New York, April 26, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Active Pharmaceutical Ingredients Manufacturing Global Market Report 2023" - https://www.reportlinker.com/p06450934/?utm_source=GNW
The global veterinary active pharmaceutical ingredients manufacturing market is expected to grow from $6.37 billion in 2022 to $6.87 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The veterinary active pharmaceutical ingredients manufacturing market is expected to grow to $9.11 billion in 2027 at a CAGR of 7.3%.
The veterinary active pharmaceutical ingredients manufacturing market consists of revenues earned by entities by biologics and bulk drugs that are used to create components in medications which are responsible for the positive veterinary health impacts.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Veterinary active pharmaceutical ingredients manufacturing refers to API synthesis from raw materials that necessitates multi-step methods using a range of high-tech processing technologies.
North America was the largest region in the veterinary active pharmaceutical ingredients manufacturing market in 2022. The regions covered in the veterinary active pharmaceutical ingredients manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of veterinary active pharmaceutical ingredients manufacturing are anti-infectives, vaccines, and nsaids.Chemical-based API refers to the active ingredients of pharmaceutical medicine that have the desired impact on the body in order to cure a disease.
The various service types involved are in house, and contract outsourcing and various synthetic types involved chemical based API, biological API, and highly potent API.
The increasing pet ownerships are expected to propel the growth of the veterinary active pharmaceutical ingredients manufacturing market going forward.Pet owners are individuals who own or adopt a pet animal.
The pet owners provide necessary health facilities to the pets which increases the demand for veterinary drugs. For Instance, according to South China Morning Post, a Hong Kong-based English-language newspaper, pet owners in China reached 62.94 million in 2020 – up from 62.8 million in 2019. Therefore, the increasing pet ownership is driving the demand for the veterinary active pharmaceutical ingredients manufacturing market.
Product innovation is a key trend gaining popularity in the veterinary active pharmaceutical ingredient manufacturing market.Major players in the market are focusing on innovative products to sustain their market position.
For instance, in June 2021, Lasa Supergenerics Limited, an India-based veterinary active pharmaceutical ingredients (API) manufacturing company, launched Oxyclozanide.Oxyclozanide is a novel anthelmintic that treats and manages fascioliasis, a topical worm infection in ruminants, primarily domestic animals like cattle (particularly buffalos on farms), goats, and sheep.
Oxyclozanide is frequently used in the veterinary industry and has enormous potential in domestic and international markets.
In June 2022, Orion Corporation, a Finland-based human and veterinary pharmaceutical industry, acquired Inovet (V.M.D. nv/sa) for an amount of $128.33 million (130 million euros). Through this acquisition, Orion’s Veterinary Medicines section will broaden its product portfolio and obtain a foothold in the production animal market, as well as extend its geographical footprint in Western Europe and the export market. Inovet (V.M.D. nv/sa) is a Belgium-based manufacturer of veterinary active pharmaceutical ingredients.
The countries covered in the veterinary active pharmaceutical ingredients manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The veterinary active pharmaceutical ingredients manufacturing market research report is one of a series of new reports that provides veterinary active pharmaceutical ingredients manufacturing market statistics, including veterinary active pharmaceutical ingredients manufacturing industry global market size, regional shares, competitors with veterinary active pharmaceutical ingredients manufacturing market share, detailed veterinary active pharmaceutical ingredients manufacturing market segments, market trends, and opportunities, and any further data you may need to thrive in the veterinary active pharmaceutical ingredients manufacturing industry. This veterinary active pharmaceutical ingredient manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06450934/?utm_source=GNW
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