What are the Historical Developments and Current Growth Metrics of the Veterinary Clinical Trials Market?
The veterinary clinical trials market has seen considerable growth due to a variety of factors.
• The market of veterinary clinical trials has seen significant expansion in past years, projected to increase from $4.42 billion in 2024 to $4.85 billion in 2025, boasting a compound annual growth rate (CAGR) of 9.8%.
The remarkable growth observed in the historic period can be credited to factors such as the surge in pet adoption, heightened demand for animal healthcare products, expansion in livestock farming, an increase in regulatory constraints for the safety of animal treatments, and a surging interest in the prevention of zoonotic diseases.
What is the Forecasted Market Size and CAGR for the Veterinary Clinical Trials Market?
The veterinary clinical trials market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for veterinary clinical trials is forecasted to experience significant growth in the coming years, estimated to reach $6.97 billion by 2029 with a compound annual growth rate (CAGR) of 9.5%.
The expected growth during the forecast period is tied to an increase in pet ownership, a rise in animal diseases, escalating demands for high-tech veterinary treatments, increasing regulatory backing for veterinary studies, development of companion animal healthcare, and increasing chronic conditions in animals. The forecast period is also expected to see several significant trends, including the use of AI for data insights, cutting-edge imaging technologies for exact diagnosis, the adoption of digital platforms for distant monitoring, blockchain for secure data handling, wearables for immediate health monitoring, 3D printing for tailored medical equipment, and telemedicine for remote consultations and trial oversight.
What Key Factors and Trends Are Driving The Growth Veterinary Clinical Trials Market?
The veterinary clinical trials market is anticipated to see significant growth due to the increasing number of pet owners. Pet ownership, defined as owning and taking care of one or more domestic animals, is on the rise due to several reasons such as the need for companionship, the positive effects of pet therapy, and greater understanding of the beneficial effects of pets on mental and physical health. Veterinary clinical trials aid in enhancing pet ownership by providing access to innovative treatment options for pets and fostering the growth of veterinary healthcare, thus promising improved health results for animals. These trials are pivotal in the creation of safer and more effective treatments. For example, a report from The People's Dispensary for Sick Animals, a veterinary charity based in the UK, projected that by June 2024, pet dog ownership in the UK would rise to approximately 10.6 million from 9.6 million in 2021. Hence, the veterinary clinical trials market is poised to grow due to the increasing pet ownership.
What Are The Market Segments In The Veterinary Clinical Trials Market?
The veterinary clinical trials market covered in this report is segmented –
1) By Animal: Livestock Animal, Companion Animal, Other Animals
2) By Indications: Oncology, Internal Medicine, Orthopedics, Cardiology, Neurology, Ophthalmology, Dermatology, Other Indications
3) By Intervention: Medicines, Medical Devices, Other Interventions
4) By End-Users: Academics And Research Centers, Pharmaceutical And Biopharmaceutical Companies, Other End-Users
Subsegments:
1) By Livestock Animal: Cattle, Sheep, Goats, Swine, Poultry
2) By Companion Animal: Dogs, Cats, Horses, Rabbits, Ferrets
3) By Other Animals: Wildlife, Exotic Pets, Laboratory Animals, Aquatic Animals
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What New Trends Are Influencing The Veterinary Clinical Trials Market?
Major firms in the veterinary clinical trial market are prioritizing the creation of innovative anti-aging medications to extend the lifespan of pets and enhance their overall well-being. Innovative anti-aging drugs are medications specifically designed to decelerate or reverse the aging process, enhancing aging animals' health and vitality. In February 2024, for example, Loyal, a veterinary company based in the US, initiated a clinical trial for a unique anti-aging drug, LOY-002, intended to prolong the healthy lifespan of elderly dogs. The drug aims at enhancing dogs' metabolic health, focusing on age-associated alterations that may result in various health complications. This chewable pill, intended predominantly for older dogs of nearly all sizes, with an exception for the smallest breeds, is currently under test in the STAY study. The study has plans to enlist more than 1,000 dogs, aged 10 and older, from over 50 veterinary clinics across the United States. The primary goal of LOY-002 is to strengthen metabolic functions, potentially postponing age-related diseases and elevating the overall quality of life for aging dogs.
Who Are the Key Players In The Veterinary Clinical Trials Market?
Major companies operating in the veterinary clinical trials market are:
• Merck & Co. Inc.
• Boehringer Ingelheim International GmbH
• Laboratory Corporation of America Holdings
• Zoetis Inc.
• Elanco Animal Health Incorporated
• Charles River Laboratories International Inc.
• IDEXX Laboratories Inc.
• Ceva Santé Animale
• Hill's Pet Nutrition Inc.
• Ethos Veterinary Health LLC
• Orion Corporation
• Dechra Pharmaceuticals plc
• The Schwarzman Animal Medical Center
• Argenta Holdco Limited
• Morris Animal Foundation
• Vaxine Pty Ltd
• Bioagile Therapeutics Pvt. Ltd.
• VetStem Inc.
• VetDC
• Vivesto AB
• OCRvet
• Vetbiolix
• Clinvet International
• Ondax Scientific S.l.
• Veterinary Research Management
What Are The Regional Insights Into The Veterinary Clinical Trials Market?
North America was the largest region in the veterinary clinical trials market in 2024. The regions covered in the veterinary clinical trials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
