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Veterinary Active Pharmaceutical Ingredients (API) Market Size

Report ID: GMI5410
Published Date: Jul 2023
Report Format: PDF

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Veterinary Active Pharmaceutical Ingredients Market Size

Veterinary Active Pharmaceutical Ingredients Market size was valued to be USD 6.3 billion in 2022 and is projected to witness growth at a CAGR of 7% by 2032 due to the rising ownership of companion animals, increasing prevalence of animal diseases, rising livestock production, growing awareness of zoonotic diseases, increasing demand for pet insurance, and expansion of companion animal drugs industry.

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Veterinary API (Active Pharmaceutical Ingredient) refers to the active chemical component in a pharmaceutical product specifically designed for use in veterinary medicine. These APIs are responsible for the therapeutic or pharmacological effects of the veterinary drugs as they serve as the core ingredient in various pharmaceutical formulations. Veterinary APIs are subject to rigorous quality and safety standards to ensure they are effective and safe for use in animals. They undergo extensive research, development, and testing before they are approved for commercial use. The veterinary pharmaceutical industry continuously works to develop and improve APIs to provide better treatment options and promote animal health and welfare.

Veterinary Active Pharmaceutical Ingredients Market Report Attributes
Report Attribute	Details
Base Year:	2022
Veterinary Active Pharmaceutical Ingredients Market Size in 2022:	USD 6.3 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	7%
2032 Value Projection:	USD 12.4 Billion
Historical Data for:	2018 to 2022
No. of Pages:	236
Tables, Charts & Figures:	257
Segments covered:	Type, Synthesis Type, Route of Administration, Service Type, Animal Type, and Region
Growth Drivers:	Increasing companion animal ownership Rising prevalence of animal diseases Increasing livestock population Growing focus on preventive healthcare in veterinary medicine Increasing investments by pharmaceutical companies in R&D of new products Expansion of companion animal drug market Rising incidence of transboundary and zoonotic diseases
Pitfalls & Challenges:	Regulations restricting use of parasiticides on food-producing animals Increasing concerns about antibiotic resistance in animals Challenges in synthesis of large molecules High development cost of APIs Low out of pocket expenditure on veterinary care

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global market for veterinary active pharmaceutical ingredients valued to be USD 6.3 billion in 2022 and is projected to witness growth at a CAGR of 7% through 2032 due to increasing prevalence of animal diseases.

Chemical-based API segment held a major market share of 57.4% in 2022 and is expected to record healthy growth as these chemical based APIs have pharmacological activity mainly used with combination of other ingredients to diagnose, cure, mitigate, and treat veterinary diseases.

North America region held more than 39% revenue share in 2022 and is expected to reach over USD 4.5 billion by 2032, attributed to the significant pet expenditure, presence of large number of grazing animals, and supportive government initiatives.

Vetpharma, Huvepharma, Alivira Animal Health Ltd, NGL Fine-Chem Ltd, Excel Industries Ltd., INDUKERN Chemie AG, and AMGIS Lifescience Ltd. among others.