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LONDON, GREATER LONDON, UNITED KINGDOM, February 19, 2025 /EINPresswire.com/ -- The veterinary clinical trials market size of veterinary clinical trials is slated to rise from $4.42 billion in 2024 to $4.85 billion in 2025, indicating a compound annual growth rate CAGR of 9.8%. The growth within this historic period owes to factors like increasing pet ownership, demand for animal health products, livestock farming activities, regulatory pressure for safe animal treatments, and a shifting focus on zoonotic disease prevention.
So, what's the prognosis for future growth in the veterinary clinical trials market?
Projections indicate that the market size will continue to see escalating growth in the following years. The value is expected to climb to $6.97 billion by 2029, with a compound annual growth rate CAGR of 9.5%. This impressive growth trajectory can be ascribed to factors such as rising pet ownership, an increasing prevalence of animal diseases, a growing demand for advanced veterinary treatments, rising regulatory support for veterinary research, the expansion of companion animal healthcare, and a burgeoning prevalence of chronic diseases in animals.
Key market trends for the forecasted period include the adoption of AI for data analysis, advanced imaging technologies for precise diagnostics, digital platforms for remote monitoring, blockchain for secure data management, wearable technologies for real-time health tracking, 3D printing for customized medical devices, and telemedicine for remote consultations and trial management.
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What Drives The Veterinary clinical trials Market Growth?
A significant driver of the market going forward is the rise in pet ownership. Pet ownership—the act of caring for one or more animals as companions—has seen significant traction, bringing with it increasing demand for the animal health sector. The trend is fueled by factors such as the desire for companionship, the benefits of pet therapy, and growing awareness about the positive impact of pets on mental and physical well-being. These trends are resulting in increased access to cutting-edge treatments for pets and advancements in veterinary care, thus contributing to better health outcomes for animals, ultimately driving the growth of the veterinary clinical trials market. Take, for example, the UK's expanding pet ownership—by June 2024, an estimated 10.6 million dogs are expected to be owned, a substantial increase from 9.6 million in 2021.
So, who are the key stakeholders in this flourishing market?
Major companies operating in the veterinary clinical trials market include 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.
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What Are The Emerging Trends In The Veterinary clinical trials Market?
A trend to watch in the sector involves the focus of these major companies on the development of novel anti-aging drugs to enhance pet longevity and improve overall animal health. An example of this emerged in February 2024 when US-based veterinary company, Loyal, began clinical trials for LOY-002—a novel anti-aging drug aimed at extending the healthy lifespan of senior dogs.
How Is The Veterinary clinical trials Market Segmented?
As for market segmentation, the veterinary clinical trials market is classified based on Animal Livestock Animal, Companion Animal, Other Animals, Indications Oncology, Internal Medicine, Orthopedics, Cardiology, Neurology, Ophthalmology, Dermatology, Other Indications, Intervention Medicines, Medical Devices, Other Interventions, and End-Users Academics and Research Centers, Pharmaceutical and Biopharmaceutical Companies, Other End-Users.
What is the Regional Analysis Of Veterinary clinical trials Market?
Region-wise, in 2024, North America emerged as the largest region in the veterinary clinical trials market. Other regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa.
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