Veterinary Pharmacovigilance Market Size

Market Outlook:

Veterinary Pharmacovigilance Market size surpassed USD 666.96 Million in 2022 and is poised to reach USD 2.07 Billion, growing at over 15.51% CAGR between 2023 and 2030. With the increasing adoption of pets and the growing prevalence of animal diseases, there is a rising need for effective monitoring and surveillance of veterinary drugs. Veterinary pharmacovigilance plays a crucial role in ensuring the safety and efficacy of animal medicines, contributing to the overall wellbeing of animals.

• Base Year Value (2022): USD 666.96 Million
• CAGR (2023-2030): 15.5%
• Forecast Year Value (2030): USD 2.07 Billion
• Historical Data Period: 2018-2021
• Largest Region: North America
• Forecast Period: 2023-2030

Market Dynamics:

Growth Drivers & Opportunities:

- Rising Focus on Animal Health: There has been a significant increase in awareness regarding animal health, leading to the growing demand for safe and efficient veterinary drugs. This uptick in focus on animal health is driving the expansion of the veterinary pharmacovigilance market.

- Technological Advancements: The development of advanced technologies, such as mobile applications and electronic systems, for tracking adverse events related to veterinary drugs is fueling the growth of the veterinary pharmacovigilance market. These technologies enable real-time reporting and analysis, enhancing the efficiency and effectiveness of pharmacovigilance activities.

- Stringent Regulatory Framework: Regulatory bodies worldwide are imposing strict regulations on the use of veterinary drugs and requiring comprehensive surveillance and reporting of adverse events. This compels veterinary drug manufacturers and healthcare professionals to invest in pharmacovigilance systems, driving market growth.

- Increasing Pet Ownership: The rising trend of pet ownership, especially in developed regions, is a key driver for the expansion of the veterinary pharmacovigilance market. As the number of pets continues to grow, there is a greater demand for pharmacovigilance to ensure the safety and well-being of these animals.

Report Scope

Report Coverage	Details
Segments Covered	Solution, Product, Type, Animal Type
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	ArisGlobal, Accenture, Ennov, Sarjen Systems Pvt.., Pharsafer Associates Limited, Knoell, Biologit, Indivirtus, Azierta Contract Science Support Consulting, Oy Medfiles.

 

Industry Restraints & Challenges:

- Lack of Awareness: Despite the growing importance of veterinary pharmacovigilance, there is still a lack of awareness and understanding among veterinarians, pet owners, and other stakeholders. This hinders the adoption of pharmacovigilance practices, thereby limiting market growth.

- Regulatory Compliance Challenges: Compliance with diverse regulatory standards across different regions and countries poses a challenge for market players. Variations in reporting requirements, data collection, and assessment methodologies add complexity to pharmacovigilance activities.

- Limited Resources: Veterinary pharmacovigilance requires dedicated resources, including skilled professionals, infrastructure, and financial investments. Limited availability of such resources has a restraining effect on the market.

- Adverse Effects Reporting and Data Collection: Gathering accurate and comprehensive data on adverse effects associated with veterinary drugs remains a challenge. The lack of a systematic and standardized approach to reporting adverse events can impact the efficiency of pharmacovigilance systems.

Despite these challenges, the veterinary pharmacovigilance market is poised for significant growth due to the rising demand for animal healthcare and the increasing focus on drug safety in veterinary medicine. As technology continues to advance and awareness about the importance of pharmacovigilance increases, the market is expected to thrive in the coming years.

Regional Forecast:

The global veterinary pharmacovigilance market is expected to witness significant growth in the forecast period across regions such as North America, Asia Pacific, and Europe.

North America

North America is projected to hold a substantial market share due to the presence of a well-established veterinary healthcare infrastructure and the rising pet adoption rates in countries like the United States and Canada. Moreover, stringent regulations by regulatory bodies such as the Food and Drug Administration (FDA) promote the efficient monitoring and reporting of adverse drug reactions (ADRs), thereby driving the regional market growth.

Asia Pacific

The Asia Pacific region is anticipated to show lucrative opportunities for market growth owing to the increasing awareness regarding veterinary healthcare and the rising demand for animal-based products in countries like China and India. Additionally, the growing pet ownership and the rising prevalence of zoonotic diseases are expected to fuel the demand for pharmacovigilance services in the region.

Europe

Europe is likely to witness significant market growth, primarily driven by the presence of key market players, the rise in animal health expenditure, and favorable government initiatives promoting veterinary healthcare. Moreover, the demand for veterinary pharmacovigilance services is expected to increase due to the growing pet population and the rising incidence of veterinary drug adverse events in the region.

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