Global Veterinary CRO Market Size

Veterinary CRO Market Analysis

The Global Veterinary CRO Market size is estimated at USD 0.92 billion in 2024, and is expected to reach USD 1.36 billion by 2029, growing at a CAGR of 8.27% during the forecast period (2024-2029).

The COVID-19 outbreak significantly impacted the healthcare sector as well as the veterinary industry. For instance, as per the article published in 2020 under the title 'COVID-19 is likely to impact animal health', the COVID-19 pandemic and the subsequent economic crisis were anticipated to severely affect animal health in several ways. Furthermore, the article published in 2021 under the title 'The search for animals harbouring coronavirus - and why it matters' stated that COVID-19 was likely to infect a wide variety of domesticated and captive animals, including cats, dogs, pumas, gorillas, snow leopards, and farmed mink. It has already been demonstrated through outbreaks in mink farms that sick animals were anticipated to spread the virus back to people. Since the animals are widely utilized for testing and clinical trial purposes the CROs also faced difficulty during the pandemic. Hence as per the factors mentioned above, COVID-19 had a significant impact on the veterinary CRO market.

Factors like the higher burden of diseases in animals and increasing expenditure on research and development activities boost market growth. According to the United States Department of Agriculture, in 2020, 142 equine cases of eastern equine encephalitis were reported from 13 states. Furthermore, increasing animal farming for its products, emerges the need for healthcare management. It is considered one of the fastest-growing food sectors. Furthermore, the research and development with government funding in the field of agriculture and animal husbandry boost the market growth. For instance, as per the budget report published in 2022, in India, the budget allocation of the Department of Animal Husbandry and Dairying has increased from INR 3,599.98 crores in the year 2021-22 to INR 4,288.84 crore in 2022-23, which is 19.14%. Similarly, as per the same source, the budget allocation for the National Livestock Mission of the Department of Animal Husbandry and Dairying has been increased to INR 410.00 crore in 2022-23 against the allocation of INR 350.00 crore in 2021-22, which is a 17% increase in allocation. Hence increase in funding and investment in veterinary healthcare is likely to boost the market growth.

As per the aforementioned factors, the veterinary CRO market is likely to grow over the forecast period. However, the lack of skilled professionals restrains the market growth.