(EMAILWIRE.COM, December 18, 2024 ) 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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“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
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)
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Recent Developments:
-In 2021, Sequent Scientific Ltd. (India) received WHOGENEVA 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.
Veterinary API Market Advantages:
Improved Animal Health: Veterinary APIs play a crucial role in developing and manufacturing medications for animals. These APIs serve as the core therapeutic components in veterinary drugs, enabling effective treatment and management of various diseases and health conditions in animals. By providing essential ingredients for veterinary medications, APIs help improve animal health and overall well-being.
Diverse Treatment Options: The Veterinary API market offers a wide range of APIs that cater to different animal species and conditions. This diversity allows veterinarians and animal health professionals to choose from various therapeutic options and tailor treatments according to specific needs. The availability of different APIs expands the scope of veterinary medicine, providing versatile solutions for animal healthcare.
Research and Development: The Veterinary API market promotes continuous research and development in animal health. Pharmaceutical companies invest in the discovery and development of new APIs to address emerging diseases and improve existing treatments. This focus on research drives innovation in the veterinary sector and fosters the development of more effective and safer drugs for animals.
Regulatory Compliance: The Veterinary API market operates within a regulated framework to ensure product safety and quality. APIs used in veterinary medications undergo stringent quality control measures and regulatory compliance to meet the standards set by regulatory authorities. These regulations contribute to the reliability and trustworthiness of veterinary APIs, assuring veterinarians and animal owners of the safety and efficacy of the medications.
Global Market Growth: The global demand for veterinary medications is increasing due to factors such as pet ownership growth, rising awareness about animal health, and the expansion of livestock production. This growth in demand drives the Veterinary API market forward, creating opportunities for manufacturers, suppliers, and distributors. As a result, the market experiences steady growth, attracting investments and fostering economic development.
Technological Advancements: The Veterinary API market benefits from advancements in pharmaceutical technology, such as improved synthesis methods, drug delivery systems, and formulation techniques. These advancements enhance the bioavailability, stability, and efficacy of veterinary medications, ultimately leading to better treatment outcomes for animals. The integration of technology into the production and development of APIs contributes to the overall advancement of veterinary medicine.
Collaboration and Partnerships: The Veterinary API market encourages collaboration and partnerships among pharmaceutical companies, research institutions, and veterinary professionals. These collaborations facilitate knowledge sharing, joint research projects, and the development of innovative solutions for animal health. By fostering collaboration, the Veterinary API market strengthens the collective expertise and resources dedicated to improving veterinary healthcare.
Overall, the Veterinary API market plays a vital role in the development and availability of effective veterinary medications. It contributes to the growth of the animal health industry, enhances treatment options, promotes research and innovation, and ensures regulatory compliance, ultimately leading to improved animal health outcomes.