The global Veterinary API Market is estimated to grow significantly. By 2028, it is projected to reach a value of USD 11.9 billion, showing a compound annual growth rate (CAGR) of 6.9% during the forecast period, starting from USD 8.5 billion in 2023 according to a new report by MarketsandMarkets™. The expansion of the Veterinary API Market is driven by various factors, including rising incidence of transboundary & zoonotic diseases, increasing animal population and pet ownership, and increasing disease control & disease prevention measures.
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The Veterinary API Market is divided into three types based on synthesis types such as Chemical based API, Biological API, and Highly potent API. The Chemical based API segment accounted for the highest share of the global Veterinary API Market in 2022. Increasing Demand for Plasma-Derived Medicinal Products, Advancements in Plasma Fractionation Technologies, and Growing Need for Cold Chain Infrastructure all some of the factors that are anticipated to promote market expansion throughout the projected period. Growing demand for veterinary medicines, occurrence of new or emerging infectious diseases, and increasing research and development activities are some of the factors that are anticipated to promote market expansion throughout the projected period.
The Veterinary API Market, based on Animal Type is divided into two types such as companion animals and livestock animals. In 2022, companion animals held the highest market share for Veterinary API Market. Growing emphasis on preventive healthcare for companion animals and Increasing pet ownership are some of the factors that contribute to the big proportion of this market.
In the forecast period, Asia Pacific in the Veterinary API Market will have the fastest rising regional growth. Large number of veterinary hospitals and healthcare facilities, increasing spread of diseases in animals, and rising manufacturing infrasturcture for veterinary API manufacturing are the main factors driving market growth. Asia Pacific region has experienced an increase in pet ownership, coupled with a rising awareness of animal health and welfare. This has led to a higher demand for veterinary medicines and APIs in the region. Many countries in the Asia Pacific region, such as China, India, and South Korea, have seen substantial economic growth and increased disposable income. This has resulted in a greater ability and willingness to invest in the healthcare of companion animals, driving the expansion of veterinary API manufacturing infrastructure.
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Following is a list of the major players (supply-side) in the Veterinary API Market that this study refers to:
- By Company Type: Tier 1- 34%, Tier 2- 46%, and Tier 3- 20%
- By Designation: C-level- 35%, Director Level—25%, and Others- 40%
- By Region: North America-30%, Europe-45%, Asia Pacific-20%, Latin America- 3%, and Middle East and Africa-2%
Research Coverage:
The market study analyzes the main market segments for Veterinary APIs. The objective of this study is to estimate the market’s size and growth potential across several categories according to API Type, Synthesis Type, Route of Administration, and Animal Type. The report also provides a thorough competition analysis of the major market participants, together with company profiles, major insights regarding their product and service offerings, recent advancements, and key market strategies.
Key Benefits of Buying the Report:
The study provides data regarding the Veterinary API Market’s closest approximations and its segments, which will benefit market leaders and new entrants. This study will assist stakeholders in comprehending the competitive environment, obtaining insights to better position of their businesses, and developing appropriate go-to-market strategies. The research will also assist stakeholders in obtaining insights into the market’s pulse and learning about its major drivers, inhibitors, opportunities, and problems.
The report provides insights on the following pointers:
Analysis of key drivers (Rising incidence of transboundary & zoonotic diseases, increasing animal population and pet ownership, and increasing disease control & disease prevention measures), restraints (High costs of veterinary diagnostic and treatment) opportunities (Rising awareness about animal health and welfare and Untapped emerging economies), and challenges (Challenges In Large Molecule APIs Synthesis) influencing the growth of the Veterinary API Market.
Product Development/innovation:
Comprehensive details on new technologies, R&D initiatives, and product and service launches for Veterinary API Market
Market Development:
Comprehensive data on attractive markets, and the research analyzes the global Veterinary API Market
Market Diversification:
Detailed information on emerging products and services, unexplored regions, current trends, and investments in the Veterinary API Market.
Competitive Assessment:
Comprehensive analysis of market shares, growth plans, and service offerings of major companies operating in the Veterinary API Market like 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)
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)
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.