterinary outsourcing services is due to several key factors, such as providing access to specialized expertise and knowledge in clinical trials, regulatory affairs, drug development, and manufacturing. Sometimes, this expertise may only be available in-house for many veterinary practices or companies. Adopting veterinary outsourcing services provides veterinary practices and companies with a strategic advantage by offering access to specialized expertise, cost-effective solutions, and the ability to focus on their core competencies.

The growing investment in developing veterinary medicines is expected to increase the adoption of CRO and CDMO services and propel market growth. For instance, in May 2022, Argenta Limited, a global contract research organization (CRO) and contract development and manufacturing organization (CDMO) specializing in animal health, and NovaQuest Capital Management announced a USD 30 million product financing agreement to develop several innovative veterinary pharmaceuticals.

The strategic activities adopted by market players, such as collaboration and partnership, actively serve the need for veterinary pharmaceuticals. For instance, in October 2022, Argenta, the only combined global CRO and CDMO dedicated to animal health and nutrition, announced the acquisition of Spain-based clinical development specialist Ondax Scientific. The deal expands Argenta’s geographic CRO footprint further into Southern and Western Europe, giving it access to new customers and strengthening its clinical, quality assurance, and data management capabilities. Similarly, in January 2022, Simulations Plus Inc., a contract research organization (CRO) and contract development and manufacturing organization (CDMO), forged a new partnership with a major animal health company. The collaboration is designed to verify existing animal physiologically based pharmacokinetic (PBPK) models within the GastroPlus platform. Additionally, the partnership will incorporate essential new animal species into the GastroPlus platform.

Hence, the broad adoption of veterinary outsourcing services, the increasing investment in the development of veterinary medicines, and the strategic activities of the market players are anticipated to drive the market between 2024 and 2029. However, the need for more standardization in veterinary CRO and high initial investment costs are expected to hamper the market's growth.

Veterinary CRO And CDMO Industry Segmentation

As per the report's scope, CRO and CDMO are specialized service providers in veterinary pharmaceutical and biotechnology research. These organizations work with pharmaceutical and biotechnology companies, offering expertise in formulation development, analytical testing, manufacturing process optimization, and large-scale production of veterinary drugs.

By animal type, the market is segmented into companion animals and livestock animals. By service, the market is segmented by discovery, development, manufacturing, packaging and labeling, and market approval and post-marketing. By market approval and post-marketing, the market is segmented by early phase/preclinical and late phase/clinical. By application, the market is segmented into medicines and medical devices. By geography, the market is segmented by North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD) for the above segments.