The veterinary API industry is poised for significant growth in the near future. As pet ownership continues to rise and people’s awareness of animal health and welfare deepens, the demand for veterinary pharmaceuticals and active pharmaceutical ingredients (APIs) is expected to skyrocket. With advancements in technology and research, the industry is likely to witness the development of innovative APIs that are more efficient and tailored to specific animal species, ensuring optimal therapeutic outcomes. Additionally, there is a growing focus on the use of natural and herbal APIs, reflecting the increasing preference for holistic and alternative veterinary treatments. Furthermore, the integration of digital solutions, such as telemedicine and remote monitoring, will revolutionize veterinary care, enabling accurate diagnosis, personalized treatment plans, and enhanced overall healthcare for animals. The veterinary API industry, driven by these transformative trends, is set to make significant strides in improving animal health and well-being in the near future.
Veterinary API Market in terms of revenue was estimated to be worth $5.2 billion in 2023 and is poised to reach $7.1 billion by 2028, growing at a CAGR of 6.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. The market for veterinary API is expanding because of factors like rising incidence of transboundary & zoonotic diseases, increasing animal population and pet ownership, and increasing disease control & disease prevention measures. The veterinary API industry is anticipated to develop because of the rising demand for veterinary medicines and other animal health products. This is also going to attract international investors to that region.
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In this report, the Veterinary API Market is segmented based on API Type, Synthesis Type, Route of Administration, Animal Type, and region.
Veterinary API – Key Market Players:
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)
|Market Size Available for Years||2021–2028|
|Base Year Considered||2022|
|Forecast Unit||Value (USD Million/Billion)|
|Segments Covered||API type, Synthesis Type, Route of Administration, Animal Type, and Region|
|Countries Covered||North America US Canada Europe Germany UK France Spain Italy Rest of Europe Asia Pacific China Australia Japan India South Korea Rest of APAC Latin America Brazil Rest of LATAM Middle East and Africa Turkey Rest of MEA|
Oral segment in Route of administration was dominated by the highest share in Veterinary API Market
The Veterinary API Market is divided into four types based on Route of administration such as Oral, Injectable, Topical, and Others. The Oral segment accounted for the highest share of the global Veterinary API Market in 2022. Oral administration of veterinary drugs is relatively easy and can be performed by the pet owner or veterinary professional. It typically involves the use of tablets, capsules, liquids, or treats that can be readily consumed by animals. The oral route is suitable for a wide range of veterinary drugs, including antibiotics, antiparasitics, analgesics, and medications for chronic conditions.
Companion animal segment was dominated by the highest share in Veterinary API Market
The Veterinary API Market is segmented based on animal type into two categories: companion animals and livestock animals. In 2022, companion animals dominated the Veterinary API Market, holding the largest market share. This can be attributed to the increasing focus on preventive healthcare for companion animals and the rise in pet ownership, among other factors. These factors have contributed significantly to the significant proportion of the market occupied by companion animals.
North America accounted for the largest share of the Veterinary API Market in 2022
The Veterinary API Market is categorized into five geographical regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America emerged as the dominant region, capturing the largest market share for Veterinary APIs globally. The growth of the North America market is expected to be driven by factors such as increased investments in research and development for veterinary API manufacturing and government backing for the establishment of API manufacturing facilities.
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Veterinary API Market Dynamics:
- Rising incidence of transboundary & zoonotic diseases
- Increasing animal population and pet ownership
- Increasing disease control & disease prevention measures
- Growing demand for animal protein
- High costs of veterinary diagnostic and treatment
- Growing concerns about antibiotic resistance
- Rising awareness about animal health and welfare
- Untapped emerging economies
- Growing concerns about antibiotic resistance
- Challenges In Large Molecule Api Synthesis
- 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.
To gather qualitative and quantitative data for this study, a variety of sources from the supply and demand sides were interviewed during the main research phase. CEOs, vice presidents, marketing and sales directors, business development managers, technology, and innovation directors of Veterinary API Market manufacturing businesses, key opinion leaders, suppliers, and distributors are the main sources on the supply side.
There were several secondary sources used in this study, including directories, databases like Bloomberg Business, Factiva, and Dun & Bradstreet, white papers, annual reports, corporate house documents, investor presentations, and firm SEC filings. To find and gather data for the detailed, technical, market-focused, and commercial analysis of the Veterinary API Market, secondary research was carried out. Relevant information on major companies, market classification and segmentation according to industry trends down to the most basic level, and significant changes regarding market and technological views were also obtained. Additionally, utilizing secondary research, a database of the important industry executives was created.
Objectives of the Study:
- To define, describe, segment, and forecast the Veterinary API Market based on API type, Synthesis Type, Route of Administration, Animal Type, and region.
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges).
- To assess the Veterinary API Market regarding Porter’s five forces analysis, regulatory landscape, value chain, supply chain, ecosystem analysis, patent analysis, and the impact of the economic recession.
- To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market.
- To forecast the size of the Veterinary API Market in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape.
- To profile the key players in the Veterinary API Market and comprehensively analyze their core competencies.
- To track and analyze competitive developments such as product launches and approvals, acquisitions, expansions, partnerships, and agreements in the Veterinary API Market.