March 20, 2020

Veterinary CRO Focusing on Veterinary Business Development

The animal health sector is on a growth path, propelled by the rise of pet ownership and a global population hungry for meat and dairy products. A rise in outsourcing activities by pharmaceutical companies, animal husbandries or household pets has been witnessed during recent years in great expenditure. This trend has been seen as a plan to remain competitive and flexible in a market of exponential growth, sophisticated technologies, and an unstable economic environment. Companies generally outsource R&D tasks which include a broad range of activities such as, fundamental research to late-stage development: hit exploration and lead optimization, target validation, genetic engineering, assay development, safety and efficacy tests in animal models, and clinical trials which involve animals. In 2016 The total US pet industry spending is estimated to reach $69.36 billion, up from $66.75 billion.

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According to American Pet Products Association's 2019-2020 National Pet Owners Survey, the North American Pet Health Insurance Association (NAPHIA) announced that the U.S. and Canada pet health insurance market posted a combined gross paid premium of 1.42 billion dollars in 2018, up from 1.15 billion dollars in 2017. At the end of 2018, the total number of covered pets hit 2.43 million, up by more than 17 per cent from 2017. Therefore, rise in animal health care expenditure is giving rise in veterinary CRO market during forecast period.

clinical trials segment captured the largest share in the global veterinary CROs market. clinical trials Clinical trials for veterinary medical products refer to a study of the effects of medical drugs or products on target animal species with an objective to assess its efficacy, safety, absorption, distribution, metabolism, and excretion. These trials are needed to be conducted in the justifiable means of veterinary medicines with sufficient information available regarding the product’s analytical and behavioral properties. Veterinary clinical studies aim to improve scientific knowledge to find effective and best ways for prevention, diagnosis, and disease treatment of various conditions affecting animals.

Leading companies operating in the veterinary CROs market are Charles River Laboratories, Inc., Clinvet, Klifovet Ag, Löhlein and Wolf Vet Research, Oncovet Clinical Research, Ondax Scientific, Triveritas, Veterinary Research Management (VRM) LTD, VetPharm, Inc., Vetspin SRL among others.

The Indication segment in this study include into oncology, infectious diseases, neurology, and others. The oncology market is particularly found among pet that live for more than ten years. These animals are then recommended and given appropriate radiotherapy, chemotherapy, and surgery as per the individual condition. The common types of cancer found among animals include skin tumors, breast cancer, head and neck cancer, lymphoma, testicular tumors, bone tumors, and abdominal tumors.

Source: The Insight Partners