Dublin, Dec. 05, 2024 (GLOBE NEWSWIRE) -- The "Veterinary API Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The Veterinary API market is projected to grow at a CAGR of 8.28% from estimated value of US$7.9 billion in 2024 to US$11.7 billion in 2029. 
Advances in veterinary medicine, growing pet ownership, and the growing need for animal healthcare products are driving the veterinary API (Active Pharmaceutical Ingredient) market's rapid rise. The market is expanding due to important factors such as increased awareness about animal welfare, regulatory backing, and technology improvements.
Further driving market expansion are the introduction of companion animals as family members and the development of innovative therapeutic alternatives. With an emphasis on improving animal health and wellbeing, the veterinary API market is well-positioned for ongoing innovation and development to satisfy changing industry demands.
Increasing pet ownership anticipated to bolster veterinary API market
The market for veterinary healthcare products, particularly those that depend on APIs, is driven by an increase in pet ownership. The number of homes adopting pets as family members is increasing, which drives up the demand for drugs, shots, and therapies. This trend increases the necessity for a variety of APIs catered to the healthcare requirements of different species. Innovation in API development is spurred by veterinary medicine's developments and the significant investment that pet owners make in their dogs' health.
The humanization of pets also raises the bar for cutting-edge medical care, which drives the veterinary API market's growth to satisfy pet owners' changing wants. The current regulatory framework fosters an atmosphere that is conducive to the expansion of the in-vitro toxicity testing industry.
According to the American Veterinary Medical Association, in 2021, the number of dogs and cats increased, as has the proportion of families with dogs or cats, although the average number of pets per household decreased. A significant portion of new pet purchases come from animal shelters; in 2020, 38% of dogs and 40% of cats came from them. Dog ownership increased to 45% of households in 2020 from 38% at the end of 2016. Between 83.7 million and 88.9 million dogs were predicted to be owned as pets at the end of 2016, an increase of 9%-16%. There were 26% more households with cats in 2020 than there were at the end of 2016. The number of pet cats was expected to be between 60 million and 61.9 million last year, up from 58.4 million five years earlier.
Technological advancements expected to drive veterinary API market growth
The veterinary API market is being driven by technological developments in veterinary medicine, such as innovative medication delivery methods and precision medicine approaches. Developments in pharmacogenomics, biotechnology, and nanotechnology have made it possible to create veterinary medications that are more precise and efficacious. Veterinarians and pet owners have evolving demands, which are met by APIs produced with more efficiency and quality because of improved manufacturing techniques. These developments not only make it easier to produce safer and more effective drugs, but they also support the expansion and innovation of the veterinary API market, which improves animal health outcomes.
On November 07, 2022, a definitive agreement was reached by SeQuent Scientific Limited (SeQuent), the foremost animal health firm in India with a strong focus on veterinary formulations and APIs, to purchase a 100% share in Tineta Pharma Private Limited (Tineta), an Indian-incorporated company.SeQuent views India as a strategic market, and this acquisition was anticipated to significantly accelerate the growth of the country's formulations business, which benefits from having a larger presence in the cattle market. The transaction was valued at Rs. 218 crores, and the payment for it was made in the form of preferential allotment of SeQuent's equity shares worth Rs. 65 crores and cash consideration of Rs. 153 crores.
Diverse pet populations anticipated to boost the veterinary API market
The market for veterinary APIs is driven by the wide range of pet owners who own different species of dogs, cats, birds, and reptiles. These needs require a wide range of pharmaceutical treatments. This need drives the creation and manufacturing of specific APIs to create potent drugs, vaccinations, and therapies for many kinds of animals. In response, producers develop novel APIs to cater to the distinct physiological and medicinal needs of various animal species, hence propelling the veterinary pharmaceutical industry expansion. To support the health of different pets around the world, this dynamic landscape encourages ongoing research and development, improving the availability and effectiveness of veterinary APIs.
