Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "Global Veterinary Active Pharmaceutical Ingredients Manufacturing Market Size, Share & Trends Analysis Report by Animal Type (Production, Companion), Service Type, Synthesis Type, Therapeutic Category, and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
Market Growth Drivers
The veterinary active pharmaceutical ingredients (API) manufacturing market is witnessing a surge in growth, driven by multiple factors such as the escalating animal population, the humanization of pets, rising pet care expenditure, initiatives by industry players, and an increase in animal disease prevalence. An upswing in outsourcing manufacturing to third-party providers is also contributing to the market’s expansion, allowing pharmaceutical companies to focus on core activities and streamline operations.
Outsourcing Fuels Efficiency
Third-party outsourcing stands as a key growth catalyst, with more pharmaceutical businesses delegating manufacturing to concentrate on research and development, regulatory compliance, and market strategies. Leveraging specialized skill sets from external manufacturers, pharmaceutical companies can ensure higher quality products, adherence to regulatory protocols, and improved manufacturing processes, potentially shortening product launch timelines and meeting market demands more adeptly.
Regulatory Initiatives Spur Innovation
The market is also bolstered by progressive initiatives from regulatory bodies looking to advance innovation within animal biotechnology and veterinary products. For example, recent agendas from the U.S. FDA aim to refine the agency’s methods in assessing and fostering the development of cutting-edge veterinary products. Government-led projects like the One Health Initiative are further anticipated to amplify market growth by integrating clinical care, disease monitoring, and academic research for enhanced disease control within animal healthcare.
Segment Highlights
The chemical-based API segment commanded a substantial market share in 2023 and will likely continue its dominance. However, the biological API segment is projected to experience rapid growth. Similarly, while the production animal segment currently holds a significant revenue share, the companion animal segment is expected to exhibit swift growth moving forward. The in-house service type segment remains dominant, yet contract outsourcing is predicted to witness the fastest compound annual growth rate (CAGR) in the forecast period.
Regional Market Insights
In terms of regional market share, North America has led the field in 2023 with the largest portion of the revenue. Meanwhile, the Asia-Pacific region is projected to observe the fastest CAGR between 2024 and 2030. The rising demand for veterinary drugs and an intensified focus on pet healthcare in these regions remains a significant factor driving the need for veterinary APIs on a global scale.
The forecast for the global veterinary API market points to robust growth, underpinned by a combination of industry initiatives, regulatory support, and an increasing focus on animal health and well-being. This positive outlook symbolizes an enduring commitment to enhancing veterinary care through innovative pharmaceutical solutions.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $8.54 Billion |
| Forecasted Market Value (USD) by 2030 | $13.47 Billion |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Global |
Companies Featured
- Zoetis
- Alivira Animal Health Limited
- Ofichem Group
- Chempro Pharma Private Limited
- Siflon Drugs
- Qilu Animal Health Products Co., Ltd.
- Vetpharma
- SUANFARMA
- MENADIONA
- Excel Industries Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/m3nwif
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