SAN FRANCISCO, Feb. 8, 2021 /PRNewswire/ -- The global veterinary active pharmaceutical ingredients manufacturing market size is expected to reach USD 10.4 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.9% from 2021 to 2028. The increasing prevalence of chronic diseases in animals and growing concerns among pet owners are the key contributors to the market growth.
Key suggestions from the report:
- The contract outsourcing service type accounted for the largest revenue share of over 58% in 2020 owing to associated benefits with its usage
- The growing number of outsourcing activities by pharmaceutical companies is expected to boost the segment growth
- Chemical-based API synthesis type dominated the market in 2020. This can be attributed to its high usage by many major manufacturing companies
- The vaccines product segment held the largest market share of over 23% in 2020 due to increased demand for vaccines as a result of a high prevalence of chronic diseases in animals
- Due to the presence of well-established companies and technologically advanced infrastructure, North America dominated the market in 2020
- However, Asia Pacific is anticipated to register the fastest CAGR over the forecast period owing to the high potential and rapidly growing markets of India, Japan, and China
- Industry players are involved in strategies including mergers & acquisitions, collaborative agreements, and geographic expansions to gain a competitive edge
- For instance, in March 2020, SeQuent Scientific Ltd. received WHO-GENEVA approval for API Praziquantel, which is an anti-helminthic, under pre-qualification program in its Vizag, India facility
Read 102 page research report with ToC on "Veterinary Active Pharmaceutical Ingredients Manufacturing Market Size, Share & Trends Analysis Report By Service Type (In-house, Contract Outsourcing), By Synthesis Type, By Product, By Region, And Segment Forecasts, 2021 - 2028" at:https://www.grandviewresearch.com/industry-analysis/veterinary-active-pharmaceutical-ingredients-manufacturing-market
Moreover, the growing prevalence of zoonotic diseases is driving the demand for drugs, which, in turn, boosts the demand for active pharmaceutical ingredients (APIs) for the production of these drugs. According to the Centers for Disease Control and Prevention (CDC), in July 2017, it was estimated that 6 out of 10 known infectious diseases in people can be transmitted from animals and 3 out of every 4 novel or emerging infectious diseases in people are caused due to animals.
Government organizations are involved in issuing various guidelines to promote veterinary services globally, which is expected to contribute to market growth in the coming years. For instance, in May 2018, the OIE International Standards, a part of the WTO framework, issued standards to improve animal health, which will affect human health as well. One of the key challenges was found to be the lack of technical expertise in this field.
The rising number of veterinarians is also anticipated to boost the market growth. According to the American Veterinary Medical Association, in 2018, there were 113,394 veterinarians in the U.S. as compared to 110,531 veterinarians in 2017. Out of these, 48,898 were involved in private clinical practice exclusively for companion animals. Also, according to the Canadian Veterinary Medical Association (CVMA), the approximate number of veterinarians in Canada is 12,921.
Grand View Research has segmented the global veterinary active pharmaceutical ingredients manufacturing market on the basis of service type, synthesis type, product, and region:
- Veterinary API Manufacturing Service Type Outlook (Revenue, USD Million, 2016 - 2028)
- In House
- Contract Outsourcing
- Contract Development
- Preclinical Development
- Others
- Contract Manufacturing
- API/Bulk Drugs
- Finished Dose Formulations
- Veterinary API Manufacturing Synthesis Type Outlook (Revenue, USD Million, 2016 - 2028)
- Chemical-based API
- Biological API
- HPAPI
- Veterinary API Manufacturing Product Outlook (Revenue, USD Million, 2016 - 2028)
- Antiparasitic
- Anti-infectives
- NSAIDs
- Vaccines
- Biologics
- Others
- Veterinary API Manufacturing Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- Latin America
- Brazil
- Mexico
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
List of Key Players of Veterinary API Manufacturing Market
- Alivira Animal Health Ltd.
- Excel Industries Ltd.
- Ofichem Group
- Shaanxi Hanjiang Pharmaceutical Group Co., Ltd.
- Menadiona
- Afton Pharma
- Jiangsu Lingyun Pharmaceutical Co., Ltd.
- SUANFARMA
- NGL Fine-Chem Ltd.
- FIS - Fabbrica Italiana Sintetici S.p.A
Find more research reports on Animal Health Industry, by Grand View Research:
- Veterinary Artificial Insemination Market - Global veterinary artificial insemination market size was valued at USD 3.96 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.94% from 2021 to 2028.
- Veterinary Medicine Market - Global veterinary medicine market size was estimated at USD 29.2 billion in 2020 and is expected to expand at a CAGR of 7.4% from 2021 to 2028.
- Animal Health Market - Global animal health market size was valued at USD 48.8 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.9% during the forecast period.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
