Published Date: 30-Aug-2023
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According to a new report, published by KBV research, The Global Veterinary API Market size is expected to reach $12.9 billion by 2030, rising at a market growth of 6.4% CAGR during the forecast period.
The Oral segment acquired the maximum revenue share in the Global Veterinary API Market by Route of Administration in 2022, thereby achieving a market value of $6.3 billion by 2030. The oral administration of veterinary medications is relatively simple and can be administered by the pet owner or a veterinarian. It typically involves using animal-friendly granules, capsules, liquids, or treats. Oral administration is appropriate for various veterinary pharmaceuticals, including antibiotics, analgesics, antiparasitics, and chronic disease treatments.
The Antimicrobials segment has shown the high growth rate of 6.1% during (2023 - 2030). Since the advent of civilization, human society has relied on livestock for sustenance, manual labor, and companionship. Antimicrobials drug demand has increased as disease outbreaks among livestock have increased. Injuries to livestock, the rising demand for corrective surgery, and other factors have increased the demand for analgesics designed for animals.
The Chemical based API segment is leading the Global Veterinary API Market by Synthesis Type in 2022, thereby achieving a market value of $5.6 billion by 2030. This is due to the easy availability of basic materials and the straightforward synthesis processes. Synthesis of active pharmaceutical ingredients is typically a multi-step process involving numerous chemical transformations of primary materials with distinct chemical and physical properties. When compared to the labour-intensive procedures required to extract APIs from natural sources, chemical synthesis can be a more affordable approach of manufacturing APIs. Patients may find their prescriptions cheaper as a result of this cost-effectiveness.
The Livestock Animals is showcasing a CAGR of 6.9% during (2023 - 2030). This results from the increasing livestock population and people's reliance on animals for resources such as flesh, milk, etc. As a result, the health of livestock is indirectly related to the health of humans, which raises food security concerns. A wide variety of API-based veterinary remedies are essential in preventing infectious diseases in livestock.
The North America region dominated the Global Veterinary API Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4.6 billion by 2030. The Europe market is poised to grow at a CAGR of 6.2% during (2023 - 2030). Additionally, The Asia Pacific market would display a CAGR of 7.1% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/veterinary-api-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Boehringer Ingelheim International GmbH, Zoetis, Inc., Elanco Animal Health, Inc., Merck & Co., Inc., Virbac, Vetoquinol SA (Soparfin SCA), Sequent Scientific Limited, Phibro Animal Health Corporation, Febbrica Italina Sintetici S.P.A. (Nine Trees Group S.p.A) and Excel Industries Limited.
By Route of Administration
By API Type
By Synthesis Type
By Animal Type
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