Veterinary Pharmacovigilance Market Report
Veterinary Pharmacovigilance Market by Solution (Services and Software), Product (Biologics, Anti-infectives, and Other Product), Type (Contract Outsourcing and In-house), Animal Type (Cats, Dogs, and Other), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Veterinary Pharmacovigilance Overview
Veterinary pharmacovigilance concerns monitoring, evaluating, and improving the safety of veterinary medicines, with particular reference to adverse events in animals and human beings related to the use of these medicines. It also involves collection of information on adverse events due to off-label use and investigations of the validity of the withdrawal period and of potential environmental problems.
Global Veterinary Pharmacovigilance Market Analysis
The global veterinary pharmacovigilance market size was $xx million in xx and is predicted to grow at a CAGR of xx, by generating a revenue of $xx million by xx.
COVID-19 Impact on Global Veterinary Pharmacovigilance Market
The COVID-19 pandemic highlighted awareness about zoonotic diseases. The pandemic also highlighted the importance of animal health and safety prior to many diseases. The focus on animal health increased the demand for veterinary pharmacovigilance. It plays a crucial role in monitoring and ensuring the safety of veterinary medicines. The pandemic caused disruptions in global supply chains, including the availability and distribution of veterinary medicines. These disruptions impacted the reporting and monitoring of adverse events, as well as the overall pharmacovigilance activities in the veterinary sector.
The global response to the pandemic has fostered collaborations among healthcare professionals, researchers, regulatory bodies, and pharmaceutical companies. This increased collaboration and information sharing extended to the veterinary pharmacovigilance field, enabling the exchange of best practices, harmonization of safety standards, and improved surveillance systems.
Rise of Zoonotic Diseases in Animals and Humans to Drive the Market Growth
The rising trend of pet ownership is driving demand for veterinary pharmacovigilance. As more people bring pets into their homes, there is a greater need for veterinary medicines and the monitoring of their safety to ensure the well-being of animals. Zoonotic diseases, which can transmit between animals and humans, have gained significant attention due to outbreaks like COVID-19. This increased awareness has created the importance of monitoring the safety of veterinary medicines to prevent the transmission of diseases from animals to humans. It has led to a greater focus on veterinary pharmacovigilance and the need to ensure the safe use of veterinary drugs.
Limited Awareness and Educational Concerns to Restrain Market Growth
Limited awareness and understanding of veterinary pharmacovigilance among veterinary professionals and animal owners may create hurdles in the full-fledged growth of the market. Many stakeholders may not be fully aware of the importance of adverse event reporting and may lack the necessary training and resources to actively participate in pharmacovigilance activities. Veterinary pharmacovigilance requires adequate resources, including funding, personnel, and technological infrastructure. Limited resources can hamper the establishment and maintenance of robust pharmacovigilance systems, hindering the timely and comprehensive analysis of adverse event data. Veterinary pharmacovigilance is often characterized by fragmented reporting systems, both at national and international levels. Inconsistent reporting formats, lack of standardization, and inadequate integration between different reporting systems can hinder the efficient collection, analysis, and sharing of pharmacovigilance data.
Demand for Safe and Effective Veterinary Medicines to Drive Excellent Opportunities
There is a growing awareness and emphasis on animal welfare globally. This presents an opportunity for the veterinary pharmacovigilance market growth, as the demand for safe and effective veterinary medicines and monitoring their adverse effects on animals rises. The expansion of veterinary services in emerging markets, along with the increasing pet ownership and livestock production, provides opportunities for the veterinary pharmacovigilance market. As more animals receive veterinary care and treatment, the need for effective safety monitoring and reporting becomes crucial. Collaboration among regulatory bodies, pharmaceutical companies, veterinary professionals, and academia can foster innovation and improve pharmacovigilance practices. Partnerships between different stakeholders can lead to the development of standardized protocols, sharing of resources, and more effective monitoring of veterinary medicines.
Global Veterinary Pharmacovigilance Market Share, by Solution, 2022
Software sub-segment accounted for the highest share in 2022. Veterinary pharmacovigilance involves the collection, storage, and analysis of large amounts of data related to adverse events, and medication errors. Software solutions offer efficient data management capabilities, allowing for streamlined data entry, storage, retrieval, and analysis. These solutions enable pharmacovigilance teams to handle the vast amount of data more effectively and ensure data integrity. Software solutions automate various pharmacovigilance processes, including adverse event reporting, signal detection, and case management. Automation reduces the manual effort required for data entry, reporting, and analysis, leading to increased efficiency and productivity.
