The Europe Veterinary Pharmacovigilance Market would witness market growth of 12.7% CAGR during the forecast period (2023-2029).
ADR is one of the biggest causes of animal morbidity in developed and developing countries, significantly burdening healthcare systems. In order to cut costs and operating expenses, top pharmaceutical companies are focusing on outsourcing pharmacovigilance services in poor nations. This will be a chance to reach out to research groups in developing regions to increase revenue share. In addition, multinational manufacturers are redesigning their production methods to better assist the veterinary industry.
These elements are anticipated to increase the market demand for veterinary pharmacovigilance during the coming years. Market participants are expanding R&D operations into developing better veterinary pharmacovigilance programs. In addition, to get a competitive edge, businesses are also adopting strategies like new product launches and mergers and acquisitions.
Over the projection period, there will be a significant increase in the requirement for clinical data management services due to the growing number of ADRs. The main trends driving the market are the rising medication usage and production patterns, the incidence rates of drug toxicity and adverse drug reactions, and the rising innovations in pharmacovigilance outsourcing. In addition, the necessity for frequent drug monitoring has expanded along with medication use, which ultimately drives up the need for veterinary pharmacovigilance.
The UK Veterinary Medicines Regulations 2013 and Volume 9B guidelines, "Pharmacovigilance for Medicinal Products for Veterinary Use," published by the European Commission in the context of (EC) No 726/2004 and Directive 2001/82/EC, serve as the regulatory framework for veterinary pharmacovigilance activities in the UK. The law outlines the roles and obligations of the regulators' pharmacovigilance responsibilities. The robust protection of both human and animal health is ensured by the extensive regulatory framework in existence, which oversees pharmacovigilance efforts. Therefore, with these prominent frameworks, along with the increasing animal population, the region presents lucrative growth opportunities for the market.
The Germany market dominated the Europe Veterinary Pharmacovigilance Market by Country 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $109.1 million by 2029. The UK market is anticipated to grow at a CAGR of 11.8% during (2023 - 2029). Additionally, The France market would exhibit a CAGR of 13.5% during (2023 - 2029).
Based on Product, the market is segmented into Anti-infectives, Biologics and Others. Based on Animal Type, the market is segmented into Dogs, Cats and Others. Based on Solution, the market is segmented into Software and Services. Based on Type, the market is segmented into In-house and Contract Outsourcing. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Veterinary Pharmacovigilance Market is Projected to reach USD 1.6 Billion by 2029, at a CAGR of 13.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, ArisGlobal LLC, Ennov SAS, Sarjen Systems Pvt. Ltd., PharSafer Associates Ltd., Knoell Germany GmbH, biologit, Indivirtus Group (Indivirtus Healthcare Services), Oy Medfiles Ltd., and Azierta Life Sciences & Health Consulting Firm S.L.
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