Top Growth Trends in the Veterinary Pharmacovigilance Market: Key Insights and Opportunities for 2025-2034
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How Does the Projected Growth of the Veterinary Pharmacovigilance Market Compare Over the Forecast Period?
In recent times, the size of the veterinary pharmacovigilance market has seen swift expansion. Its growth is projected to accelerate from $0.81 billion in 2024 to $0.92 billion in 2025, marking a compound annual growth rate (CAGR) of 13.3%. The surge seen in the preceding years can be traced back to the escalating awareness surrounding animal well-being, an increase in the number of companion animals, heightened demand for livestock products, expansion of veterinary services, and a rise in the occurrence of zoonotic ailments.
In the upcoming years, the veterinary pharmacovigilance market is anticipated to witness a substantial expansion, reaching a market value of $1.5 billion in 2029, with a Compound Annual Growth Rate (CAGR) of 13.1%. Factors such as the trend of owning and spending on pets, increased veterinary expenses, emphasis on animal welfare, telemedicine’s growth in veterinary services, and an upsurge in the requirement for personalized veterinary care could lead to this potential growth. The forecast period is expected to see digitally-based reporting systems, extensive telehealth services for veterinary care, blockchain’s integration for secure data, and the creation of cloud-based pharmacovigilance platforms as major trends.
What Major Innovations Are Driving the Accelerated Growth of the Veterinary Pharmacovigilance Market?
The veterinary pharmacovigilance market is anticipated to expand owing to the burgeoning demand for animal health and medicinal items. These products, which include food, medications, and grooming goods, are intended to ensure the health and welfare of pets. Factors such as growing pet ownership, advancements in veterinary medicine, and the demand for enhanced livestock productivity are fueling this increased need. Furthermore, a greater awareness of animal welfare and a rise in animal diseases also drive this upsurge in demand. Veterinary pharmacovigilance plays a vital role in pet healthcare by monitoring the safety and effectiveness of pet medications, assessing adverse effects, and guaranteeing regulatory adherence. To exemplify, the Republic of Estonia’s Agency of Medicines (Ravimiamet), a national regulatory body in Estonia, reported in March 2024 that the veterinary medicinal products sector grew by 6.9% in 2023, reaching 18.6 million euros, a significant increase from 17.4 million euros in 2022. Hence, the rising demand for animal health and medicinal products will undeniably spur the development of the veterinary pharmacovigilance market.
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Who Are the Key Players Steering the Development of the Veterinary Pharmacovigilance Market?
Major companies operating in the veterinary pharmacovigilance market are:
• Accenture PLC_x000D_
• Zoetis Inc_x000D_
• Boehringer Ingelheim Animal Health_x000D_
• Elanco Animal Health Incorporated_x000D_
• Covetrus Inc_x000D_
How Are Consumer Trends Shaping the Current and Future Landscape of the Veterinary Pharmacovigilance Market?
Primarily, the firms active within the veterinary pharmacovigilance industry are reinforcing regulatory structures by incorporating advancements in data analytics, particularly adverse event reporting (REAS) and preparation of safety reports, to ensure safety and efficiency of veterinary medicines. Documenting and analyzing harmful reactions to medicinal drugs for animals, under the supervision of REAS and safety reports, is essential to examining product safety and maintaining adherence to regulatory norms. For example, in August 2024, a system for veterinary pharmacovigilance was introduced by the Ministry of Agriculture and Rural Development, a government body based in Mexico. The Veterinary Pharmacovigilance System, a monitoring tool developed by SENASICA, ensures the quality, safety, and efficacy of animal medication in Mexico. Data is gathered from administrators of veterinary products, including pharmaceutical firms, dispensers, animal hospitals, and veterinarians regarding any adverse reactions, to evaluate, pinpoint and control the risks tied to these drugs. Additionally, the system provides a guide to veterinary pharmacovigilance (REAS) for recording adverse reactions and observing efficacy, residue limits, and environmental concerns.
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Which Primary Segments of the Veterinary Pharmacovigilance Market Are Driving Growth and Industry Transformations?
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
Which Geographical Regions Are Shaping the Veterinary Pharmacovigilance Market Growth?
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.
What Are the Defining Aspects of the Veterinary Pharmacovigilance Market Landscape?
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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