The veterinary clinical trials market is poised for substantial growth over the coming years, with a forecast indicating a compound annual growth rate (CAGR) of 9.8% from 2024 to 2032.
According to Polaris Market Research, the market, valued at USD 4.39 billion in 2023, is expected to reach USD 10.17 billion by 2032. This increase is largely driven by a rise in pet ownership globally, advancements in veterinary research and development (R&D), and increased awareness of animal welfare.
Veterinary clinical trials are research studies designed to evaluate the safety and effectiveness of new treatments, diagnostic tools, and preventative care methods for animals. The trials are vital for improving veterinary care and enhancing animal health. They often involve a wide range of animals, including dogs, cats, horses, and livestock, and are conducted in phases, beginning with small-scale studies before progressing to more extensive trials.
Rising Investment in Veterinary R&D
One of the key factors driving growth in the veterinary clinical trials market is the increasing investment in veterinary R&D. As veterinary medicine evolves, there is a greater emphasis on developing advanced treatments and therapies for animals, which in turn fuels the demand for clinical trials. This focus on innovation is transforming the sector, with new technologies such as digital health solutions, personalised medicine, and genetic testing creating new avenues for targeted veterinary therapies.
Research generated through these trials not only improves the quality of life for animals but also provides data that can inform human clinical studies. As awareness of animal welfare grows worldwide, the need for clinical trials that contribute to better treatment and care for pets and livestock continues to rise.
Growth in Pet Ownership Driving Market Expansion
The global increase in pet ownership is another significant factor contributing to the growth of the veterinary clinical trials market. In many regions, there has been a noticeable rise in the number of households with pets, and owners are spending more on veterinary care and treatments. This trend is particularly evident among younger generations, such as Gen X and Gen Y, who are driving demand for better health solutions for their pets.
As more people seek specialised care for their animals, the need for innovative veterinary treatments and therapies is expected to grow, further expanding the clinical trials market. This is creating new opportunities for veterinary practices, research centres, and pharmaceutical companies involved in the development of animal health products.
Increased Outsourcing of Veterinary Trials
In response to the growing demand for clinical trials, there has been an increase in the outsourcing of these studies to specialised contract research organisations (CROs). Many veterinary practices and research facilities lack the necessary resources to conduct trials independently, leading them to collaborate with CROs that offer advanced facilities and expertise in clinical research.
This trend is particularly evident in academic institutions and research centres, which are increasingly relying on external organisations to manage and conduct veterinary clinical trials. Outsourcing allows these institutions to focus on developing new treatments while ensuring that trials are conducted efficiently and to the highest standards.
North America Leading the Veterinary Clinical Trials Market
North America accounted for the largest share of the veterinary clinical trials market in 2023, driven by a highly developed healthcare infrastructure and the presence of major pharmaceutical companies. The region’s dominance in the market is further supported by strong investment in veterinary research and innovation.
Additionally, North America’s extensive pet ownership and increased spending on animal health contribute to the market’s growth. As the demand for advanced veterinary care continues to rise, North America is expected to maintain its leading position in the market.
Future Outlook for the Veterinary Clinical Trials Market
The veterinary clinical trials market is set for sustained growth over the next decade. With a projected market size of USD 10.17 billion by 2032, key trends such as increasing pet ownership, advancements in veterinary R&D, and the rise in outsourcing of clinical trials are expected to drive market expansion. As veterinary practices, pharmaceutical companies, and research institutions continue to invest in new treatments and therapies, the demand for clinical trials will only increase, supporting the development of innovative solutions to improve animal health worldwide.
This growth presents a significant opportunity for businesses involved in the veterinary sector, as well as for contract research organisations that specialise in conducting clinical trials. With the market evolving rapidly, companies are likely to continue exploring new ways to enhance the effectiveness of veterinary care and meet the growing demand for advanced animal health solutions.