Asia-Pacific market expected to grow significantly
The veterinary API market in the Asia-Pacific area has grown significantly. This growth has been driven by elements including an increase in pet ownership, a greater understanding of animal health, and a rising need for high-quality veterinary medications. The booming cattle industry in the area has also boosted demand for veterinary APIs. The market is growing because of government programs that support animal health and welfare as well as developments in veterinary medicine research and development. Shortly, the Asia-Pacific veterinary API market is anticipated to maintain its strong development trajectory due to the region's expanding middle class and rising living standards.
Regulatory concerns can constrain the market for veterinary API
A significant obstacle in the veterinary API business is making sure regulations are followed in various geographical areas. Regulatory agencies such as the FDA, EMA, and others have strict quality and safety requirements that veterinary APIs must adhere to. However, these requirements might differ greatly between nations, which presents challenges for producers looking to export. Complying with various regulatory regulations introduces additional levels of complexity to the production process, necessitating thorough testing, documentation, and occasionally reformulation. For companies in the veterinary API market, overcoming these regulatory obstacles effectively while preserving product quality and consistency is still a major problem.
Veterinary API Market Key Developments:
- January 2024 - U.S. Food and Drug Administration announced a draft guidance for the industry titled. This draft guidance's goal was to offer suggestions for good manufacturing practices (GMPs) in the production of active pharmaceutical ingredients (APIs), used in veterinary pharmaceuticals. It made it easier to harmonize a single set of global standards for GMP inspections of establishments producing APIs and raw ingredients for usage in such goods. Additionally, it gave producers and authorities a framework to guarantee that APIs fulfill the desired standards for quality and purity.
- January 2023 - Ofichem Groep, a provider of raw materials to the pharmaceutical sector, acquired Leiden-based generic drug manufacturer InnoGenerics. The health ministry also backed the relaunch with a €400,000 guarantee and an additional €15,000. InnoGenerics manufactures over-the-counter medications for a variety of illnesses, such as epilepsy, diabetes, heart disease, and depression. The company produced over three billion tablets annually in total.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $7.93 Billion |
| Forecasted Market Value (USD) by 2029 | $11.79 Billion |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
Key Topics Covered
1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base and Forecast Years Timeline
1.8. Key Benefits for the Stakeholder
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Research Processes
3. EXECUTIVE SUMMARY
3.1. Key Findings
3.2. Analyst View
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.4. Industry Value Chain Analysis
4.5. Analyst View
5. VETERINARY API MARKET BY PRODUCT TYPE
5.1. Introduction
5.2. Antiparasitic
5.3. Anti-infectives
5.4. Vaccines
5.5. NSAIDs
5.6. Others
6. VETERINARY API MARKET BY SERVICE TYPE
6.1. Introduction
6.2. In House
6.3. Contract Outsourcing
6.4. Contract Development
6.5. Contract Manufacturing
7. VETERINARY API MARKET BY SYNTHESIS TYPE
7.1. Introduction
7.2. OMICS Chemical Based API
7.3. Biological API
7.4. Highly Potent API (HPAPI)
8. VETERINARY API MARKET BY ROUTE OF ADMINISTRATION
8.1. Introduction
8.2. Oral
8.3. Injectable
8.4. Topical
8.5. Others
9. VETERINARY API MARKET BY GEOGRAPHY
9.1. Introduction
9.2. North America
9.3. South America
9.4. Europe
9.5. Middle East and Africa
9.6. Asia-Pacific
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
10.1. Major Players and Strategy Analysis
10.2. Market Share Analysis
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Competitive Dashboard
11. COMPANY PROFILES
11.1. Sequent Scientific Ltd. (Alivira Animal Health Limited)
11.2. Stanley Black & Decker (Excel Industries Limited)
11.3. Ofichem Group
11.4. Menadiona
11.5. SUANFARMA
11.6. NGL Fine-Chem Ltd.
11.7. FIS - Fabbrica Italiana Sintetici S.p.A.
11.8. Sidhiv Pharma
11.9. Chempro Pharma Private Limited
11.10. AMGIS Lifescience Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/m06mcc
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