What Has Driven the Growth of the Veterinary Pharmacovigilance Market in Recent Years?
The veterinary pharmacovigilance market has seen considerable growth due to a variety of factors.
• The dimension of the veterinary pharmacovigilance market has swiftly expanded in the last few years. The increment in market worth is expected to be from $0.81 billion in 2024 to $0.92 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 13.3%.
The growth observed in the past duration is mainly due to the increasing recognition of animal health, the rise in pet population, the escalating demand for livestock products, the expansion of veterinary services, and a higher incidence of diseases transferable from animals to humans.
How Will the Veterinary Pharmacovigilance Market Size Evolve over the Forecast Period?
The veterinary pharmacovigilance market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of veterinary pharmacovigilance is predicted to experience swift acceleration in the coming years, expanding to a value of $1.5 billion in 2023 with a compound annual growth rate of 13.1%.
The predicted growth in this period is linked to factors such as an increase in pet ownership and related expenditure, a rise in veterinary expenses, greater attention to animal welfare, and the growth of telemedicine in veterinary practices, as well as augmented demand for personalized care for pets. Significant trends for the forecast period include the uptake of digital systems for reporting, the broadening of telehealth services in veterinary care, the incorporation of blockchain for securing data, and the creation of pharmacovigilance platforms based in the cloud.
What Are the Critical Driver Fuelling the Veterinary Pharmacovigilance Market's Growth?
Growth in the veterinary pharmacovigilance market is anticipated due to the increasing need for animal health and medicinal products. These products, encompassing food, medication, and grooming essentials, are created with the intent to preserve the health and happiness of pets. The booming demand for such products is credited to the increase in pet ownership, advancements in veterinary medicine, and the necessity for enhanced livestock productivity. The surge in demand is also fueled by greater awareness towards animal welfare and an increase in animal disease occurrences. Veterinary pharmacovigilance plays a crucial role in pet care, guaranteeing the safety and effectiveness of pet medications through constant monitoring and assessment of adverse effects, and adherence to regulations. For example, the Agency of Medicines (Ravimiamet) in the Republic of Estonia, a national regulatory authority based in Estonia, reported that the veterinary medicinal products sector experienced a growth of 6.9% in March 2024, hitting 18.6 million euros from 17.4 million euros in the previous year, 2023. Hence, the escalating demand for animal health and medicinal products is poised to propel the veterinary pharmacovigilance market's growth.
What Key Areas Define The Segmentation Of The Global Veterinary Pharmacovigilance Market?
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
Pre-Book The Veterinary Pharmacovigilance Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are Emerging Trends Reshaping The Dynamics Of The Veterinary Pharmacovigilance Market Size?
Significant players within the veterinary pharmacovigilance market are emphasizing the refinement of regulatory guidelines through data analytics advancements, such as adverse event reporting (REAS) and safety report creation. These procedures involve recording and analyzing negative responses to veterinary medications to assess safety and ensure adherence to regulatory norms. For example, in August 2024, Mexico's Ministry of Agriculture and Rural Development launched a veterinary pharmacovigilance system. Developed by SENASICA, this monitoring tool is designed to ascertain the safety, quality, and efficacy of veterinary medications within Mexico. It gathers data on negative reaction from those administering veterinary products, such as pharmaceutical companies, distribution firms, veterinary hospitals, and veterinarians. The information collected is used to detect, appraise, and minimize the potential risks linked with these medications. An integral part of this system is the veterinary pharmacovigilance guide (REAS), which is used to document adverse reactions and keep track of effectiveness, residue limits, and environmental implications.
Who Are the Key Players in the Veterinary Pharmacovigilance Market?
Major companies operating in the veterinary pharmacovigilance market are include:
• 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 Is The Most Dominant Region 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.
