Veterinary API Market worth $7.1 billion | MarketsandMarkets
21 Jun 2023
CHICAGO, June 21, 2023 /PRNewswire/ -- 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.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=91801752
Browse in-depth TOC on "Veterinary API Market"
150 - Tables
60 - Figures
350 - Pages
Veterinary API Market
Scope:
In this report, the Veterinary API Market is segmented based on API Type, Synthesis Type, Route of Administration, Animal Type, and region.
"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.
Request Sample Pages:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=91801752
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)
Get 10% Free Customization on this Report:
https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=91801752
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.
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.
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.
Related Reports:
Veterinary Pain Management Market - Global Forecasts to 2027
Companion Animal Diagnostics Market - Global Forecasts to 2027
Companion Animal Pharmaceuticals Market - Global Forecasts to 2027
Therapeutic Drug Monitoring Market - Global Forecasts to 2027
Animal Antibiotics and Antimicrobials Market - Global Forecasts to 2027
About MarketsandMarkets™:
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/veterinary-api-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/veterinary-api.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
SOURCE MarketsandMarkets
For more details,please visit the original website
The content of the article does not represent any opinions of Synapse and its affiliated companies. If there is any copyright infringement or error, please contact us, and we will deal with it within 24 hours.
Organizations
Indications
Targets
-Drugs
Chat with Hiro
Hot reports
Get started for free today!
Accelerate Strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
Start your data trial now!
Synapse data is also accessible to external entities via APIs or data packages. Empower better decisions with the latest in pharmaceutical intelligence.