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Veterinary CRO and CDMO Market Trends

Report ID: GMI10318
Published Date: Jul 2024
Report Format: PDF

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Veterinary CRO and CDMO Market Trends

Pharmaceutical and biotechnology companies are outsourcing to CROs and CDMOs to utilize their specialized expertise, ensuring higher quality and more efficient production of new animal health products. This trend is driven by increased R&D spending in the veterinary sector which boosts the demand for advanced veterinary drugs and biologics.

For instance, in May 2022, Argenta Limited, a global CRO and CDMO focused on animal health, along with NovaQuest Capital Management, announced a USD 30 million product financing agreement to develop several innovative veterinary pharmaceuticals. This investment aimed to expand the research capabilities in the animal health sector.

Moreover, the growing animal healthcare expenditure, rising incidence of zoonotic infections, enhanced diagnostic technologies, growing government support, and strategic expansions by major players are few of the other factors that propel the market demand.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The veterinary contract research organization and contract development and manufacturing organization industry size was USD 6.2 billion in 2023 and will grow at 8.7% CAGR through 2032 due to the increasing prevalence of diseases in animals such as cancer and zoonotic infections.

The CDMO services segment recorded 85.5% of the market share in 2023 as pharmaceutical and biotechnology companies increasingly rely on specialized services to manage essential aspects of the veterinary drug lifecycle.

U.S. veterinary CRO and CDMO industry size was USD 2.2 billion in 2023 driven by high pet ownership rates, and significant investment in R&D.

Argenta Holdco Ltd., Clinvet, Eva Pharma, Huvepharma, IDEXX Laboratories, Inc., KLIFOVET GmbH, l