Global Veterinary Pharmacovigilance Market Analysis & Forecasts, 2023-2024 & 2034: Emerging Technologies Improve Precision and Efficiency, Advanced Technology Integration and Strategic Collaborations

Dublin, May 16, 2024 (GLOBE NEWSWIRE) -- The "Global Veterinary Pharmacovigilance Market Analysis & Forecast to 2024-2034" report has been added to * ResearchAndMarkets.com's* offering.

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.

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.

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.

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. 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.

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.

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.

*Companies Featured*

· Azierta Contract Science Support Consulting
· Pharsafer Associates Limited
· Sarjen Systems Pvt. Ltd.
· Oy Medfiles Ltd.
· Accenture
· ArisGlobal
· Biologit
· Indivirtus
· Ennov
· Knoell

*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

*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

For more information about this report visit https://www.researchandmarkets.com/r/wsoord

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