Top Growth Trends in the Veterinary Pharmacovigilance Market: Insights into Market Size and Opportunities for 2025-2034
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
How Are Key Drivers in the Industry Acting as Catalysts for the Growth of theVeterinary Pharmacovigilance Market?
An increased need for animal health and medicinal products is anticipated to drive the veterinary pharmacovigilance market’s expansion. These products, including food, medications, and grooming items, are designed to preserve the wellbeing of pets. This increasing demand is fueled by a rise in pet ownership, progress in veterinary medicine, and the quest for enhanced livestock productivity. Increasing animal welfare awareness and a higher prevalence of animal diseases also add to the spike in demand. Veterinary pharmacovigilance ensures the safety and effectiveness of pet medications by tracking and evaluating adverse effects and guaranteeing regulatory compliance in pet care. For example, the Republic of Estonia’s Agency of Medicines (Ravimiamet), a national regulatory authority based in Estonia, reported in March 2024 that the veterinary medicinal products sector grew by 6.9% in 2023, rising to 18.6 million euros from 17.4 million euros in 2022. Hence, the escalating demand for animal health and medicinal products will push the growth of the veterinary pharmacovigilance market.
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How Will the Growth Rate of theVeterinary Pharmacovigilance Market Impact Industry Trends by 2034?
There has been a swift expansion of the veterinary pharmacovigilance market size in the recent past. The market is projected to escalate from $0.81 billion in 2024 to a staggering $0.92 billion in 2025, registering a compound annual growth rate (CAGR) of 13.3%. This impressive growth during the historic period is linked to the heightened awareness around animal health, proliferation in the population of companion animals, an increasing need for livestock produce, widening scale of veterinary services, and a rise in the occurrence of zoonotic diseases.
In the coming years, the size of the veterinary pharmacovigilance market is set to experience a substantial boost, escalating to a value of $1.5 billion by 2029. This translates to a compound annual growth rate (CAGR) of 13.1%. The anticipated expansion during the forecasted period is largely due to various factors such as increased pet ownership and associated expenditure, heightened spending on veterinary services, a rising focus on animal welfare, the incorporation of telemedicine into animal healthcare services, and an increased demand for customized veterinary care. The forecasted period is also likely to witness significant trends such as the introduction of digital documentation systems, expansion of telehealth facilities for veterinary services, the integration of blockchain technology for protecting data, and the creation of cloud-based pharmacovigilance platforms.
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What Are the Current Market Growth and Trends in theVeterinary Pharmacovigilance Market That Industry Players Should Watch?
Leading firms in the veterinary pharmacovigilance market are concentrating on bolstering their regulatory frameworks through advancements in data analytics. These include processes like the adverse event reporting (REAS) and the preparation of safety reports to gauge the safety and efficacy of veterinary drugs. These methods involve recording and assessing negative responses to veterinary drugs to ensure safety and regulatory compliance. For example, in August 2024, the Ministry of Agriculture and Rural Development, a government agency in Mexico, introduced a system for veterinary pharmacovigilance. This monitoring tool developed by SENASICA aims to guarantee the safety, quality and effectiveness of veterinary drugs in Mexico. It compiles data on adverse reactions from those who administer veterinary products, like pharmaceutical companies, distributors, veterinary hospitals, and veterinarians. This assists in identifying, assessing and mitigating risks associated with these drugs. The system includes the veterinary pharmacovigilance guide (REAS) for recording adverse reactions and monitoring efficacy, residue limits and environmental concerns.
What Are the Major Market Players Making an Impact on theVeterinary Pharmacovigilance Market Growth?
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
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How Are the Key Segments of the Veterinary Pharmacovigilance Market Driving Opportunities and Innovations?
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 Regions Are At the Forefront of #How Are Key Drivers in the Industry Acting as Catalysts for the Growth of theVeterinary Pharmacovigilance Market?# Market Expansion?
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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