Press release
Emerging Trends Influencing The Growth Of The Veterinary Pharmacovigilance Market: Strengthening Veterinary Drug Safety With Pharmacovigilance And Regulatory Frameworks
Veterinary Pharmacovigilance
How Big Is the Veterinary Pharmacovigilance Market Size Expected to Be by 2034?
Recently, there's been a quick expansion in the veterinary pharmacovigilance market size. This market is projected to rise from $0.81 billion in 2024 to $0.92 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 13.3%. Factors such as an increased consciousness about animal health, an upsurge in companion animal numbers, growing demand for livestock produce, broadening veterinary services, and an uptick in zoonotic diseases have contributed to growth in the past years.
In the forTH*Coming years, the market size of veterinary pharmacovigilance is projected to surge rapidly, expanding to $1.5 billion in 2029at a 13.1% compound annual growth rate (CAGR). Factors contributing to this advancement in the predicted period include an increase in pet ownership and related spending, escalating veterinary costs, enhanced focus on animal welfare, spread of telemedicine services in the veterinary sector, and an increased need for personalized animal healTH*Care. Significant trends for the same period include the adoption of digitized reporting systems, the growth of telehealth services in veterinary care, the implementation of blockchain for data protection, and the creation of cloud-based pharmacovigilance platforms.
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What Are the Emerging Segments Within the Veterinary Pharmacovigilance Market?
The veterinary pharmacovigilance market covered in this report is segmented -
1) By Type: In House; Outsourced
2) By Solution: Software; Services
3) By Product: Biologics; Anti Infectives; Other Products
4) By Animal Type: Companion Animals; Livestock Animals; Other Animal Types
5) By End User: Veterinary Hospitals; Veterinary Companies; Academic And Research Institutes
Subsegments:
1) By In House: Internal Pharmacovigilance Departments; In-House Monitoring And Reporting Systems; Veterinary Adverse Event Management Software
2) By Outsourced: Third-Party Pharmacovigilance Services; Contract Research Organizations (CROs) For Pharmacovigilance; Pharmacovigilance Consulting And Support Services
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What Long-Term Drivers Are Shaping Veterinary Pharmacovigilance Market Trends?
The expansion of the veterinary pharmacovigilance market is expected to be driven by the increasing demand for animal health and medical products. These products, which encompass things like food, medicines and wellness items, are geared towards maintaining the health and welfare of pets. The boosting demand results from the increase in pet ownership, veterinary medicinal advancements, and the requirement for enhanced livestock productivity. The rise in animal welfare awareness and the prevalence of animal diseases also accentuate this demand. Veterinary pharmacovigilance plays a crucial role in pet care by ensuring the safety and effectiveness of pet medicines, monitoring any adverse reactions and adhering to regulatory standards. For instance, the Republic of Estonia's Agency of Medicine (Ravimiamet), a national regulatory authority based in Estonia, reported in March 2024 that the veterinary medicinal products sector had increased by 6.9% in 2023, reaching 18.6 million euros, up from 17.4 million euros in 2022. Given these factors, the escalating demand for animal health and medical products is expected to stimulate the growth of the veterinary pharmacovigilance market.
Who Are the Top Competitors in Key Veterinary Pharmacovigilance Market Segments?
Major companies operating in the veterinary pharmacovigilance market are accen*ture PLC, Zoetis Inc, Boehringer Ingelheim Animal Health, Elanco Animal Health Incorporated, Covetrus Inc, IDEXX Laboratories, Inc., Ceva Santé Animale, Virbac SA, Merck Animal Health, Huvepharma EOOD, Norbrook Laboratories Ltd, ProPharma Group, ArisGlobal LLC, PQE Group, Chanelle Pharma Group Ltd, Clinvet International, Ennov SAS, Sarjen Systems Pvt. Ltd, PharSafer Associates Ltd, Medfiles Oy, Azierta Contract Science Support Consulting, Knoell Germany GmbH, Triveritas Ltd, Leon Research, Biologit, Indivirtus Group
What Actigraphy Devices Market Trends Are Gaining Traction Across Different Segments?
Leading firms in the veterinary pharmacovigilance market are prioritizing enhancing regulatory systems via the progression of data analytics, including adverse event reporting (REAS), and compilation of safety reports. This aim at ensuring the safety, reliability, and efficiency of veterinary medications. Adverse event reporting (REAS) and safety report preparation are processes that entail the recording and evaluation of detrimental reactions to veterinary drugs to ascertain safety and guarantee adherence to regulatory protocols. To illustrate, in August 2024, the Ministry of Agriculture and Rural Development, an agency of the Mexican government, initiated a veterinary pharmacovigilance system. The Veterinary Pharmacovigilance System is an assessment tool created by SENASICA to ensure the safety, quality, and effectiveness of veterinary medications in Mexico. This system records data regarding adverse reactions from individuals administering veterinary products, which includes pharmaceutical firms, distributors, veterinary clinics, and veterinarians. This enables the identification, assessment, and alleviation of risks linked with these drugs. This system possesses a guide for veterinary pharmacovigilance (REAS) to document adverse reactions and monitor efficiency, residue limits, and environmental concerns.
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Which Regions Are Becoming Hubs for Veterinary Pharmacovigilance Market Innovation?
North America was the largest region in the veterinary pharmacovigilance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the veterinary pharmacovigilance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Veterinary Pharmacovigilance Market?
2. What is the CAGR expected in the Veterinary Pharmacovigilance Market?
3. What Are the Key Innovations Transforming the Veterinary Pharmacovigilance Industry?
4. Which Region Is Leading the Veterinary Pharmacovigilance Market?
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