Veterinary Pharmacovigilance Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Veterinary Pharmacovigilance Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Veterinary pharmacovigilance market size is set to record a 12.7% CAGR during 2024-2032 driven by tightening regulatory requirements and an intensified emphasis on animal safety.

As awareness grows regarding adverse drug reactions and the importance of post-marketing surveillance in veterinary medicine, regulatory bodies are tightening guidelines to uphold the safety and efficacy of veterinary drugs. This regulatory momentum is urging pharmaceutical companies and veterinary practices to adopt robust pharmacovigilance systems for monitoring and reporting adverse events.

With the expansion of the diversity and intricacy of veterinary drugs and biologics, effective pharmacovigilance becomes paramount in risk management and ensuring animal welfare. The rise of cutting-edge technologies, like electronic health records and automated reporting systems, bolsters the efficient gathering and analysis of safety data. For example, in July 2023, AB Cube’s SafetyEasy® Suite achieved ICH E2B compliance for electronic transmission of individual case safety reports after successful testing in China.

The industry is classified into solution, animal type, type, end-user, and region.

Based on type, the veterinary pharmacovigilance market size from the outsourced segment is expected to generate notable revenue by 2032. This is attributed to its provision of specialized expertise and cost-efficient solutions. By delegating pharmacovigilance tasks to specialized third-party providers, veterinary pharmaceutical firms and research entities can harness the advanced technologies and expertise of these firms to ensure thorough monitoring and reporting of adverse events.

In terms of end user, the veterinary pharmacovigilance market value from the veterinary hospitals segment is projected to observe a robust CAGR during 2024 – 2032. This is owing to their critical role in the administration and monitoring of veterinary drugs. As primary centers for animal care, veterinary hospitals are at the forefront of identifying and reporting adverse drug reactions and safety issues.

Asia Pacific veterinary pharmacovigilance industry size will grow substantially between 2024 and 2032. Rapid urbanization and rising disposable incomes have led to higher pet ownership and demand for advanced veterinary care, necessitating effective pharmacovigilance systems to ensure drug safety and efficacy in the region.