Veterinary Active Pharmaceutical Ingredients Manufacturing Market Analysis

Posted by Neha Bora on February 8th, 2021

San Francisco, 8 Feb 2021: The Report Veterinary Active Pharmaceutical Ingredients Manufacturing Market Size, Share & Trends Analysis Report By Service Type (In-house, Contract Outsourcing), By Synthesis Type, By Product, By Region, And Segment Forecasts, 2021 - 2028

The global veterinary active pharmaceutical ingredients manufacturing market size is expected to reach USD 10.4 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.9% over the forecast period. The increasing prevalence of chronic diseases in animals and growing concerns among pet owners are the key contributors to the market growth.

Moreover, the growing prevalence of zoonotic diseases is driving the demand for drugs, which, in turn, boosts the demand for active pharmaceutical ingredients (APIs) for the production of these drugs. According to the Centers for Disease Control and Prevention (CDC), in July 2017, it was estimated that 6 out of 10 known infectious diseases in people can be transmitted from animals and 3 out of every 4 novel or emerging infectious diseases in people are caused due to animals.

Government organizations are involved in issuing various guidelines to promote veterinary services globally, which is expected to contribute to market growth in the coming years. For instance, in May 2018, the OIE International Standards, a part of the WTO framework, issued standards to improve animal health, which will affect human health as well. One of the key challenges was found to be the lack of technical expertise in this field.

The rising number of veterinarians is also anticipated to boost the market growth. According to the American Veterinary Medical Association, in 2018, there were 113,394 veterinarians in the U.S. as compared to 110,531 veterinarians in 2017. Out of these, 48,898 were involved in private clinical practice exclusively for companion animals. Also, according to the Canadian Veterinary Medical Association (CVMA), the approximate number of veterinarians in Canada is 12,921.

Access Research Report of Veterinary Active Pharmaceutical Ingredients Manufacturing Market @ https://www.grandviewresearch.com/industry-analysis/veterinary-active-pharmaceutical-ingredients-manufacturing-market

Veterinary API Manufacturing Market Report Highlights

• The contract outsourcing service type accounted for the largest revenue share of over 58% in 2020 owing to associated benefits with its usage
• The growing number of outsourcing activities by pharmaceutical companies is expected to boost the segment growth
• Chemical-based API synthesis type dominated the market in 2020. This can be attributed to its high usage by many major manufacturing companies
• The vaccines product segment held the largest market share of over 23% in 2020 due to increased demand for vaccines as a result of a high prevalence of chronic diseases in animals
• Due to the presence of well-established companies and technologically advanced infrastructure, North America dominated the market in 2020
• However, Asia Pacific is anticipated to register the fastest CAGR over the forecast period owing to the high potential and rapidly growing markets of India, Japan, and China
• Industry players are involved in strategies including mergers & acquisitions, collaborative agreements, and geographic expansions to gain a competitive edge
• For instance, in March 2020, SeQuent Scientific Ltd. received WHO-GENEVA approval for API Praziquantel, which is an anti-helminthic, under pre-qualification program in its Vizag, India facility

List of Key Players of Veterinary API Manufacturing Market

• Alivira Animal Health Ltd.
• Excel Industries Ltd.
• Ofichem Group
• Shaanxi Hanjiang Pharmaceutical Group Co., Ltd.
• Menadiona
• Afton Pharma
• Jiangsu Lingyun Pharmaceutical Co., Ltd.
• SUANFARMA
• NGL Fine-Chem Ltd.
• FIS - Fabbrica Italiana Sintetici S.p.A