Veterinary Clinical Trials Market Forecast 2024-2032: Growing At 9.8% CAGR To Hit US$ 10,168.89 Million

(MENAFN- EIN Presswire)

Veterinary Clinical Trials Market

The increasing number of pet owners globally and the rise in veterinary R&D are the key trends driving the growth of the veterinary clinicals trials market.

Academics, research centers, pharmaceuticals, and biopharmaceuticals companies are increasingly using veterinary clinical trials to boost animal health.” - Polaris market ResearchNEW YORK CITY, NY, UNITED STATES, September 9, 2024 /EINPresswire / -- According to Polaris Market Research's latest analysis, the veterinary clinical trials market size was valued at USD 4,391.03 million in 2023. The market is projected to grow to USD 10,168.89 million by 2032, exhibiting a CAGR of 9.8% from 2024 to 2032.

What are Veterinary Clinical Trials?
Veterinary clinical trials are research studies that test the effectiveness and safety of new approaches to animal care. These trials aim at finding novel ways for diagnosing, preventing and treating diseases in animals. Veterinary clinical trials can involve a variety of animals, including horses, dogs, cats, and livestock. These trials are usually conducted in multiple phases. They first start with small-scale studies and then go on to large-scale studies.
Clinical trials can help improve the quality of life for animals. Along with improving animal health, the data generated by veterinary clinical trials can help inform human clinical studies. The increased investment in research and development initiatives and rising global awareness of animal welfare are anticipated to drive the veterinary clinical trials market demand.

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Key Report Highlights:
.The market was valued at USD 4,391.03 million in 2023 and is projected to grow to USD 10,168.89 million by 2032.
.Digital health solutions, personalized medicine, and genetic testing are transforming veterinary care and creating new avenues for targeted therapies.
.The market is primarily segmented based on animal type, indication, intervention, and end user.
.North America accounted for the largest market share in 2023.

Top Market Players:
The veterinary clinical trials market key players are:
.Argenta
.Bioagile Therapeutics Pvt. Ltd.
.Boehringer Ingelheim International GmbH.
.Charles River Laboratory
.Clinvet
.IDEXX Laboratories, Inc.
.Labcorp Drug Development
.Merck & Co., Inc.
.Ondax Scientific
.Vivesto AB

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Market Drivers and Opportunities:
Rise in Veterinary R&D: The rise in veterinary R&D is one of the major factors propelling the veterinary clinical trials market growth. With the evolution of veterinary medicines, there is a growing emphasis on developing advanced treatments and therapies for animals.

Growing Pet Ownership: The rising number of pet owners across the globe and increased spending on pet care has led to increased demand for veterinary treatment, thereby driving the expansion of the market.

Increased Outsourcing: With more organizations seeking specialized expertise and access to advanced facilities, there has been an increase in the outsourcing of veterinary clinical trials. Besides, academic institutions and other facilities are increasingly relying on contract research organizations to conduct efficient and effective trials.

Regional Analysis:
North America: North America accounted for the largest veterinary clinical trials market share. The region has the presence of a highly developed healthcare infrastructure. Also, the presence of major companies further boosts the dominance of the region in the market.

Asia Pacific: Asia Pacific is poised to register a significant CAGR from 2024 to 2032. This is because the region has a growing livestock sector that demands effective treatment for various conditions. Also, the expansion of veterinary pharmaceutical companies has driven increased investment in R&D in the region.

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Segmental Overview:
By Animal Type Outlook
.Livestock Animal
.Companion Animal
.Other Animals

By Intervention Outlook
.Medicines
.Medical Device
.Others

By Indication Outlook
.Orthopedics
.Oncology
.Cardiology
.Ophthalmology
.Neurology
.Dermatology
.Internal Medicine
.Other Indication

By End User Outlook
.Academics And Research Centers
.Pharmaceutical And Biopharmaceutical Companies
.Others

By Regional Outlook
.North America
oUS
oCanada

.Europe
oGermany
oFrance
oUK
oItaly
oSpain
oNetherlands
oRussia
oRest of Europe

.Asia Pacific
oChina
oJapan
oIndia
oMalaysia
oSouth Korea
oIndonesia
oAustralia
oVietnam
oRest of Asia Pacific

.Middle East & Africa
oSaudi Arabia
oUAE
oIsrael
oSouth Africa
oRest of Middle East & Africa

.Latin America
oMexico
oBrazil
oArgentina
oRest of Latin America

Browse PMR's Veterinary Clinical Trials Market Size Report Coverage from Different Publications:
Global Veterinary Clinical Trials Market Size is Expected to Hit USD 10,168.89 million by 2032, With a CAGR of 9.8% From 2024 to 2032

FAQs
What is the growth rate of the veterinary clinical trials market?
The global market is projected to register a CAGR of 9.8% from 2024 to 2032.

Which region led the market in 2023?
North America dominated the market in 2023.

Which animal type held the largest veterinary clinical trials market?
In 2023, the companion animal segment witnessed the largest market share.

Which indication category held the largest market share in the veterinary clinical trials market?
The oncology segment accounted for the largest market share in 2023.

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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

Likhil G
Polaris Market Research and Consulting
+1 929-297-9727
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