The global veterinary pharmacovigilance market accounted for USD 0.796 billion in 2023 and is expected to reach at USD 3.20 billion by 2034 with a CAGR of 13.50% during the forecast period 2024-2034. Rise in the approval of veterinary medicinal products, increased awareness of reporting veterinary pharmacovigilance issues, growing need for regulatory compliance, surge in adoption of new technologies such as electronic reporting systems, data analytics, AI, & machine learning, increasing emphasis on developing pharmacovigilance databases & information systems, rising prevalence of chronic diseases in animals such as cancer & diabetes, and surge in collaborations among market players to adopt advanced technologies are some of the key factors boosting the market growth.
Veterinary pharmacovigilance involves the study and actions associated with identifying, evaluating, comprehending, and mitigating adverse effects or potential drug-related issues in animals. Utilizing emerging technologies such as electronic reporting systems and data analytics tools enables more precise and efficient reporting and monitoring of adverse events. These tools aid in detecting potential safety concerns early on, preventing them from escalating. Surge in collaborations among market players to adopt advanced technologies is predicted to boost the market growth during the forecast period. For instance, in February 2024, Veeva Systems revealed that Boehringer Ingelheim has chosen Veeva Vault Clinical and Veeva Vault RIM applications as the technological backbone for managing clinical and regulatory aspects within its animal health division.
By product, anti-infectives was the highest revenue-grossing segment in the global veterinary pharmacovigilance market in 2023 as the anti-infectives are the most frequently reported products in pharmacovigilance, and rise in research & development efforts. For instance, in August 2022, Chou2 Pharma and the Veterinary Clinical Investigations Center (VCIC) at the Pennsylvania School of Veterinary Medicine (Penn Vet) have initiated a clinical trial to investigate the impact of cannabidiol (CBD) and cannabigerol (CBG) on osteoarthritic (OA) pain in dogs' elbow joints. Additionally, biologics is predicted to grow at the fastest CAGR during the forecast period owing to the increasing number of veterinary vaccines being introduced to the market, and growing array of solutions offered by various market participants.
By solution, software was the highest revenue-grossing segment in the global veterinary pharmacovigilance market in 2023 owing to the rising shift towards electronic reporting systems, surge in the adoption of pharmacovigilance services to streamline regulatory compliance processes, and increasing initiatives by companies. For instance, in November 2022, Ennov, a significant player in the market, assisted a longstanding Animal Health client in migrating its pharmacovigilance operations from a local setup to a cloud-based SaaS environment. Additionally, services is predicted to grow at the fastest CAGR during the forecast period owing to the increase in the integration of advanced technologies such as artificial intelligence & data analytics to improve monitoring precision & efficiency, growing emphasis on aligning international standards & regulations in this field, rising demand for real-time monitoring, and expansion of service offerings to include a broader range of animal species.
By type, in-house was the highest revenue-grossing segment in the global veterinary pharmacovigilance market in 2023 owing to the heightened investment in digitalization & data management systems aims to streamline operations, while the increasing intricacy of veterinary pharmaceuticals necessitates specialized in-house teams to ensure product safety and compliance with evolving regulations. Companies are focusing on enhancing the expertise of their in-house pharmacovigilance teams through prioritized training and development initiatives. Additionally, contract outsourcing is predicted to grow at the fastest CAGR during the forecast period owing to the rise in the number of companies, growing product approvals, and growing introduction of innovative platforms. For instance, in January 2022, The EMA is introducing an upgraded pharmacovigilance system for veterinary medicinal products. The Union Pharmacovigilance Database, known as EVVet3, is being launched to facilitate the exchange and processing of suspected adverse reaction reports concerning veterinary medicines authorized in the EEA.
