The Latin America, Middle East and Africa Veterinary Pharmacovigilance Market would witness market growth of 16.2% CAGR during the forecast period (2023-2029).
The market is characterized by several new developments, such as the expanding use of digital technologies like machine learning and artificial intelligence, the creation of pharmacovigilance databases, and the implementation of proactive pharmacovigilance strategies. In the upcoming years, these developments are anticipated to change the industry and propel its expansion. The expanding regulatory requirements are another aspect fueling competitiveness in the veterinary pharmacovigilance market.
The number of businesses that provide services for regulatory compliance has increased due to regulatory authorities' increasingly strict standards for veterinary pharmaceuticals. Also, this has increased industry competitiveness as businesses try to set themselves apart by providing more thorough regulatory compliance services. Also, there is a greater need for comprehensive pharmacovigilance programs due to the rising occurrence of chronic diseases in animals, including cancer and diabetes, increasing the demand for specific medications and therapies.
Livestock is essential to Latin America and is a fundamental food source for the local population's food security. Latin America has all the necessary elements to be a significant livestock producer, fulfill food demands, and maintain regional and international food security, owing to its large pasturelands, favorable climate pattern, and wise use of inputs, including cereals (corn, soybean), and fertilizers. Due to increased international demand, the cattle industry has exploded in recent years. Latin America is now the region that exports the most beef and poultry globally, owing to its tremendous expansion. Consequently, animal care has increased substantially in the region, aiding in the regional market's growth.
The Brazil market dominated the LAMEA Veterinary Pharmacovigilance Market by Country 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $29.4 million by 2029. The Argentina market is exhibiting a CAGR of 16.8% during (2023 - 2029). Additionally, The UAE market would showcase a CAGR of 15.9% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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