Veterinary Pharmacovigilance Market Analysis

Veterinary Pharmacovigilance Market Analysis

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Based on the solution, the market is classified into software and services. The service segment is further bifurcated into core and consulting services. The services segment dominated the market with revenue of USD 516.7 million in 2023.

• Veterinary practices and pharmaceutical companies are increasingly adopting outsourcing services to streamline their operations. The CROs provide efficient ways to manage, monitor, and report adverse drug reactions (ADRs) in animals.

   

• Also, services such as ICSR management, aggregate safety reports, risk management plan, signal detection, and other integrated services are used to understand the adverse effects from medications and vaccines. Pharmacovigilance services provide assistance during all stages of drug development, from detection to commercialization, thereby contributing to the growth of the market.

   

• Furthermore, veterinary pharmacovigilance software often integrates with other systems such as electronic health records (EHR), laboratory information management systems (LIMS), and practice management systems (PMS). This integration facilitates seamless data exchange and improves the overall efficiency of pharmacovigilance processes.

Based on the animal type, the veterinary pharmacovigilance market is classified into companion animals, livestock animals, and other animal types. The companion animals segment dominated the market with market share of 64.1% in 2023.

• Continuous advancements in veterinary medicine including the development of new drugs and treatments focused on companion animal healthcare, necessitate robust pharmacovigilance systems to monitor the safety and efficacy of these products, thereby driving the growth of the market.

   

• Furthermore, the rising incidence of zoonotic diseases which can be transmitted between animals and humans, underscores the importance of monitoring veterinary pharmaceuticals to ensure animal health safety, thus fuelling the market growth.

   

Based on type, the veterinary pharmacovigilance market is classified into in-house, and outsourced. The in-house services segment is expected to reach USD 1.6 billion by end of 2032.

• In-house pharmacovigilance services can be more cost-effective in the long run compared to outsourcing. Companies can avoid the recurring costs associated with third-party service providers and leverage existing resources and infrastructure, thus boosting the segmental growth.

   

• Moreover, in-house services provide greater control over pharmacovigilance activities. Companies can tailor processes and systems to their specific needs, ensuring that the unique aspects of their products and markets are addressed.

   

• Furthermore, handling pharmacovigilance internally allows companies to maintain tighter control over sensitive data, reducing the risk of data breaches and ensuring compliance with data protection regulations.

   

Based on end-user, the veterinary pharmacovigilance market is classified into veterinary hospitals, veterinary companies, academic & research institutes. The veterinary companies’ segment is expected to exhibit 13% CAGR between 2024 - 2032.

• Advances in biotechnology and pharmaceuticals have led to the development of innovative veterinary drugs and vaccines, increasing the need for effective pharmacovigilance systems to monitor these new products. Also, digital tools and software for data collection and analysis in pharmacovigilance enhance the efficiency and accuracy of safety monitoring.

   

• Furthermore, the expansion of veterinary pharmaceutical companies into emerging markets increases the need for comprehensive pharmacovigilance systems to comply with diverse regulatory requirements and monitor product safety across different regions. This integration supports better care coordination and continuity.

In 2023, North America secured a substantial market share of 46.2% in the global veterinary pharmacovigilance market and is expected to dominate throughout the forecast period.

• The rise in pet ownership has led to higher spending on veterinary care and products. This increase in expenditure includes a greater focus on the safety and efficacy of veterinary drugs, thus boosting the need for pharmacovigilance.

   

• Moreover, regulatory bodies including the U.S. Food and Drug Administration (FDA) and the Canadian Food Inspection Agency (CFIA) have stringent requirements for the monitoring of veterinary drugs post-approval. This regulatory framework necessitates robust pharmacovigilance systems to ensure compliance, thereby driving market growth.

   

• Furthermore, the growing popularity of pet insurance policies often includes coverage for adverse drug reactions and other health issues. This trend supports the growth of the pharmacovigilance market as insurers demand thorough monitoring and reporting systems, Thus, the aforementioned factor contributed to North America's dominance in the market.

   

Germany to experience the highest growth rate in the Europe veterinary pharmacovigilance market.

• The EMA mandates strict pharmacovigilance requirements for veterinary medicines across the European Union including Germany. Compliance with these regulations ensures the safety and efficacy of veterinary drugs, thereby driving the market growth.

   

• Moreover, the adoption of digital technologies such as electronic reporting systems and databases for adverse event monitoring, enhances the efficiency of pharmacovigilance activities. These advancements support market growth by improving data collection and analysis, thereby fostering the country market growth.

   

The Asia Pacific veterinary pharmacovigilance treatment market is expected to grow with a significant CAGR of 13.1% during the forecast period.

• Governments in the region are implementing regulations for the approval and monitoring of veterinary drugs. Regulatory bodies such as the Australian Pesticides and Veterinary Medicines Authority (APVMA) and the National Medical Products Administration (NMPA) in China are emphasizing the importance of pharmacovigilance.

   

• Moreover, significant investments in research and development by pharmaceutical companies to develop new veterinary drugs are driving the need for comprehensive pharmacovigilance systems to ensure drug safety.