Veterinary Pharmacovigilance Market – By Solution (Software, Services {Core Services, Consulting Services}), Animal Type (Companion, Livestock), Type (In-house, Outsourced), End-user (Hospitals, Academic & Research Institutes) – Global Forecast 2024 ­ 2032

Veterinary Pharmacovigilance Market – By Solution (Software, Services {Core Services, Consulting Services}), Animal Type (Companion, Livestock), Type (In-house, Outsourced), End-user (Hospitals, Academic & Research Institutes) – Global Forecast 2024 ­ 2032

Veterinary Pharmacovigilance Market Size

Veterinary Pharmacovigilance Market size was valued at USD 814.4 million in 2023 growing at a CAGR of 12.7% from 2024 to 2032. The rising occurrence of various animal diseases including both infectious and non-infectious, necessitates enhanced monitoring and safety of veterinary drugs and treatments.

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Therefore, the outbreaks of diseases such as avian influenza or African swine fever require stringent pharmacovigilance to ensure the efficacy and safety of treatments used to control these diseases.  For instance, it has been reported that one out of five farm animals are lost to disease every year according to the World Organization for Animal Health (OIE). Similarly, the Government of Australia estimated that an outbreak of Foot and Mouth Disease would cost farmers AUD 80 billion in direct costs over 10 years. Thus, the rising occurrence in the prevalence of diseases, and increasing awareness among pet owners to improve animal healthcare is anticipated to foster the growth of the market.

Veterinary pharmacovigilance broadly describes the science and activities relating to the monitoring and evaluation of adverse events and improving the safety of veterinary medicines. Regulatory bodies have a coordinating role in the pharmacovigilance system and operates services and processes to support veterinary pharmacovigilance activities.

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Veterinary Pharmacovigilance Market Trends

The growing adoption of companion and livestock animals is significantly driving the growth of the market. For instance, as per the report published by Global Animal Health Association, families in the U.S., Brazil, EU, and China alone account for over half a billion dogs and cats, while more than half the world is estimated to have a pet at home. Similalrly, in the U.S., 70 percent of households owned a pet as of 2021 compared to 68 percent in 2016. Thus, the growing trend of pet humanization, where pets are treated as family members, leads to higher expenditure on pet healthcare, including the safety monitoring of veterinary drugs. This has increased the demand for veterinary pharmacovigilance services that is anticipated to propel the growth of the market.

Veterinary Pharmacovigilance Market Analysis

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Based on the solution, the market is classified into software and services. The service segment is further bifurcated into core and consulting services. The services segment dominated the market with revenue of USD 516.7 million in 2023.

• Veterinary practices and pharmaceutical companies are increasingly adopting outsourcing services to streamline their operations. The CROs provide efficient ways to manage, monitor, and report adverse drug reactions (ADRs) in animals.
• Also, services such as ICSR management, aggregate safety reports, risk management plan, signal detection, and other integrated services are used to understand the adverse effects from medications and vaccines. Pharmacovigilance services provide assistance during all stages of drug development, from detection to commercialization, thereby contributing to the growth of the market.
• Furthermore, veterinary pharmacovigilance software often integrates with other systems such as electronic health records (EHR), laboratory information management systems (LIMS), and practice management systems (PMS). This integration facilitates seamless data exchange and improves the overall efficiency of pharmacovigilance processes.

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Based on the animal type, the veterinary pharmacovigilance market is classified into companion animals, livestock animals, and other animal types. The companion animals segment dominated the market with market share of 64.1% in 2023.

• Continuous advancements in veterinary medicine including the development of new drugs and treatments focused on companion animal healthcare, necessitate robust pharmacovigilance systems to monitor the safety and efficacy of these products, thereby driving the growth of the market.
• Furthermore, the rising incidence of zoonotic diseases which can be transmitted between animals and humans, underscores the importance of monitoring veterinary pharmaceuticals to ensure animal health safety, thus fuelling the market growth.

Based on type, the veterinary pharmacovigilance market is classified into in-house, and outsourced. The in-house services segment is expected to reach USD 1.6 billion by end of 2032.

• In-house pharmacovigilance services can be more cost-effective in the long run compared to outsourcing. Companies can avoid the recurring costs associated with third-party service providers and leverage existing resources and infrastructure, thus boosting the segmental growth.
• Moreover, in-house services provide greater control over pharmacovigilance activities. Companies can tailor processes and systems to their specific needs, ensuring that the unique aspects of their products and markets are addressed.
• Furthermore, handling pharmacovigilance internally allows companies to maintain tighter control over sensitive data, reducing the risk of data breaches and ensuring compliance with data protection regulations.

