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Global Veterinary Pharmacovigilance Market by Current Industry Status, Growth Opportunities, Top Key Players, and Forecast till 2028- A Report by Absolute Markets Insights

Published On 01 Feb 2021 02:06 PM


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Global veterinary pharmacovigilance market is expected to grow at a CAGR of 24.9% over the forecast period. The science that deals with the evaluation, identification, understanding and prevention of adverse drug reactions on animals and indirectly to humans is called as veterinary pharmacovigilance. These solutions prevent the long and short term adverse reactions of medicinal products on animals. The need for veterinary pharmacovigilance has risen a lot due to adoption of new drugs for animals in the market. Veterinary pharmacovigilance has recently been an important issues which is posed by the pharmaceutical industry and regulatory agencies because of the removal of a range of high-profile medications. Major Pharma companies are the early adopters of these solutions and they integrate these solutions during the drug development cycle in order to assess and create viable drugs which have no adverse effects on animals. The need for these solutions by drug manufacturing companies will boost the Veterinary Pharmacovigilance Market over the forecast period. In the field of pharmacovigilance signal detection and risk management have introduced a new dimension.

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Though adverse reactions to veterinary products do occur, these occur from inadvertent exposure during use of these products. These reactions are mostly mild and do not have more adverse effects on animals. The solutions provided by end users are best suited for various applications such as safety of animals among others. When these animals are further utilized for food production, it becomes more essential. Due to use of drugs which are harmful for animals there are adverse effects on animals and this indirectly affects humans. The veterinary pharmacovigilance program currently plays a crucial role in determining the safety of medicinal products in the world. Veterinary pharmacovigilance determines the protection of medication in animals. Veterinary pharmacovigilance is an important instrument for ensuring the protection of a medication that is marketed. Medicinal products used for the treatment of animals should be controlled for their short- and long-term effects on animals and their impact on the environment, as they may affect the ecosystem in one way or another.

Recent studies have shown that adverse drug reactions in animals are a significant concern for animal welfare. Adverse drug reactions directly influence animals and have an indirect effect on human beings. As compared to other developing countries, the mortality rate of animals in the world due to a lack of veterinary pharmacovigilance is very high. In many countries, the definition of veterinary pharmacovigilance is relatively novel but many other countries such as the USA, Canada, Europe, Japan, and China, have well-established veterinary pharmacovigilance guidelines and programs. Few medications have been banned by the respective regulatory authorities on the basis of the guidelines of such programs. It is important to determine the adverse effects of pharmaceutical products on animals in compliance with international guidelines such as the International Veterinary Conference of the USA and the European Union. There are many other nations that are very seriously looking at veterinary pharmacovigilance and are conducting research to understand the frequency of adverse drug reactions among different animal species.

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The protection of medications that are being used in animals needs to be controlled. In the world the consumption of dairy products and products derived from animals is abundant. The drugs that animals consume can therefore affect the human population and the environment in many ways. Therefore, for the reporting of adverse drug events because of the use of medicinal products in animals veterinary pharmacovigilance is important. In animals, it also helps to understand the resistance of certain medicines. In the case of veterinary pharmacovigilance there is a lack of general awareness among the population, but different measures are being taken by governments around the world to monitor the safety of animal drugs. All approved veterinary drugs have undergone a thorough preparation process.

Veterinary pharmacovigilance is vital for the medication used in animal disease treatment. When these animals are encouraged to be used to create food, it becomes more vital. Adverse drug reactions have a coordinated effect on animals and an indirect effect on humans. In the face of these important future challenges current systems of pharmacovigilance need to be reviewed and further developed. Every year, many new drugs are introduced, so every healthcare professional must have knowledge of the importance of pharmacovigilance and adverse drug reactions monitoring.

The detailed research study provides qualitative and quantitative analysis of veterinary pharmacovigilance market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

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Key Findings of the Report:

  • In end user the pharmaceutical manufacturers segment will pose a significant growth over the forecast period. The need for veterinary pharmacovigilance has risen in the world with an increased use especially by the drug manufacturers.
  • In organization size the large enterprises segment dominated the Veterinary Pharmacovigilance Market over the forecast period. The adoption of these products by large organizations has increased and this trend is set to continue over the years. Medium enterprises are also using these products in order to check the adverse effects of drugs on animals.
  • The North America region will dominate the market due to presence of major players in this region. Moreover, favorable government policies to reduce the use of harmful drugs will boost the adoption of these products over the forecast period.
  • The major players operating in the Veterinary Pharmacovigilance Market include Accenture, DADA, Delvapv, Demlgroup, Ennov, Excelya, knoell (Cyton Biosciences Ltd.), n8 Collaborate, NORD PHARMA PARTNERS ApS, Oy Medfiles Ltd, Panacea Pharma Projects Limited, Pharsafer Associates Limited, Regultory House, Vet Online Consultancy, ZEINCRO Group, ZIVA Health Consultancy and other market participants.

 

Veterinary Pharmacovigilance Market:

  • By Component
    • Products and Solutions
      • Integrated and Customized
      • Standalone
    • Services
      • Consulting Services
      • Support Services
      • Management Services
      • Others
  • By Deployment Mode
    • Cloud Based
    • On Premise
  • By Application
    • Veterinary Safety
    • Veterinary Qualified Person
    • Clinical Trials
    • License Agreements and Regulatory Inspections
    • Risk Management / Risk Minimization Activities
    • Support in Signal Management Process
    • Translations of Adverse Reaction Reports and Other Pharmacovigilance Documentation
    • Affiliate Services
    • Literature
    • Project Management Services
    • Others
  • By Organization Size
    • Small and Medium Sized Enterprises
    • Large Enterprises
  • By End Users
    • Pharmaceutical Manufacturers
    • Biotechnology Companies
    • Medical Research Organizations
    • Others
  • By Geography
  • North America
    • U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

 

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Press Release Provided By: Absolute Markets Insights