By animal type, dogs was the highest revenue-grossing segment in the global veterinary pharmacovigilance market in 2023 owing to the growing demand for animal-derived products, increasing pet population & the trend of humanization, rising awareness among animal owners, greater emphasis on regulatory compliance, and surge in mergers & acquisitions activity among market participants. For instance, in May 2022, ArisGlobal purchased the Signal Analytics Engine - Benefit-Risk Analytic System (BRASS) from Boehringer Ingelheim. BRASS software is tailored for heavily regulated environments to aid in analyzing causality of drug safety data. It has been integrated into ArisGlobal's LifeSphere platform to assist organizations in managing and analyzing extensive safety datasets. This acquisition has enhanced the company's pharmacovigilance and patient safety capabilities. Additionally, cats is predicted to grow at the fastest CAGR during the forecast period owing to the increased focus on drug safety data specific to cats, growing population of pet cats, and surge in efforts to develop specialized medications and vaccines for them.
North America region is anticipated for the highest revenue share during the forecast period owing to the expanding regulatory landscape for veterinary drugs, rising number of approvals for veterinary medicinal products, increasing awareness of veterinary pharmacovigilance reporting, and surge in initiatives from market participants. For instance, in April 2023, The World Veterinary Association (WVA) and Ceva Santé Animale (Ceva) are delighted to introduce the WVA Global Veterinary Awards, which represent a transition from the previously successful Global Animal Welfare Awards, previously dedicated solely to Animal Welfare. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing awareness among animal owners regarding the significance of animal health & the potential risks linked to the utilization of veterinary drugs, heightened awareness is leading to an increased demand for top-notch veterinary care for their animals, and rise in regulatory approvals. For instance, in July, 2023, AB Cube, a pioneer in reliable cloud software for life science multivigilance, reveals that its SafetyEasy Suite, an ICH E2B (R3)-compliant multivigilance software, has cleared testing in China for the electronic submission of individual case safety reports (ICSRs).
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Veterinary pharmacovigilance involves the study and actions associated with identifying, evaluating, comprehending, and mitigating adverse effects or potential drug-related issues in animals. Utilizing emerging technologies such as electronic reporting systems and data analytics tools enables more precise and efficient reporting and monitoring of adverse events. These tools aid in detecting potential safety concerns early on, preventing them from escalating. Surge in collaborations among market players to adopt advanced technologies is predicted to boost the market growth during the forecast period. For instance, in February 2024, Veeva Systems revealed that Boehringer Ingelheim has chosen Veeva Vault Clinical and Veeva Vault RIM applications as the technological backbone for managing clinical and regulatory aspects within its animal health division.
By product, anti-infectives was the highest revenue-grossing segment in the global veterinary pharmacovigilance market in 2023 as the anti-infectives are the most frequently reported products in pharmacovigilance, and rise in research & development efforts. For instance, in August 2022, Chou2 Pharma and the Veterinary Clinical Investigations Center (VCIC) at the Pennsylvania School of Veterinary Medicine (Penn Vet) have initiated a clinical trial to investigate the impact of cannabidiol (CBD) and cannabigerol (CBG) on osteoarthritic (OA) pain in dogs' elbow joints. Additionally, biologics is predicted to grow at the fastest CAGR during the forecast period owing to the increasing number of veterinary vaccines being introduced to the market, and growing array of solutions offered by various market participants.
By solution, software was the highest revenue-grossing segment in the global veterinary pharmacovigilance market in 2023 owing to the rising shift towards electronic reporting systems, surge in the adoption of pharmacovigilance services to streamline regulatory compliance processes, and increasing initiatives by companies. For instance, in November 2022, Ennov, a significant player in the market, assisted a longstanding Animal Health client in migrating its pharmacovigilance operations from a local setup to a cloud-based SaaS environment. Additionally, services is predicted to grow at the fastest CAGR during the forecast period owing to the increase in the integration of advanced technologies such as artificial intelligence & data analytics to improve monitoring precision & efficiency, growing emphasis on aligning international standards & regulations in this field, rising demand for real-time monitoring, and expansion of service offerings to include a broader range of animal species.
By type, in-house was the highest revenue-grossing segment in the global veterinary pharmacovigilance market in 2023 owing to the heightened investment in digitalization & data management systems aims to streamline operations, while the increasing intricacy of veterinary pharmaceuticals necessitates specialized in-house teams to ensure product safety and compliance with evolving regulations. Companies are focusing on enhancing the expertise of their in-house pharmacovigilance teams through prioritized training and development initiatives. Additionally, contract outsourcing is predicted to grow at the fastest CAGR during the forecast period owing to the rise in the number of companies, growing product approvals, and growing introduction of innovative platforms. For instance, in January 2022, The EMA is introducing an upgraded pharmacovigilance system for veterinary medicinal products. The Union Pharmacovigilance Database, known as EVVet3, is being launched to facilitate the exchange and processing of suspected adverse reaction reports concerning veterinary medicines authorized in the EEA.
