Veterinary Pharmacovigilance Market Size

Veterinary Pharmacovigilance Market Size

Veterinary Pharmacovigilance Market size was valued at USD 814.4 million in 2023 growing at a CAGR of 12.7% from 2024 to 2032. The rising occurrence of various animal diseases including both infectious and non-infectious, necessitates enhanced monitoring and safety of veterinary drugs and treatments.

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Therefore, the outbreaks of diseases such as avian influenza or African swine fever require stringent pharmacovigilance to ensure the efficacy and safety of treatments used to control these diseases.  For instance, it has been reported that one out of five farm animals are lost to disease every year according to the World Organization for Animal Health (OIE). Similarly, the Government of Australia estimated that an outbreak of Foot and Mouth Disease would cost farmers AUD 80 billion in direct costs over 10 years. Thus, the rising occurrence in the prevalence of diseases, and increasing awareness among pet owners to improve animal healthcare is anticipated to foster the growth of the market.

Veterinary pharmacovigilance broadly describes the science and activities relating to the monitoring and evaluation of adverse events and improving the safety of veterinary medicines. Regulatory bodies have a coordinating role in the pharmacovigilance system and operates services and processes to support veterinary pharmacovigilance activities.