Market Trends of Veterinary Active Pharmaceutical Ingredients Manufacturing Industry
This section covers the major market trends shaping the Veterinary Active Pharmaceutical Ingredients Manufacturing Market according to our research experts:
The Vaccines Segment is Expected to Hold a Significant Market Share in the Veterinary Active Pharmaceutical Ingredients Manufacturing Market
The vaccine segment is expected to hold a significant market share in the veterinary active pharmaceutical ingredients manufacturing market.
The increased need for vaccines due to the high frequency of chronic diseases in animals is credited to the segment's growth. Furthermore, rising livestock populations and animal husbandry, as well as the commercialization of animal products, are likely to raise vaccine demand, propelling segment growth forward. Rabies vaccinations, equine influenza virus vaccines, and foot-and-mouth disease vaccines are the most commonly used animal vaccines, which inhibit the transfer of infectious pathogens by replicating naturally acquired immunity.
According to the study published in Infection Ecology & Epidemiology in September 2021, one of the most dangerous zoonotic diseases in the world is salmonellosis. Salmonella prevalence in animals and risk factors for increased transmission of Salmonella spp. from animals to people were evident. In Spain, the prevalence of salmonella in dogs accounted for 1.85%. In China, 243 dogs were found to have a slightly higher prevalence of salmonella at 9.47%. Salmonellosis is effectively treated with vaccines, and the rising prevalence of salmonellosis is expected to increase demand for vaccines, thereby boosting the segment's growth.
Furthermore, the establishment of an animal vaccine manufacturing plant to fulfill the global need for veterinary drugs tends to increase API demand to make the finished product that successfully treats animal diseases. For instance, in October 2022, Indian Immunologicals Ltd. (IIL) announced an INR 700 crore (USD 85.6 million) investment in Genome Valley, Hyderabad, to establish a new animal vaccine manufacturing facility.
The constant development of technologically superior vaccines, as well as the spread of diseases, have all contributed to changing market dynamics, thereby augmenting the segment's growth.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a major market share in the veterinary active pharmaceutical ingredients manufacturing market. Zoonoses pose a concern for human health since animals are frequently the natural source of disease. The rising frequency of zoonotic diseases is a major factor driving market expansion in the region.
According to the 2021-2022 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), around 70% of United States households own a pet, which equates to 90.5 million homes, including 45.3 million cats and 69 million dogs. The same source also reports that the annual expenditure on a routine visit for dogs accounts for USD 242, whereas it is USD 178 for cats in the country. Moreover, factors such as a rise in R&D investments, advancements in procedures, increased consumption of meat, and mandatory vaccination is anticipated to boost market growth during the forecast period.
An article by the Mainstreet Animal Hospital in Canada on Primary Veterinary Care in March 2022 discussed the various complications faced by pets and their management. The article indicated that old age is a major factor contributing to the onset of various chronic diseases such as osteoarthritis, heart issues, kidney issues, endocrinological problems, etc. The rise in the number of chronic diseases in veterinary animals and the requirement for proper medical management, such as providing effective medications for affected animals, is likely to propel the growth of the studied market in the region.
Thus, all the above-mentioned factors, such as rising pet adoption and the growing burden of chronic disease in animals, are expected to boost the market in the region over the forecast period.
