Veterinary Active Pharmaceutical Ingredients Market Size
Veterinary Active Pharmaceutical Ingredients Market size was valued to be USD 6.3 billion in 2022 and is projected to witness development at a CAGR of 7% by 2032 due of the rising ownership of companion animals, increasing frequency of animal diseases, rising cattle production, growing awareness of zoonotic diseases, increasing demand for pet insurance, and expansion of companion animal drugs industry.
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Suppose your pet suffers from an ear infection. The veterinarian writes prescriptions for antibiotics; but, what precisely is in those pills? The secret resides in the Veterinary API, the active component rendering the treatment effective. These APIs are your pet's health's super heros. The foundation of all veterinary medications and meticulously crafted to target particular diseases in animals, they are Veterinary APIs have to satisfy the greatest requirements of quality and safety, much as any drug does. They are extensively investigated, tested, and approved to guarantee they are safe and successful for your animal friend. Constantly innovating, the veterinary sector is creating new and better APIs to offer our cherished friends the best possible healthcare. Better treatments, healthier dogs, and a strong relationship between you and your animal family all start with these APIs.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Veterinary Active Pharmaceutical Ingredients Market Size in 2022 | USD 6.3 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 7% |
| 2032 Value Projection | USD 12.4 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 236 |
| Tables, Charts & Figures | 257 |
| Segments covered | Type, Synthesis Type, Route of Administration, Service Type, Animal Type, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
COVID-19 Impact Analysis
The veterinary active pharmaceutical ingredients market has been significantly changed by the COVID-19 epidemic. Lockdowns and concern about virus infection caused veterinary visits to drop during pandemic. Many of pet owners also have financial restrictions. The economic crisis brought on by the epidemic has affected consumer expenditure on veterinarian APIs as well as pet care items and services, therefore influencing animal healthcare costs. Some veterinary APIs and drugs have therefore lost demand as a result. The epidemic caused a change in focus and funding toward human healthcare and drugs.
The epidemic drove prices for many veterinary APIs and feed additives skyrocketing. For instance, the cost of vitamin C has increased significantly—more than thirty RMB (USD 4.19) per kg, or around fifty percent increase. Vitamin D3's price has almost doubled meantime.
But the epidemic caused a spike in pet adoptions, which expanded the clientele for veterinary products and services including veterinary APIs. Furthermore adopted in the veterinary sector during a pademic were telemedicine and virtual consultations. Pharmaceutical firms and veterinary API providers adjusted to e-commerce trends so that pet owners may easily obtain veterinarian prescriptions online.
Veterinary Active Pharmaceutical Ingredients Driving Factors
By 2032 the veterinary active pharmaceutical ingredients market is projected to grow at a 7% CAGR. By 2022, the worldwide pet care industry is expected to be valued at USD 280 billion. An increase in the frequency of zoonotic diseases, an increase in animal populations and pet ownership, and more veterinarians and veterinary visits are among the several factors fueling this growth. The yearly health care expenses of an average pet owner exceed USD 700. Up 10.68% from 2021 (USD 123.6 billion), Americans spent USD 136.8 billion on their pets in 2022.
Veterinary Active Pharmaceutical Ingredients Restraint
In veterinary active pharmaceutical ingredients market the cost of veterinary medications can be substantial, making them unaffordable for some pet owners. A course of therapy for a common skin illness in dogs, for example, might cost between USD 50- 100.
The veterinary API regulatory environment is getting increasingly stringent, raising the cost of compliance and making it more difficult for new companies to enter the market. Also, a substantial investment is required during the drug development process which may lead to higher drug pricing to recoup costs.
Veterinary Active Pharmaceutical Ingredients Market Analysis
Learn more about the key segments shaping this market
Regarding medications for animals, there are several kinds meant to cure different ailments. Among the most often occurring are those against inflammation, infections, and parasites. With about 25% of the market expected to be occupied by parasite-fighting medications in 2022, they have been the most sought after drugs recently. This is probably because parasites can make animals unwell and damage their capacity for growth and reproduction, so posing many issues for them. Farmers and pet owners both are thus constantly searching for the best strategies to avoid and treat these disorders. To keep their furry pals healthy, many pet owners, for instance, administer monthly flea and tick treatments. To eliminate parasites that can live in their stomachs and create health problems, farmers also routinely treat their animals for deworming. These frequent treatments make parasite-fighting medications highly sought for veterinary use.