By animal type, dogs was the highest revenue-grossing segment in the global veterinary pharmacovigilance market in 2023 owing to the growing demand for animal-derived products, increasing pet population & the trend of humanization, rising awareness among animal owners, greater emphasis on regulatory compliance, and surge in mergers & acquisitions activity among market participants. For instance, in May 2022, ArisGlobal purchased the Signal Analytics Engine - Benefit-Risk Analytic System (BRASS) from Boehringer Ingelheim. BRASS software is tailored for heavily regulated environments to aid in analyzing causality of drug safety data. It has been integrated into ArisGlobal's LifeSphere platform to assist organizations in managing and analyzing extensive safety datasets. This acquisition has enhanced the company's pharmacovigilance and patient safety capabilities. Additionally, cats is predicted to grow at the fastest CAGR during the forecast period owing to the increased focus on drug safety data specific to cats, growing population of pet cats, and surge in efforts to develop specialized medications and vaccines for them.
North America region is anticipated for the highest revenue share during the forecast period owing to the expanding regulatory landscape for veterinary drugs, rising number of approvals for veterinary medicinal products, increasing awareness of veterinary pharmacovigilance reporting, and surge in initiatives from market participants. For instance, in April 2023, The World Veterinary Association (WVA) and Ceva Santé Animale (Ceva) are delighted to introduce the WVA Global Veterinary Awards, which represent a transition from the previously successful Global Animal Welfare Awards, previously dedicated solely to Animal Welfare. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing awareness among animal owners regarding the significance of animal health & the potential risks linked to the utilization of veterinary drugs, heightened awareness is leading to an increased demand for top-notch veterinary care for their animals, and rise in regulatory approvals. For instance, in July, 2023, AB Cube, a pioneer in reliable cloud software for life science multivigilance, reveals that its SafetyEasy Suite, an ICH E2B (R3)-compliant multivigilance software, has cleared testing in China for the electronic submission of individual case safety reports (ICSRs).
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Product, Solution, Type, and Animal Type
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of Top 10+ Major Market Players
Segmentation: Veterinary Pharmacovigilance Market Report 2023 - 2034
Veterinary Pharmacovigilance Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Anti-infectives
- Biologics
- Others
Veterinary Pharmacovigilance Market Analysis & Forecast by Solution 2023 - 2034 (Revenue USD Bn)
- Services
- Software
Veterinary Pharmacovigilance Market Analysis & Forecast by Type 2023 - 2034 (Revenue USD Bn)
- Contract Outsourcing
- In-house
Veterinary Pharmacovigilance Market Analysis & Forecast by Animal Type 2023 - 2034 (Revenue USD Bn)
- Cats
- Dogs
- Others
Veterinary Pharmacovigilance Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Veterinary Pharmacovigilance Market: Product Estimates & Trend Analysis
8. Veterinary Pharmacovigilance Market: Solution Estimates & Trend Analysis
9. Veterinary Pharmacovigilance Market: Type Estimates & Trend Analysis
10. Veterinary Pharmacovigilance Market: Animal Type Estimates & Trend Analysis
11. Regional Market Analysis
12. North America Veterinary Pharmacovigilance Market
13. Europe Global Veterinary Pharmacovigilance Market
14. Asia Pacific Global Veterinary Pharmacovigilance Market
15. Latin America Global Veterinary Pharmacovigilance Market
16. MEA Global Veterinary Pharmacovigilance Market
17. Competitor Analysis
18. Company Profiles
Companies Mentioned
- Azierta Contract Science Support Consulting
- Pharsafer Associates Limited
- Sarjen Systems Pvt. Ltd.
- Oy Medfiles Ltd.
- Accenture
- ArisGlobal
- Biologit
- Indivirtus
- Ennov
- Knoell
