Expanding Livestock Industry Drives Veterinary API Market Growth
The veterinary
API industry is poised for significant growth in the near future. As
pet ownership continues to rise and people's awareness of animal health and
welfare deepens, the demand for veterinary pharmaceuticals and active
pharmaceutical ingredients (APIs) is expected to skyrocket. With advancements
in technology and research, the industry is likely to witness the development
of innovative APIs that are more efficient and tailored to specific animal
species, ensuring optimal therapeutic outcomes. Additionally, there is a
growing focus on the use of natural and herbal APIs, reflecting the increasing
preference for holistic and alternative veterinary treatments. Furthermore, the
integration of digital solutions, such as telemedicine and remote monitoring,
will revolutionize veterinary care, enabling accurate diagnosis, personalized
treatment plans, and enhanced overall healthcare for animals. The veterinary
API industry, driven by these transformative trends, is set to make significant
strides in improving animal health and well-being in the near future.
Veterinary API Market in terms of
revenue was estimated to be worth $5.2 billion in 2023 and is poised to reach
$7.1 billion by 2028, growing at a CAGR of 6.5% from 2023 to 2028 according to
a new report by MarketsandMarkets™. The market for veterinary API is expanding
because of factors like rising incidence of transboundary & zoonotic
diseases, increasing animal population and pet ownership, and increasing
disease control & disease prevention measures. The veterinary API industry
is anticipated to develop because of the rising demand for veterinary medicines
and other animal health products. This is also going to attract international
investors to that region.
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In this report, the Veterinary API Market is segmented based on API Type, Synthesis Type, Route of Administration, Animal Type, and region.
Veterinary API - Key Market Players:
The prominent players in the
global Veterinary API Market are Phibro Animal Health Corporation (US),
Fabbrica Italiana Sintetici S.p.A. (Italy), Sequent Scientific Ltd. (India),
Excel Industries Ltd. (India), NGL Fine-Chem Ltd. (India), Insulnsud Pharma
(Spain), Menadiona Sl (Spain), Rochem International Inc. (US), and Shaanxi
Hanjiang Pharmaceutical Group Co. Ltd. (China)
|
Report Metric |
Details |
|
Market Size Available for Years |
2021–2028 |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023–2028 |
|
Forecast Unit |
Value (USD Million/Billion) |
|
Segments Covered |
API type, Synthesis Type, Route of Administration, Animal Type, and
Region |
|
Countries Covered |
|
Oral segment in Route of
administration was dominated by the highest share in Veterinary API Market
The Veterinary API Market is
divided into four types based on Route of administration such as Oral,
Injectable, Topical, and Others. The Oral segment accounted for the highest
share of the global Veterinary API Market in 2022. Oral administration of veterinary
drugs is relatively easy and can be performed by the pet owner or veterinary
professional. It typically involves the use of tablets, capsules, liquids, or
treats that can be readily consumed by animals. The oral route is suitable for
a wide range of veterinary drugs, including antibiotics, antiparasitics,
analgesics, and medications for chronic conditions.
Companion animal segment was
dominated by the highest share in Veterinary API Market
The Veterinary API Market is
segmented based on animal type into two categories: companion animals and
livestock animals. In 2022, companion animals dominated the Veterinary API
Market, holding the largest market share. This can be attributed to the
increasing focus on preventive healthcare for companion animals and the rise in
pet ownership, among other factors. These factors have contributed
significantly to the significant proportion of the market occupied by companion
animals.
North America accounted for
the largest share of the Veterinary API Market in 2022
The Veterinary API Market is
categorized into five geographical regions: North America, Europe, Asia
Pacific, Latin America, and the Middle East & Africa. In 2022, North
America emerged as the dominant region, capturing the largest market share for
Veterinary APIs globally. The growth of the North America market is expected to
be driven by factors such as increased investments in research and development
for veterinary API manufacturing and government backing for the establishment
of API manufacturing facilities.
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Veterinary API Market Dynamics:
Drivers:
·
Rising incidence of transboundary & zoonotic
diseases
·
Increasing animal population and pet ownership
·
Increasing disease control & disease
prevention measures
·
Growing demand for animal protein
Restraints:
·
High costs of veterinary diagnostic and
treatment
·
Growing concerns about antibiotic resistance
Opportunities:
·
Rising awareness about animal health and welfare
·
Untapped emerging economies
Challenges:
·
Growing concerns about antibiotic resistance
·
Challenges In Large Molecule Api Synthesis
Recent Developments:
·
In 2021, Sequent Scientific Ltd. (India)
received WHO–GENEVA approval for API Praziquantel (Anthelmintic) under the
prequalification program.
·
In 2020, Sequent Scientific Ltd. Opened a
state-of-the-art animal health R&D center in Mumbai, India.
Primary Research
To gather qualitative and
quantitative data for this study, a variety of sources from the supply and
demand sides were interviewed during the main research phase. CEOs, vice
presidents, marketing and sales directors, business development managers,
technology, and innovation directors of Veterinary API Market manufacturing
businesses, key opinion leaders, suppliers, and distributors are the main
sources on the supply side.
Secondary Research
There were several secondary sources
used in this study, including directories, databases like Bloomberg Business,
Factiva, and Dun & Bradstreet, white papers, annual reports, corporate
house documents, investor presentations, and firm SEC filings. To find and
gather data for the detailed, technical, market-focused, and commercial
analysis of the Veterinary API Market, secondary research was carried out.
Relevant information on major companies, market classification and segmentation
according to industry trends down to the most basic level, and significant
changes regarding market and technological views were also obtained.
Additionally, utilizing secondary research, a database of the important
industry executives was created.
Objectives of the Study:
·
To define, describe, segment, and forecast the Veterinary
API Market based on API type, Synthesis Type, Route of Administration, Animal
Type, and region.
·
To provide detailed information regarding the
major factors influencing the market growth (such as drivers, restraints,
opportunities, and challenges).
·
To assess the Veterinary API Market regarding
Porter's five forces analysis, regulatory landscape, value chain, supply chain,
ecosystem analysis, patent analysis, and the impact of the economic recession.
·
To analyze micromarkets with respect to individual
growth trends, prospects, and contributions to the overall market.
·
To forecast the size of the Veterinary API
Market in North America, Europe, Asia Pacific, Latin America, and the Middle
East and Africa.
·
To analyze opportunities in the market for
stakeholders and provide details of the competitive landscape.
·
To profile the key players in the Veterinary API
Market and comprehensively analyze their core competencies.
·
To track and analyze competitive developments
such as product launches and approvals, acquisitions, expansions, partnerships,
and agreements in the Veterinary API Market.
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/veterinary-api-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/veterinary-api.asp
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