The global veterinary pharmacovigilance market size was exhibited at USD 709.8 million in 2022 and is projected to hit around USD 2,520.45 million by 2032, growing at a CAGR of 13.51% during the forecast period 2023 to 2032.
Key Pointers:
- One of the key trends in the veterinary pharmacovigilance market is the adoption of new technologies such as electronic reporting systems and data analytics tools. These technologies allow for more efficient and accurate monitoring of adverse events, and can help to identify potential safety issues before they become more serious.
- By solution, software segment dominated the market in 2022, while services are expected to grow at the fastest CAGR of about 14.1%.
- By product, anti-infectives held the largest share of over 46% of the market in 2022. Biologics segment on the other hand, is estimated to grow at the highest rate of over 14.2% over the next few years.
- In-house segment held the dominant share of the market in 2022 in terms of type, while contract outsourcing is anticipated to grow at a notable rate of over 12%.
- Dogs accounted for the largest share of the market in 2022 by animal type. Other animal types are projected to grow at the fastest rate of about 15% in the coming years.
- North America dominated the market by region in 2022 with a share of about 42%. Asia Pacific region is estimated to grow at the fastest rate of over 15.2% from 2023 to 2032.
- The veterinary pharmacovigilance market presents significant opportunities for companies that are able to innovate, differentiate themselves, and respond to the evolving needs of the animal health industry.
Veterinary Pharmacovigilance Market Report Scope
The market is driven by several factors, including the increasing incidence of adverse drug reactions in animals, the rising adoption of companion animals, and the growing demand for animal-derived food products. Additionally, the increasing regulatory scrutiny and the need for stringent safety standards have led to the development of new pharmacovigilance technologies and tools. Accenture for instance, offers a range of Veterinary Vigilance services that include ICSR Case Processing , VeDDRA Coding, Signal Detection, Literature Management, EvVetMPD support, and Regulatory Intelligence. Growing industry requirements for aggregate reporting, expedited reporting, and management of signals are expected to propel the market growth in the coming years.
The COVID-19 pandemic has had both negative and positive impacts on the animal health market While it has created challenges, it has also created opportunities for companies to adapt and innovate, and has highlighted the importance of monitoring the safety and efficacy of animal health products in the context of global health crises. This supported the awareness and adoption of veterinary pharmacovigilance solutions. The field is an emerging sector within the animal healthcare market. It involves monitoring the safety and effectiveness of veterinary medicines, vaccines, and other animal health products, and reporting any adverse reactions or incidents that may occur. This information is then used to improve the safety and quality of these products and to protect animal health.With the growing concern for animal welfare and the increasing demand for animal-based food products, the market has gained significant attention in recent years.
Initiatives by key market participants is another factor fueling the market growth. In June 2018, Medfiles opened a new office in Japan to cater to European and Japanese clients with a range of services. These include pharmacovigilance, clinical trials, and analytical services, among others. In February 2022, Ennov, a key market player opened a new office in the U.S. in response to successful growth in the North American market. This expanded the company’s global footprint with a focus on building its pharmacovigilance capabilities. Ennov’s pharmacovigilance offerings include case intake, triage, signal detection and management for customers from human and veterinary life sciences market.
Some of the prominent players in the Veterinary Pharmacovigilance Market include:
- ArisGlobal
- Accenture
- Ennov
- Sarjen Systems Pvt. Ltd.
- Pharsafer Associates Limited
- Knoell
- Biologit
- Indivirtus
- Azierta Contract Science Support Consulting
- Oy Medfiles Ltd.
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Veterinary Pharmacovigilance market.
By Solution
By Product
- Biologics
- Anti-infectives
- Other Product
By Type
- In-house
- Contract Outsourcing
By Animal Type
- Dogs
- Cats
- Other Animal Types
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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