Analyzing the Future of Veterinary Pharmacovigilance Market Dynamics 2025-2034: Growth Rate, Trends, and Major Opportunities
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How has the veterinary pharmacovigilance market size evolved in recent years?
The market size of veterinary pharmacovigilance has witnessed a swift expansion in the past few years. Its estimation is to escalate from $0.81 billion in 2024 to $0.92 billion in 2025, with a compound annual growth rate (CAGR) of 13.3%. The surge during the historical phase can be linked to the growing consciousness about animal healthcare, an increase in the population of domestic animals, high demand for livestock commodities, broadening of veterinary services, and a higher occurrence of diseases transmissible from animals to humans.
What are the predictions for the veterinary pharmacovigilance market size in the coming years?
In the coming years, the market size of veterinary pharmacovigilance is projected to experience a swift expansion. The market is set to reach $1.5 billion by 2029, with a compound annual growth rate (CAGR) of 13.1%. The anticipated growth during this forecast period could be linked to increased pet adoption and expenditure, escalating veterinary costs, a greater concentration on the wellbeing of animals, the continued growth of telemedicine in veterinary practices, and a heightened demand for customized veterinary attention. Looking into the forecast period, prevailing trends include the implementation of digital report-management systems, increased expansion of telehealth for veterinary support, applying blockchain for ensuring data safety, and the creation of cloud-based pharmacovigilance platforms.
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What key factors are fueling the growth of the veterinary pharmacovigilance market?
The uptick in demand for animal health and medical products is predicted to accelerate the expansion of the veterinary pharmacovigilance market. These products are crafted to cater to the health and well-being needs of pets, including food, medicines, and grooming essentials. The surging demand for these products is attributed to the increasing number of pet owners, advancements in the field of veterinary medicine, and the requirement for enhanced livestock productivity. Additionally, heightened awareness about animal welfare and a rise in animal disease incidence further boost this demand. Veterinary pharmacovigilance plays a pivotal role in pet care by ensuring that medications for pets are safe and effective. This is achieved through thorough monitoring and evaluation of adverse effects, also ensuring that regulatory standards are met. For example, data from the Republic of Estonia’s Agency of Medicines (Ravimiamet) reveals that in March 2024, the veterinary medical products sector witnessed a growth of 6.9% in 2023, hitting a value of 18.6 million euros, a significant increase from 2022’s 17.4 million euros. Consequently, the escalating demand for animal health and medical products will fuel the veterinary pharmacovigilance market’s prosperity.
How is the global veterinary pharmacovigilance market divided into key segments?
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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Who are the key firms paving the way for growth in 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 emerging trends are influencing the growth 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.
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What regions are contributing significantly to the growth of 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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