Veterinary Pharmacovigilance Market Trends

Veterinary Pharmacovigilance Market Trends

The growing adoption of companion and livestock animals is significantly driving the growth of the market. For instance, as per the report published by Global Animal Health Association, families in the U.S., Brazil, EU, and China alone account for over half a billion dogs and cats, while more than half the world is estimated to have a pet at home. Similalrly, in the U.S., 70 percent of households owned a pet as of 2021 compared to 68 percent in 2016. Thus, the growing trend of pet humanization, where pets are treated as family members, leads to higher expenditure on pet healthcare, including the safety monitoring of veterinary drugs. This has increased the demand for veterinary pharmacovigilance services that is anticipated to propel the growth of the market.