Selbyville, Delaware, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Veterinary active pharmaceutical ingredients market value is expected to surpass USD 71 billion by 2032, according to a new research report by Global Market Insights Inc.
Favorable government initiatives and the rising uptake of animal products as the chief drivers of the veterinary active pharmaceutical ingredients industry. The recent upsurge in demand for pet insurance has also elevated the market outlook. The average cost of routine pet medical care, such as annual exams, vaccines, and so on, is between USD 200 and USD 300 per visit. Many pet owners are deterred from choosing veterinarian care options because of the cost. The need for pet insurance has thus been driven up by rising costs associated with providing healthcare for animals.
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Growing prevalence of parasitic diseases to fuel demand for anti-parasitic drugs
The strong preference for novel anti-parasitic medications in the management of various animal illnesses is contributing to anti-parasitic segment expansion. These drugs play a significant role in the treatment of dogs with parasites to maintain their health. These parasites such as heartworm can cause serious & potentially fatal health problems, necessitating continuous use of specific anti-parasitic veterinary medications for therapy or prophylaxis, which is foreseen to aid segment progress.
Prominent R&D initiatives to bolster chemical based API uptake
Veterinary active pharmaceutical ingredients market value from the chemical based API segment is poised to hit USD 38.5 billion by 2032. This is attributed to prevalent demands and the growing awareness about the numerous benefits provided by chemical-based active pharmaceutical ingredients in veterinary care. In addition, the positive emphasis of market players on R&D operations to create cutting-edge technologies is speculated to foster segment revenue.
Browse key industry insights spread across 200 pages with 240 market data tables & 17 figures & charts from the report, “Veterinary Active Pharmaceutical Ingredients Market Size, By Therapeutic Category (Anti-infectives, Anti-parasitic, NSAIDs, Biologics), By Synthesis (Chemical Based API, Biological API, Highly Potent API (HPAPI)), By Contract Outsourcing (CDMO, CMO), By Drug (Prescription, OTC), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/veterinary-active-pharmaceutical-ingredients-market
Superior efficiency to push CDMO segment growth
Veterinary active pharmaceutical ingredients market share from the CDMO segment is foreseen to garner more than USD 30 billion by 2032. Major players prefer the advantages and benefits provided by CDMOs for veterinary APIs. Due to their greater efficiency, CDMO facilities help maintain the quality of production and engineering as a cost-effective solution offering better flexibility for process adjustments and alterations, which is forecast to supplement segment expansion.
Widespread application for treating veterinary animals to augment prescription drugs demand
The use of a wide range of prescribed therapeutics, pharmaceuticals, and medications, particularly for severe diseases in veterinary animals, is stimulating the development of the prescription drug segment. These medications include antibiotics, anti-infectives, anti-parasitic, NSAIDs, vaccinations, etc. which are beneficial for the diagnosis and treatment of numerous veterinary problems.
Increasing cases of zoonotic diseases among animals to benefit Europe market
Europe veterinary active pharmaceutical ingredients market accounted for more than 24% of the global industry revenue in 2022. The region is emerging as a major hub for this industry owing to growing awareness regarding animal health and the increasing disposable income of people in developed European countries. The strong prevalence of zoonotic diseases has also bolstered the spending on veterinary animal healthcare, thereby impelling the regional market gains.
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Promising R&D programs & collaborations to remain a key growth strategy
Some prominent manufacturers profiled in the veterinary API industry includes Alivira Animal Health Ltd, Qilu Pharmaceutical (Inner Mongolia) Co., Ltd, and others.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
