Veterinary Clinical Trials Market: Improving Animal Health
Polaris Market Research & Consulting, Inc.
Market Research | Industry Analysis
Market Stats:
The veterinary clinical trials market size was valued at USD 4,391.03 million in 2023. The market is anticipated to grow to USD 10,168.89 million by 2032, exhibiting a CAGR of 10.8% during 2024–2032.
The rising global attention and care for animal health has led to increased demand for veterinary medicine. Today, we bring to you the latest insights on a rapidly growing sector: the Veterinary Clinical Trials Market.
Market Overview:
Veterinary clinical trials involve research to assess the safety and effectiveness of new treatments, drugs, or medical devices for animals. These tests include experimenting with new treatments or drugs on animals to assess their possible advantages and drawbacks. Veterinary trials include different types of animals, such as dogs, cats, horses, and livestock. Usually, these experiments are carried out in stages, beginning with small trials to assess the safety and proper dosage of a new medication or treatment, then progressing to larger trials to assess its efficacy and possible adverse reactions.
Growth Drivers:
The market growth is primarily driven by:
● Increased veterinary research and development
● Rising number of pet owners globally ● Growing global awareness and concern for animal welfare
Segmental Analysis:
● The veterinary clinical trials market segmentation is primarily based on animal type, intervention, end user, indication, and region.
● By animal type analysis, the companion animal segment held the largest market share in 2023. Pet owners are increasingly willing to invest in advanced medical treatments and therapies for their beloved animals.
● By indication analysis, in 2023, the oncology segment accounted for the largest market share. The rising rates of cancer in pets has led to increased need for effective cancer treatments.
Regional Overview:
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? In 2023, North America held the largest share. This is primarily because the region boasts a well-established veterinary healthcare system, which includes numerous advanced veterinary clinics, hospitals, and research centers ready to carry out sophisticated clinical trials.
? Besides, Asia Pacific is anticipated to register a significant CAGR from 2024 to 2032 due to the region's growing livestock industry that necessitates effective treatments for various animal diseases.
End-Uses of Veterinary Clinical Trials:
● Academics and research centers
● Pharmaceutical and biopharmaceuticals company
● Others
Key Highlights of the Report:
● Provides a comprehensive analysis of the market, covering several aspects such as market size, share, and revenue.
● Competitive analysis of the market key players, along with their partnerships, mergers, new product launches, and business expansions profiled.
● Uses both quantitative and qualitative analysis to provide an in-depth market comprehension.
● Sheds light on the current market scenario and projected industry growth.
Don’t miss out on the chance to make more strategic and informed business decisions. Get a free sample of our veterinary clinical trials market report today!
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