Veterinary API Market
MarketsandMarkets expect the Global Veterinary API Market is projected to reach USD 11.9 billion by 2028 from USD 8.5 billion in 2023, at a CAGR of 6.9% the forecast period. Factors like Increasing emphasis on disease prevention and control, growing animal population and pet ownership, rising demand for veterinary medicines, and growing awareness of animal welfare are expected to drive the development and growth of the veterinary API market.
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Veterinary API Market by API Type (Antimicrobials (Fluoroquinolones, Tetracyclines), Vaccines, Hormones, Antimicrobials, Anti-inflammatory, Hormones), Synthesis Type, Route of Administration, and Animal Type - Global Forecast to 2028
In this report, the Veterinary API market is segmented on the basis of API Type, Synthesis Type, Route of Administration, Animal Type, and region.
Based on API Type, market segments are divided into six types such as Parasiticides, Vaccines, Antimicrobials, Anti-inflammatory, Hormones, and Other Veterinary APIs. The Parasiticides segment accounted for the largest share of the global Veterinary API market in 2022. The rising R&D investment on veterinary API manufacturing, rising parasitic infection in companion and livestock animals are additional factors that are expected to boost market expansion throughout the projected period.
Based on Synthesis type, Veterinary API market is segmented into three types such as Chemical based API, Biological API, and Highly potent API. The Chemical based API segment accounted for the largest share of the global Veterinary API market in 2022. Wide Range of Therapeutic Options for chemical based API manufacturing, Good stability and longer shelf life compared to some biological APIs are some of the factors that are expected to boost the segment in this market.
Based on Route of Administration, Veterinary API market is segmented into four types such as Oral, Injectable, Topical, and Others. The Oral segment accounted for the largest share of the global Veterinary API market in 2022. Wide applicability in various animal species, easy to administer all the medications, and flexibility in dosing are some of the factors to grow the segment in this market.
Based on Animal Type, Veterinary API market is segmented into four types such as companion and livestock animals. The companion animals segment accounted for the largest share of the global Veterinary API market in 2022. Increasing product portfolio by pharmaceutical companies for companion animals healthcare and advances in veterinary medicines are the factors to grow the segment in this market.
The Veterinary API Market is categorized into five geographical regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In terms of market share, North America was the dominant region for Veterinary APIs globally in 2022. It is anticipated that a major drivers impacting the North America market growth would be development of advanced drug delivery systems, novel formulations, and innovative diagnostic tools, well-established regulatory standards for veterinary pharmaceuticals, and advanced veterinary healthcare infrastructure.
The prominent players in the global Veterinary API Market are Phibro Animal Health Corporation (US), Fabbrica Italiana Sintetici S.p.A. (Italy), Sequent Scientific Ltd. (India), Excel Industries Ltd. (India), NGL Fine-Chem Ltd. (India), Insulnsud Pharma (Spain), Menadiona Sl (Spain), Rochem International Inc. (US), and Shaanxi Hanjiang Pharmaceutical Group Co. Ltd. (China)
Recent Developments of Veterinary API Industry
· In 2021, Sequent Scientific Ltd. (India) received WHO–GENEVA approval for API Praziquantel (Anthelmintic) under the prequalification program.
· In 2020, Sequent Scientific Ltd. Opened a state-of-the-art animal health R&D center in Mumbai, India.
