Veterinary Pharmacovigilance Market Size, 2023–2030; Industry Statistics & Growth Analysis
Veterinary Pharmacovigilance Market size surpassed USD 666.96 Million in 2022 and is poised to reach USD 2.07 Billion, growing at over 15.51% CAGR between 2023 and 2030. With the increasing adoption of pets and the growing prevalence of animal diseases, there is a rising need for effective monitoring and surveillance of veterinary drugs. Veterinary pharmacovigilance plays a crucial role in ensuring the safety and efficacy of animal medicines, contributing to the overall wellbeing of animals.
Growth Drivers & Opportunities:
Rising Focus on Animal Health: There has been a significant increase in awareness regarding animal health, leading to the growing demand for safe and efficient veterinary drugs. This uptick in focus on animal health is driving the expansion of the veterinary pharmacovigilance market.
Technological Advancements: The development of advanced technologies, such as mobile applications and electronic systems, for tracking adverse events related to veterinary drugs is fueling the growth of the veterinary pharmacovigilance market. These technologies enable real-time reporting and analysis, enhancing the efficiency and effectiveness of pharmacovigilance activities.
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Stringent Regulatory Framework: Regulatory bodies worldwide are imposing strict regulations on the use of veterinary drugs and requiring comprehensive surveillance and reporting of adverse events. This compels veterinary drug manufacturers and healthcare professionals to invest in pharmacovigilance systems, driving market growth.
Increasing Pet Ownership: The rising trend of pet ownership, especially in developed regions, is a key driver for the expansion of the veterinary pharmacovigilance market. As the number of pets continues to grow, there is a greater demand for pharmacovigilance to ensure the safety and well-being of these animals.
Segmentation Analysis:
The veterinary pharmacovigilance market is segmented based on several factors such as service providers, species, route of drug administration, and drug class.
One sub-segment from each segment is explained below:
1. Sub-Segment: Service Providers
The service providers segment in the veterinary pharmacovigilance market comprises regulatory authorities, pharmaceutical companies, contract research organizations (CROs), and academic institutions. Regulatory authorities play a crucial role in monitoring and assessing the safety and efficacy of veterinary drugs. They ensure compliance with regulations and guidelines set by regulatory bodies, track adverse drug events, and take necessary actions such as product recalls or label changes. Collaboration between regulatory authorities and other service providers such as pharmaceutical companies and CROs facilitates the efficient reporting and analysis of adverse events, enhancing the overall pharmacovigilance process.
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2. Sub-Segment: Species
The species segment includes companion animals (dogs, cats, horses, and others) and livestock animals (cattle, swine, poultry, and others). Among these, the companion animal sub-segment dominates the veterinary pharmacovigilance market due to the increasing adoption of pets, the rising awareness about their healthcare, and the availability of a wide range of veterinary drugs for companion animals. Moreover, the growing trend of humanization of pets and the development of novel drugs tailored specifically for companion animals are expected to further drive the market growth.
3. Sub-Segment: Route of Drug Administration
The route of drug administration segment comprises oral, injectable, topical, and others. The topical sub-segment holds a significant market share due to the ease of drug application and the growing demand for topical formulations such as creams, ointments, and sprays for skin-related conditions in animals. Additionally, the availability of several over-the-counter topical veterinary drugs further contributes to the dominance of this sub-segment.
4. Sub-Segment: Drug Class
The drug class segment includes antimicrobials, parasiticides, anti-inflammatory drugs, anesthesia drugs, and others. Among these, the parasiticides sub-segment is expected to witness significant growth due to the high prevalence of parasitic infections in animals and the increasing focus on preventing and controlling these infections. The rising demand for effective parasiticide drugs and the development of novel formulations further drive the growth of this sub-segment.
Regional Forecast:
North America
North America is projected to hold a substantial market share due to the presence of a well-established veterinary healthcare infrastructure and the rising pet adoption rates in countries like the United States and Canada. Moreover, stringent regulations by regulatory bodies such as the Food and Drug Administration (FDA) promote the efficient monitoring and reporting of adverse drug reactions (ADRs), thereby driving the regional market growth.
Asia Pacific
The Asia Pacific region is anticipated to show lucrative opportunities for market growth owing to the increasing awareness regarding veterinary healthcare and the rising demand for animal-based products in countries like China and India. Additionally, the growing pet ownership and the rising prevalence of zoonotic diseases are expected to fuel the demand for pharmacovigilance services in the region.
Europe
Europe is likely to witness significant market growth, primarily driven by the presence of key market players, the rise in animal health expenditure, and favorable government initiatives promoting veterinary healthcare. Moreover, the demand for veterinary pharmacovigilance services is expected to increase due to the growing pet population and the rising incidence of veterinary drug adverse events in the region.
Table of Contents (TOC) of Report:
Chapter 1. Methodology
- Market Definition
- Study Assumptions
- Market Scope
- Segmentation
- Regions Covered
- Base Estimates
- Forecast Calculations
- Data Sources
- Primary
- Secondary
Chapter 2. Executive Summary
Chapter 3. Veterinary Pharmacovigilance Market Insights
- Market Overview
- Market Drivers & Opportunity
- Market Restrains & Challenges
- Regulatory Landscape
- Ecosystem Analysis
- Technology & Innovation Outlook
- Key Industry Developments
- Partnership
- Merger/Acquisition
- Investment
- Product Launch
- Supply Chain Analysis
- Porter’s Five Forces Analysis
- Threat of New Entrants
- Threat of Substitutes
- Industry Rivalry
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- COVID-19 Impact
- PESTLE Analysis
- Political Landscape
- Economic Landscape
- Social Landscape
- Technology Landscape
- Legal Landscape
- Environmental Landscape
- Competitive Landscape
- Introduction
- Company Market Share
- Competitive Positioning Matrix
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