PUBLISHER: Grand View Research | PRODUCT CODE: 1529687
PUBLISHER: Grand View Research | PRODUCT CODE: 1529687
The global veterinary clinical trials market size is expected to reach USD 8.99 billion by 2030, exhibiting a CAGR of 9.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. The key factors driving industry growth include increased R&D expenditure by key players, rising prevalence of chronic diseases in animals, advancements in veterinary medicines, and rise in strategic alliances. For instance, in April 2024, Boehringer Ingelheim, a biopharmaceutical company focused on both human and animal health invested USD 593.5 Mn in animal health R&D to accelerate veterinary clinical trials as well as to develop innovative veterinary medicine.
Additionally, an increasing number of clinical trials for rare diseases in pets is expected to drive veterinary clinical trial market. Veterinary clinics and research institutions are undertaking specialized clinical trial initiatives focused specifically on rare canine cancers. These trials aim to investigate novel treatment approaches, including targeted therapies, immunotherapies, and precision medicine techniques designed for individual dogs' genetic profiles. For instance, in March 2024, Vivesto AB initiated its Paccal Vet clinical trial for dogs with splenic hemangiosarcoma, marking a significant step toward addressing this challenging cancer type in canines. The trial aims to assess the safety and efficacy of Paccal Vet, formulated with XR-17 technology, with promising results potentially leading to further pivotal studies.
There is a growing focus on preventive care in veterinary medicine. Clinical trials aimed at developing preventive treatments, such as vaccines and early diagnostic tools, are becoming more common. Furthermore, veterinary clinics and research institutions are launching specialized clinical trial initiatives focused specifically on rare canine cancers. These trials aim to investigate novel treatment approaches, including targeted therapies, immunotherapies, and precision medicine techniques tailored to individual dogs' genetic profiles.