Meticulous Research®—a leading global market research company, published a research report titled, ‘Veterinary Active Pharmaceutical Ingredients Market by Product Type (Vaccines, Antibiotics, Anti-inflammatory, Parasiticides), Synthesis Type (Chemical, Biological, High Potent API), Animal Type (Livestock, Companion Animals) - Global Forecast to 2030.
According to this latest publication from Meticulous Research®, the veterinary active pharmaceutical ingredients market is expected to grow at a CAGR of 7.2% from 2023 to reach $13.67 billion by 2030. The growth of the veterinary pharmaceutical ingredients market is driven by the growing expenditure on animal health, the rising prevalence of animal, foodborne, and zoonotic diseases, and the growing demand for animal-derived food products globally. Additionally, increasing awareness regarding animal health in emerging economies and the growing application of precision medicine in veterinary care are expected to create growth opportunities for the stakeholders in this market. However, the stringent regulatory approval process restrains the growth of this market. The environmental impact of veterinary drugs and the dearth of veterinary practitioners is a major challenge to market growth.
The key players operating in the veterinary active pharmaceutical ingredients market are Alivira Animal Health Limited (India), Excel Industries Ltd. (India), Suan Farma, S.A.U. (Spain), Chr. Olesen (Denmark), Qilu Pharmaceutical Co., Ltd. (China), FIS - Fabbrica Italiana Sintetici S.p.A. (Italy), Rochem International Inc. (U.S.), NGL Fine-Chem Ltd. (India), MENADIONA S.L (Spain), and Chempro Pharma Private Limited. (India).
Veterinary Active Pharmaceutical Ingredients Market: Future Outlook
The global veterinary active pharmaceutical ingredients market is segmented by product type (parasiticides, vaccines, antibiotics, anti-inflammatory, and other types), synthesis type (chemical APIs, biological APIs, and high potent APIs), animal type (livestock and companion animals), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on product type, the veterinary active pharmaceutical ingredients market is segmented into parasiticides, vaccines, antibiotics, anti-inflammatories, and other types. In 2023, the parasiticides segment is expected to account for the largest share of the market. This large share can be attributed to the frequent occurrence of parasitic infections in pets and farm animals, increasing pet adoption, and growing livestock population globally. External and internal parasites are some of the most common infections found in animals. Parasiticides are administered frequently in animals by pet owners and farmers to prevent and treat parasitic infections in animals. For instance, fleas and ticks are one of the most common parasitic infections in animals. According to the American Society for the Prevention of Cruelty to Animals, fleas and ticks are the most common pet care concerns in the U.S.
Based on synthesis type, the veterinary active pharmaceutical ingredients market is segmented into chemical APIs, biological APIs, and highly potent APIs. In 2023, the chemical APIs segment is expected to account for the largest share of the market. The factors attributed to the segment’s large share are control & precision, scale-up, cost efficiency, and consistency. Chemical synthesis of APIs allows for precise control over the reaction conditions, which is crucial for obtaining consistent and high-quality API batches. The reaction parameters can be adjusted for optimal yield, purity, and desired molecular properties.
Based on animal type, the veterinary active pharmaceutical ingredients market is segmented into livestock and companion animals. The livestock segment is expected to grow at a higher CAGR during the forecast period. Factors contributing to the segment’s growth are increasing demand and consumption of animal-derived food products in developing countries, increasing livestock populations to meet the growing demand, and government initiatives to prevent and reduce animal disease occurrence. The governments of several countries are undertaking various initiatives to prevent animal diseases. For instance, in 2023, the Government of India launched two initiatives, Animal Pandemic Preparedness Initiatives and World Bank-funded Animal Health System Support for One Health, under these initiatives. These initiatives aim to strengthen integrated disease surveillance & monitoring, early warning & response, vaccine programs for disease prevention and diagnostics for early disease diagnostics, R&D, and production for animal diseases in the country.
This research report analyzes major geographies and provides a comprehensive analysis of the veterinary active pharmaceutical ingredients market in North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America (Brazil Mexico, and RoLATAM), and the Middle East & Africa. North America is expected to dominate the veterinary active pharmaceutical ingredients market in 2023, followed by Europe and Asia-Pacific. Well-established agriculture and animal husbandry, awareness of animal health among farmers and pet owners, high production and export of animal-derived food products, and a large pet population base are expected to support North America’s largest share.
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