The Business Research Company’s report on the Veterinary Pharmacovigilance Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the veterinary pharmacovigilance market’s growth in recent years?
The growing demand for animal health and medicinal products is expected to propel the growth of the veterinary pharmacovigilance market going forward. Animal health and medicine products are products designed to maintain the health and well-being of pets, including food, medications, and grooming items. The growing demand for animal health and medicinal products is driven by rising pet ownership, advancements in veterinary medicine, and the need for improved livestock productivity. Additionally, increased awareness of animal welfare and a higher incidence of animal diseases contribute to the surge in demand. Veterinary pharmacovigilance in pet care ensures the safety and efficacy of pet medications by monitoring and assessing adverse effects and ensuring regulatory compliance. For instance, in March 2024, according to the Republic of Estonia’s Agency of Medicines (Ravimiamet), an Estonia-based national regulatory authority, in 2023, the veterinary medicinal products sector expanded by 6.9%, reaching 18.6 million euros, up from 17.4 million euros in 2022. Therefore, the growing demand for animal health and medicinal products will drive the growth of the veterinary pharmacovigilance market.
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How does the future projection of the veterinary pharmacovigilance market size compare to its historical growth?
The veterinary pharmacovigilance market size has grown rapidly in recent years. It will grow from $0.81 billion in 2024 to $0.92 billion in 2025 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to increasing awareness of animal health, growth in the companion animal population, rising demand for livestock products, expanding veterinary services, and higher prevalence of zoonotic diseases.
The veterinary pharmacovigilance market size is expected to see rapid growth in the next few years. It will grow to $1.5 billion in 2029 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to increasing pet ownership and spending, rising veterinary expenditure, growing focus on animal welfare, expansion of telemedicine in veterinary services, and higher demand for personalized veterinary care. Major trends in the forecast period include adoption of digital reporting systems, expansion of telehealth services for veterinary care, integration of blockchain for data security, and development of cloud-based pharmacovigilance platforms.
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Which key players are shaping the future of the veterinary pharmacovigilance market?
Major companies operating in the veterinary pharmacovigilance market are Accenture 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 trends will propel the growth and evolution of the veterinary pharmacovigilance market?
Major companies operating in the veterinary pharmacovigilance market are focusing on focus on strengthening regulatory frameworks with data analytics developments, such as adverse event reporting (REAS) and safety report preparation, to ensure the safety and effectiveness of veterinary drugs. Adverse event reporting (REAS) and safety report preparation involve documenting and analyzing harmful reactions to veterinary drugs to assess safety and ensure compliance with regulatory standards. For instance, in August 2024, the Ministry of Agriculture and Rural Development, a Mexico-based governmental agency, launched a veterinary pharmacovigilance system. The Veterinary Pharmacovigilance System, a monitoring tool developed by SENASICA to ensure the safety, quality, and efficacy of veterinary drugs in Mexico. It collects data on adverse reactions from veterinary product administrators, including pharmaceutical companies, distributors, veterinary hospitals, and veterinarians, to identify, assess, and mitigate risks associated with these medications. The system features the veterinary pharmacovigilance guide (REAS) for documenting adverse reactions and monitoring efficacy, residue limits, and environmental issues.
Which regions are expected to become dominant players in the veterinary pharmacovigilance market?
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.
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What are the emerging key segments in the veterinary pharmacovigilance market, and how are they evolving?
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 defines the structure and scope of the veterinary pharmacovigilance market?
Veterinary pharmacovigilance is the science and activities related to detecting, assessing, understanding, and preventing adverse effects or any other drug-related problems in animals. This involves monitoring and evaluating the safety and effectiveness of veterinary medicines after they have been approved for use. The goal is to ensure that the benefits of veterinary medicines outweigh the risks, promoting animal health and welfare while safeguarding human health and the environment.
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