The Asia Pacific Veterinary Pharmacovigilance Market would witness market growth of 14.0% CAGR during the forecast period (2023-2029).
Pharmaceutical product transitions from development to use in a larger population, it is crucial to continuously check their safety. With the data gathered, the benefit-risk balance of the veterinary pharmaceutical product can be continuously evaluated concerning its target demographic and during its life cycle. Therefore, establishing a trustworthy pharmacovigilance system promotes the benefit-risk assessment method for licensing and prevents the downsides of a zero-risk approach.
A few of the main drivers of market expansion include the rising number of veterinary pharmaceutical product approvals, awareness of and need for veterinary pharmacovigilance monitoring, the requirement for regulatory compliance, and actions taken by both public and private market participants. The use of cutting-edge technologies like data analytics tools and electronic reporting systems is one of the major developments. These technological advancements make it possible to monitor adverse events and report them more effectively and accurately. They also make it possible to discover potential safety concerns before they worsen.
Animal medicines must be monitored for their immediate and long-term impacts on animals as well as their impact on the environment since they may have a negative or positive impact on the ecosystem. In India, there is a perceived need to monitor how safely medications are administered to animals. In India, dairy products and other goods derived from animals are widely consumed. As a result, the drugs used by humans and the environment to treat animals may have various effects on both. As adverse drug occurrences, especially significant adverse events, after the use of medications in animals must be reported, veterinary pharmacovigilance is crucial. Therefore, the regional market will expand rapidly throughout the forecast period.
The China market dominated the Asia Pacific Veterinary Pharmacovigilance Market by Country 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $118.5 million by 2029. The Japan market is estimated to grow a CAGR of 13.3% during (2023 - 2029). Additionally, The India market would experience a CAGR of 14.7% 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 China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
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.
By Product
By Animal Type
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