Veterinary Active Pharmaceutical Ingredients (API) Market to cross USD 71 billion by 2032, says Global Market Insights Inc.
Veterinary Active Pharmaceutical Ingredients Market is predicted to register 6% CAGR between 2023 and 2032 owing to surging awareness of animal health, physical and mental well-being
Selbyville, Delaware, Jan. 23, 2023 (GLOBE NEWSWIRE) — Veterinary active pharmaceutical ingredients
Superior efficiency to push CDMO segment growth
Veterinary active pharmaceutical ingredients market share from the CDMO segment is foreseen to garner more than USD 30 billion by 2032. Major players prefer the advantages and benefits provided by CDMOs for veterinary APIs. Due to their greater efficiency, CDMO facilities help maintain the quality of production and engineering as a cost-effective solution offering better flexibility for process adjustments and alterations, which is forecast to supplement segment expansion.
Widespread application for treating veterinary animals to augment prescription drugs demand
The use of a wide range of prescribed therapeutics, pharmaceuticals, and medications, particularly for severe diseases in veterinary animals, is stimulating the development of the prescription drug segment. These medications include antibiotics, anti-infectives, anti-parasitic, NSAIDs, vaccinations, etc. which are beneficial for the diagnosis and treatment of numerous veterinary problems.
Increasing cases of zoonotic diseases among animals to benefit Europe market
Europe veterinary active pharmaceutical ingredients market accounted for more than 24% of the global industry revenue in 2022. The region is emerging as a major hub for this industry owing to growing awareness regarding animal health and the increasing disposable income of people in developed European countries. The strong prevalence of zoonotic diseases has also bolstered the spending on veterinary animal healthcare, thereby impelling the regional market gains.
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Promising R&D programs & collaborations to remain a key growth strategy
Some prominent manufacturers profiled in the veterinary API industry includes Alivira Animal Health Ltd, Qilu Pharmaceutical (Inner Mongolia) Co., Ltd, and others.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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