Global Veterinary Pharmacovigilance Market Share, by Product, 2022
Anti-infectives sub-segment accounted for the highest share in 2022. Infectious diseases such as bacterial, viral, and fungal infections are increasing in animals. These diseases impact the overall animal health and productivity, necessitating the use of appropriate medications for treatment and prevention. The animal population continues to increase globally, driven by factors such as population growth and rising demand for animal-derived products. The higher density and proximity of animals in intensive farming systems increase the risk of infectious disease transmission, thereby driving the need for anti-infective products. Anti-infectives are important for managing zoonotic diseases in animals, minimizing the risk of transmission to humans.
Global Veterinary Pharmacovigilance Market Share, by Type, 2022
In-house sub-segment accounted for the highest share in 2022. Maintaining an in-house veterinary pharmacovigilance department allows companies to have direct control and ownership over the entire pharmacovigilance process. Having an in-house veterinary pharmacovigilance team can lead to quicker response times in detecting, assessing, and managing adverse events or safety signals. Companies can establish streamlined communication channels and internal workflows, enabling faster decision-making and implementation of risk mitigation strategies. This proactive approach can enhance animals’ safety and minimize potential risks associated with veterinary medicines. In-house veterinary pharmacovigilance facilitates seamless communication and collaboration within the organization. It allows for direct interaction and knowledge sharing between various departments, such as research and development, regulatory affairs, and marketing.
Global Veterinary Pharmacovigilance Market Share, by Animal Type, 2022
Dogs sub-segment accounted for the highest share in 2022. Dogs are one of the most popular pets globally, with a large population of owned dogs. The significant population of dogs translates into higher demand for veterinary medicines. Dogs suffer from various health conditions, including infectious diseases, chronic illnesses, and age-related issues. As a result, there is a diverse array of veterinary treatments available for dogs, including medications, vaccines, and preventive treatments. The variety and complexity of treatments contribute to a higher focus on monitoring their safety and efficacy, driving the dominance of dog treatments in veterinary pharmacovigilance.
Global Veterinary Pharmacovigilance Market Share, by Region, 2022
The North America region accounted for the highest share in the veterinary pharmacovigilance market in 2022. North America has a well-developed veterinary healthcare infrastructure, including a large number of veterinary clinics, hospitals, and research institutions. This infrastructure supports the implementation and practice of veterinary pharmacovigilance, as it provides a strong foundation for monitoring and reporting adverse events associated with veterinary medicines.
Competitive Scenario in the Global Veterinary Pharmacovigilance Market
There are several major players functioning in the global veterinary pharmacovigilance market. In order to increase their market presence and boost their product portfolios. Implementing robust adverse event reporting systems is essential for veterinary pharmacovigilance. This includes establishing channels for veterinarians, animal owners, and veterinary pharmacists to report suspected adverse events related to veterinary medicines. These systems can be in the form of online reporting portals, dedicated hotlines, or reporting forms provided by regulatory authorities or pharmaceutical companies.
Some of the leading veterinary pharmacovigilance market players are ArisGlobal, Ennov, Accenture, Pharsafer Associates Limited, Biologit, Sarjen Systems Pvt. Ltd., Azierta Contract Science Support Consulting, Oy Medfiles Ltd., Knoell, and Indivirtus.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Solution
Segmentation by Product
Segmentation by Type
Segmentation by Animal Type
Key Companies Profiled
Q1. What is the size of the veterinary pharmacovigilance market?
A. The size of the veterinary pharmacovigilance market was over $xx billion in xx and is expected to expand at a compound annual growth rate (CAGR) of xx from xx to xx.
Q2. Which are the major companies in the veterinary pharmacovigilance market?
A. ArisGlobal, Ennov, Accenture, and Pharsafer Associates Limited are some of the key players in the global veterinary pharmacovigilance market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. North America possesses great investment opportunities for investors in the future.
Q4. What will be the growth rate of the Asia-Pacific veterinary pharmacovigilance market?
A. The Asia-Pacific veterinary pharmacovigilance market is expected to grow at a stunning CAGR of XX% in the analysis timeframe.
Q5. What are the strategies opted by the leading players in this market?
A. Adverse Event Reporting Systems and Pharmacovigilance Training & Education are the two key strategies opted by the operating companies in this market.