The global veterinary active pharmaceutical ingredients (API) market is expected to see steady growth in the coming years. According to a report by Market Research Future, the market is projected to reach a value of USD 5.5 billion by 2023, growing at a CAGR of 7.5% from 2018 to 2023. The market growth is primarily driven by the increasing demand for animal protein, rising prevalence of animal diseases, and growing pet ownership.
Active pharmaceutical ingredients (APIs) are the essential components of drugs that provide therapeutic effects. The veterinary API market includes the active ingredients used in animal health drugs. The market includes various categories of veterinary API, including antibiotics, anti-inflammatory drugs, parasiticides, and others.
Antibiotics are the most widely used veterinary APIs. They are used to treat bacterial infections in animals, and also to prevent the spread of infections in livestock. The increasing demand for animal protein, such as meat and dairy products, is driving the growth of the antibiotics segment in the veterinary API market.
Anti-inflammatory drugs are also an important category of veterinary APIs. They are used to reduce inflammation and pain in animals, and are commonly used in the treatment of arthritis and other chronic conditions. The rising prevalence of chronic diseases in animals is driving the growth of the anti-inflammatory drugs segment in the veterinary API market.
Parasiticides are another important category of veterinary APIs. They are used to treat and prevent parasitic infections in animals, including fleas, ticks, and worms. The growing awareness about the importance of animal health is driving the growth of the parasiticides segment in the veterinary API market.
The global veterinary API market is dominated by the North American region, followed by Europe and Asia-Pacific. The Asia-Pacific region is expected to see the highest growth in the coming years, due to the increasing demand for animal protein and the rising prevalence of animal diseases in the region.
The key players in the global veterinary API market include Zoetis Inc., Merck & Co. Inc., Boehringer Ingelheim GmbH, Elanco Animal Health Inc., Ceva Sante Animale, Vetoquinol S.A., Virbac S.A., Heska Corporation, Norbrook Laboratories Ltd., and Endovac Animal Health. These companies are focusing on product innovation and expansion to strengthen their market position.
In recent years, there has been a growing trend towards the development of personalized medicines in veterinary medicine. Personalized medicine involves the use of genetic information to develop customized treatment plans for individual animals. This approach can help to improve the effectiveness and safety of veterinary drugs, and can also reduce the risk of drug resistance.
Another trend in the veterinary API market is the use of natural and herbal medicines. Natural medicines are derived from plant and animal sources, and are believed to have fewer side effects than synthetic drugs. The use of natural medicines is becoming increasingly popular in veterinary medicine, as pet owners are becoming more aware of the potential risks associated with synthetic drugs.
In conclusion, the global veterinary API market is expected to see steady growth in the coming years, driven by the increasing demand for animal protein, rising prevalence of animal diseases, and growing pet ownership. The market includes various categories of veterinary APIs, including antibiotics, anti-inflammatory drugs, parasiticides, and others. The key players in the market are focusing on product innovation and expansion to strengthen their market position. The development of personalized medicines and the use of natural and herbal medicines are also emerging trends in the veterinary API market.
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