Learn more about the key segments shaping this market
Based on synthesis type, the veterinary active pharmaceutical ingredients market is segmented into chemical-based API, biological API, and highly potent API (HPAPI). Chemical-based API segment held a major market share of 57.4% in 2022. Chemicals in their active form are used for the manufacturing of active pharmaceutical ingredient (API) that produces the intended effect. Chemical based APIs have pharmacological activity mainly used with combination of other ingredients to diagnose, cure, mitigate, and treat veterinary diseases. Chemicals acts as a base to convert raw materials into API thereby potentially creating a sustainable healthcare system and influencing product innovation.
Based on contract outsourcing type, the veterinary active pharmaceutical ingredients market is segmented into contract outsourcing and inhouse. Contract manufacturing segment held a majority market share in 2022 and is forecasted to grow at 7.4% CAGR by 2023. This robust expansion rate is owing to increasing preference for outsourcing manufacturing process of APIs and drugs to reduce the operational cost of the company.
The contract manufacturing segment is further sub segmented into contract development and contract manufacturing. Increasing demand for veterinary APIs has influenced the service providers including contract manufacturing and contract development. Moreover, outsourcing will continue to grow as it significantly lowers the cost of R&D expense and in-turn, increase the profit margin for the company.
Based on animal type, the veterinary active pharmaceutical ingredients market is segmented into companion animals and livestock. The companion animals segment held a significant market share in the veterinary active pharmaceutical ingredients accounting for USD 4,139.1 million in 2022. The rising pet ownership rates have led to a larger customer base for veterinary products, including APIs.
The humanization of pets, where they are treated as members of the family, has driven pet owners to seek higher standards of care. This cultural shift translates into higher demand for advanced treatments, further contributing to the prominence of companion animals in the veterinary API market.
Looking for region specific data?
With almost 39% of the worldwide income expected in 2022, North American veterinary medication business is a powerhouse. By 2032, it is expected to expand even more and reach an amazing $4.5 billion. Why so great expenditure of money? Everything revolves around our animal companions and ravenous livestock. Many animals graze on our fields, and people are lavishing major amounts on their pets. Additionally lending some support is the government. Furthermore, our government is helping businesses market these medications by streamlining processes; it is paying off. More and more diseases that might pass from animals to humans are afflicting the United States. This implies that we require more animal health goods, among which veterinary medications are rather important. To put it another way, astonishing 61% of the infectious diseases we acquire from animals occur in the United States. That is a lot. Veterinary medications' demand is therefore just going to keep rising.
Veterinary Active Pharmaceutical Ingredients Market Share
Few of the key players operating in the veterinary active pharmaceutical ingredients market include
- Vetpharma
- Huvepharma
- Alivira Animal Health Ltd
- NGL Fine-Chem Ltd
- Excel Industries Ltd.
- INDUKERN Chemie AG
- AMGIS Lifescience Ltd.
Veterinary Active Pharmaceutical Ingredients Industry News
- In 2022, Zoetis launched a new API called toceranib phosphate, which is used to treat canine mast cell tumors.
- In October 2022, Huvepharma announced the re-launch of PoultrySulfa drug consisting of sulfamerazine, sulfamethazine and sulfaquinoxaline API in the U.S. This drug is used to control coccidiosis and acute fowl cholera in chickens and turkeys caused by pathogens. This launch helped the company to enhance their product portfolio and increase their customer base.
- In November 2020, Ofichem Group announced the opening of new business office at Hangzhou, China. This strategic move helped the company to expand their geographical presence, enter new markets, gain a wide customer base, and enhance their business revenue.
The veterinary active pharmaceutical ingredients market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments
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By Type
- Anti-infectives
- Anti-parasitics
- Vaccines
- Hormones
- Biologics
- Anti-inflammatory
- Other APIs
By Synthesis Type
- Chemical based API
- Biological API
- Highly potent API (HPAPI)
By Route of Administration
- Oral
- Injectable
- Topical
- Other routes
By Service Type
- In-house
- Contract outsourcing
- Cntract development
- Contract manufacturing
By Animal Type
- Companion animals
- Livestock animals
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
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