The North America Veterinary Pharmacovigilance Market would witness market growth of 12.4% CAGR during the forecast period (2023-2029).
The governments of several nations have made more efforts to improve the oversight of pharmacovigilance operations. In 2018, for instance, there was a symposium that focused on drug safety as well as risk management measures for veterinary pharmacovigilance. Initiatives similar to these are anticipated to fuel market expansion. In the upcoming years, it is anticipated that the demand for veterinary pharmacovigilance will be driven by non-profit organization's efforts to raise awareness.
Additionally, it is anticipated that demand for pharmacovigilance services will increase in the upcoming years due to regulatory requirements regarding the conduct of clinical studies and post-marketing vigilance. The US Food and Drug Administration (FDA) establishes regulatory standards for clinical studies at every step. Accurate information can now be published owing to improvements in ADR information and database systems, which research experts can utilize for future studies. This has increased the demand for veterinary pharmacovigilance products. Adverse drug reactions are becoming more common, which is the key growth factor.
The desire for companionship in the region has increased. The understanding that animals make better friends for people has led to a rise in pet adoption throughout the North American continent. The most popular pets people adopt as family members are dogs and cats. Additionally, the US is one of the major consumers of beef products worldwide. Most people in the country consume processed meat daily in one form or another. As a result, the consumption of meat products by people has greatly increased. A significant amount of cattle agriculture is also taking place to meet this demand. Also, in the coming years, the need for veterinary pharmacovigilance will increase due to supportive government policies for the safety and security of animals.
The US market dominated the North America Veterinary Pharmacovigilance Market by Country 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $441.6 million by 2029. The Canada market is poised to grow at a CAGR of 15% during (2023 - 2029). Additionally, The Mexico market would witness a CAGR of 14% 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 U.S., Mexico, Canada, and Rest of North America.
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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