Based on end-user, the veterinary pharmacovigilance market is classified into veterinary hospitals, veterinary companies, academic & research institutes. The veterinary companies’ segment is expected to exhibit 13% CAGR between 2024 - 2032.

• Advances in biotechnology and pharmaceuticals have led to the development of innovative veterinary drugs and vaccines, increasing the need for effective pharmacovigilance systems to monitor these new products. Also, digital tools and software for data collection and analysis in pharmacovigilance enhance the efficiency and accuracy of safety monitoring.
• Furthermore, the expansion of veterinary pharmaceutical companies into emerging markets increases the need for comprehensive pharmacovigilance systems to comply with diverse regulatory requirements and monitor product safety across different regions. This integration supports better care coordination and continuity. 

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In 2023, North America secured a substantial market share of 46.2% in the global veterinary pharmacovigilance market and is expected to dominate throughout the forecast period.

• The rise in pet ownership has led to higher spending on veterinary care and products. This increase in expenditure includes a greater focus on the safety and efficacy of veterinary drugs, thus boosting the need for pharmacovigilance.
• Moreover, regulatory bodies including the U.S. Food and Drug Administration (FDA) and the Canadian Food Inspection Agency (CFIA) have stringent requirements for the monitoring of veterinary drugs post-approval. This regulatory framework necessitates robust pharmacovigilance systems to ensure compliance, thereby driving market growth.
• Furthermore, the growing popularity of pet insurance policies often includes coverage for adverse drug reactions and other health issues. This trend supports the growth of the pharmacovigilance market as insurers demand thorough monitoring and reporting systems, Thus, the aforementioned factor contributed to North America's dominance in the market.

Germany to experience the highest growth rate in the Europe veterinary pharmacovigilance market.

• The EMA mandates strict pharmacovigilance requirements for veterinary medicines across the European Union including Germany. Compliance with these regulations ensures the safety and efficacy of veterinary drugs, thereby driving the market growth.
• Moreover, the adoption of digital technologies such as electronic reporting systems and databases for adverse event monitoring, enhances the efficiency of pharmacovigilance activities. These advancements support market growth by improving data collection and analysis, thereby fostering the country market growth.

The Asia Pacific veterinary pharmacovigilance treatment market is expected to grow with a significant CAGR of 13.1% during the forecast period.

• Governments in the region are implementing regulations for the approval and monitoring of veterinary drugs. Regulatory bodies such as the Australian Pesticides and Veterinary Medicines Authority (APVMA) and the National Medical Products Administration (NMPA) in China are emphasizing the importance of pharmacovigilance.
• Moreover, significant investments in research and development by pharmaceutical companies to develop new veterinary drugs are driving the need for comprehensive pharmacovigilance systems to ensure drug safety.

Veterinary Pharmacovigilance Market Share

The market is characterized by intense competition among key players aiming to expand their market presence. Leading companies are focusing on strategic initiatives such as mergers, acquisitions, and partnerships to strengthen their market position. These efforts are aimed at enhancing their service offerings, expanding their geographic reach, and investing in advanced technologies.

Veterinary Pharmacovigilance Market Companies

Prominent players operating in the veterinary pharmacovigilance industry are as mentioned below

• Accenture
• ArisGlobal
• Azierta Contract Science Support Consulting
• Biologit
• Covetrus, Inc.
• Ennov
• Indivitrus
• Knoell
• Leon Research
• Medfiles
• PQE Group
• Sarjen Systems Pvt. Ltd
• Teknofarma
• TekroLab

Veterinary Pharmacovigilance Industry News

• In January 2022, EMA launched an improved pharmacovigilance system for veterinary medicinal products. EVVet amended in line with the veterinary medicinal products regulation and comply with the reporting requirements developed by the veterinary conference on harmonization (VICH). This helped the regulatory bodies in better regulation of veterinary medicinal products.

The veterinary pharmacovigilance market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 - 2032 for the following segments

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Market, By Solution

• Software
• Services
  • Core services
    • Signal detection
    • ICSR case processing
    • Risk management
    • Aggregate reporting
    • Other core services
  • Consulting services
    • Safety database implementation
    • PV strategy & operating model
    • Audit risk analysis
    • Other consulting services

Market, By Animal Type

• Companion animals
• Livestock animals
• Other animal types

Market, By Type

• In-house
• Outsourced

Market, By End-user

• Veterinary hospitals
• Veterinary companies
• Academic & research institutes

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa
  • South Africa
  • Saudia Arabia
  • UAE
  • Rest of Middle East and Africa