Veterinary Active Pharmaceutical Ingredients Manufacturing Market Size, Share & Trends Analysis Report By Service Type, By Synthesis Type, By Therapeutic Category, By Animal Type, By Region, And Segment Forecasts, 2023 - 2030
New York, Jan. 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Active Pharmaceutical Ingredients Manufacturing Market Size, Share & Trends Analysis Report By Service Type, By Synthesis Type, By Therapeutic Category, By Animal Type, By Region And Segment Forecasts, 2023 - 2030" - https://www.reportlinker.com/p06377986/?utm_source=GNW
Veterinary Active Pharmaceutical Ingredients Manufacturing Market Growth & Trends
The global veterinary active pharmaceutical ingredients manufacturing market size is expected to reach USD 10.64 billion by 2030. The market is expected to expand at a lucrative CAGR of 6.9% from 2023 to 2030. The key factors driving the industry growth include the growing animal population, rising pet ownership & humanization, high pet expenditure, an increasing number of veterinarians & veterinary visits, and a high prevalence of zoonotic diseases. In addition, the rising demand for pet insurance, strategic initiatives undertaken by key participants, and government initiatives are likely to boost industry growth.Various government policies are affecting the veterinary active pharmaceutical ingredients (API) manufacturing.
For instance, in India, despite a strong base, domestic veterinary pharmaceutical companies have gradually stopped manufacturing veterinary APIs due to low-profit margins.They started importing APIs from other countries, a majority of which are imported from China, which was a cheaper alternative and increased their profit margin on drugs.
The Technology Information Forecasting and Assessment Council-an organization under the Department of Science & Technology, India-recommended a few guidelines to address the need for regulating APIs to make India self-reliant and revive its economy post-pandemic. This is important to reduce India’s dependency on China for pharmaceutical goods, including APIs, especially after the tensions between soldiers at the India–China border.
Various guidelines are being issued by government organizations to encourage veterinary services globally, which is anticipated to aid veterinary API manufacturing market growth in the coming years.An increase in the number of government initiatives that help promote animal health is also expected to fuel the overall market growth during the forecast period.
The launch of One Health Initiative for enhancing animal healthcare standards has improved growth prospects for the industry.This joint project unified clinical care, disease surveillance, and education & research areas for better control of diseases.
The growing need for efficient animal treatment and increasing awareness about pathogenesis & epidemiology have encouraged organizations, such as Companion Animal Adoption Resources and the Federation of European Companion Animal Veterinary Association, to take appropriate measures.
Government and private organizations are constantly updating their guidelines to promote animal health and prevent obesity & other disorders. This is expected to fuel industry growth over the forecast period.The increasing number of oral formulations for various veterinary drugs is boosting the demand for veterinary APIs. These majorly include nonsteroidal anti-inflammatory drugs. Manufacturers are investing in electrochemical synthesis, which helps in accelerating the manufacturing process for APIs. In addition, the introduction of biologically synthesized APIs is a technological innovation that fuels industry growth. Going forward, veterinary biopharmaceuticals produced by rDNA technology will be gaining more significance, as they would be a better choice for managing diseases, such as arthritis, cancer, & diabetes, and autoimmune disorders.
Furthermore, the introduction of High-Potency APIs (HPAPIs), which act on the target cells in a much lower dose as compared to the general APIs, is also expected to offer lucrative growth opportunities in the vet API Manufacturing market. The HPAPIs are creating significant changes in pharmaceutical innovation to deliver new therapeutic medicines.Some of the macroeconomic factors, such as COVID-19, have widely impacted veterinary consumer demand, as human medicines, including antivirals, were in high requirement during the pandemic. According to SeQuent Scientific Ltd., 2021, rising geopolitical tensions amid the Ukraine-Russia conflicts are also expected to create uncertainty in the supply chain, financial stress, & climate-related changes, as well as increase inflation in the near term.
Veterinary Active Pharmaceutical Ingredients Manufacturing Market Report Highlights
• Some API manufacturing companies have been gaining traction since the COVID-19 pandemic
• For instance, the share of companies, such as Lasa Supergenerics-a company involved in veterinary and human APIs-increased to 108% by February 2020 compared to February 2019 owing to the exponential rise in the demand for human APIs by drug manufacturers
• The contract outsourcing segment accounted for the highest revenue share in 2022 owing to its associated benefits. Earlier, veterinary pharma drug manufacturers would opt for an in-house model and prepare their APIs
• The chemical-based API segment is expected to drive industry growth over the forecast period owing to its high usage among veterinary pharmaceutical companies
• The anti-infectives segment dominated the industry in 2022. Growing challenges among livestock owners to uphold veterinary health standards to meet the demand for healthy dairy products, fresh meat, and dietary nutrition are driving the need for anti-infective drug production
• North America is expected to dominate the industry over the forecast perioddue to the high prevalence of zoonotic diseases across the region
Read the full report: https://www.reportlinker.com/p06377986/?utm_source=GNW
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