Growth Trajectory Of The Veterinary Active Pharmaceutical Ingredients Manufacturing Market 2024-2033
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
Market Overview
- Strong growth observed in recent years.
- Expected to reach $7.52 billion in 2024 with a CAGR of 8.6%.
- Forecasted to grow to $10.41 billion in 2028 with a CAGR of 8.5%.
- Major trends include advancements in personalized veterinary medicine and technological innovations.
Driving Forces Behind Growth
Increasing Pet Ownership
- Pet owners provide necessary health facilities, driving demand for veterinary drugs.
- In 2021, the US saw around 977,202 pets adopted, marking a 61% adoption rate in six years.
- Major companies include Alivira Animal Health Limited, Excel Industries Limited, and Ofichem Group B.V.
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Product Innovation in Veterinary API Manufacturing
- Key trend for sustaining market positions.
- Lasa Supergenerics Limited launched Oxyclozanide, a novel anthelmintic, in June 2021.
- Product innovation drives market competitiveness and caters to diverse veterinary needs.
Orion Corporation’s Acquisition of Inovet
- Orion Corporation acquired Inovet (V.M.D. nv/sa) for $128.33 million in June 2022.
- Expands product portfolio and geographical footprint in Western Europe and export markets.
- Inovet is a Belgium-based manufacturer of veterinary active pharmaceutical ingredients.
Market Segmentation
- By Product: Antiparasitic, Anti-Infectives, Vaccines, NSAIDs
- By Service Type: In House, Contract Outsourcing
- By Synthesis Type: Chemical Based API, Biological API, Highly Potent API
Regional Outlook
- North America led the market in 2023.
- Growing demand expected in regions like Asia-Pacific and Europe.
In conclusion, the veterinary active pharmaceutical ingredients manufacturing market is witnessing robust growth driven by factors such as increasing pet ownership and product innovation. Major players are investing in research and development to introduce novel products catering to diverse veterinary needs. Strategic acquisitions and expansions further bolster market competitiveness and geographic reach. With a focus on regulatory compliance and technological advancements, the veterinary API manufacturing market is poised for continued expansion, offering significant opportunities for stakeholders across the globe.
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