Press release
Veterinary Excipients Market: USD 1.57 Billion Valuation Expected by 2032
Global Veterinary Excipients Market size and share is currently valued at USD 1.06 billion in 2023 and is anticipated to generate an estimated revenue of USD 1.57 Billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 4.5% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 - 2032
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The global market for veterinary excipients is set to witness growth, driven by the escalating demand for animal healthcare products, primarily in the companion animal segment. The increasing awareness among pet owners about the significance of preventive care and their willingness to provide better healthcare to their pets has led to a surge in demand for veterinary drugs and nutritional supplements, subsequently fueling the demand for excipients. Moreover, advancements in technology and the development of new drug delivery systems have paved the way for the use of novel excipients in veterinary medicine.
Despite this, the strict regulations governing the use of excipients in animal health products pose a significant challenge to market growth. Another impediment encountered by the veterinary excipients market is the need for greater awareness among veterinarians and animal owners regarding the importance of excipients in animal health products. Despite these challenges, the market outlook for veterinary excipients remains positive, with continuous investments in research and development and an increasing focus on improving animal health. The demand for high-quality excipients is expected to keep growing.
Veterinary excipients are essential components in the development and production of animal healthcare products. They perform vital functions such as stabilization, solubilization, and taste masking. The growing demand for animal healthcare products can be attributed to various factors, including the increasing trend of humanizing pets, the rising awareness of animal health, and the advancements in animal healthcare technology. Moreover, the surge in demand for veterinary products that aid in the prevention and treatment of various conditions is due to the increasing awareness of animal health issues and the significance of preventive care.
Some of the major players operating in the global market include:
Anzchem
Ashland
Azelis
Colorcon
Croda International Plc
IOI OLEOCHEMICAL
JRS Pharma
Lipoid GmbH
Quality Chemicals S.L
SYNERGY API
Vidara
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Growth Drivers:
Rising Pet Ownership: The growing number of pets worldwide, particularly in developed regions, is fueling the demand for veterinary medicines and, by extension, veterinary excipients.
Increasing Focus on Animal Health: With a greater emphasis on animal health and welfare, there is a growing awareness among pet owners and livestock producers about the importance of preventive and therapeutic veterinary care, driving the demand for veterinary pharmaceuticals.
Technological Advancements: Advances in pharmaceutical technology have led to the development of innovative excipients that improve the delivery, bioavailability, and stability of veterinary drugs, further propelling market growth.
Applications:
Companion Animals: Excipients are widely used in the formulation of pharmaceuticals for companion animals, including dogs, cats, and horses. These medications may include antibiotics, anti-inflammatory drugs, parasiticides, and supplements.
Livestock and Production Animals: Veterinary excipients are also utilized in medications for livestock and production animals such as cattle, poultry, swine, and aquaculture species. These medications help prevent and treat diseases, promote growth, and improve overall animal health and productivity.
Veterinary Excipients Market Report Highlights
The market in 2023 was primarily led by the polymers segment, owing to their exceptional properties and diverse applications in animal health products.
In 2023, the function segment of the market was majorly dominated by the solubilizers/solvents segment. This was due to the fact that these excipients play a crucial role in boosting the availability and stability of active pharmaceutical ingredients (APIs) in animal health products.
In 2023, the market observed the highest revenue share in the pharmaceutical application segment. This was primarily due to the rise in demand for animal healthcare products and the increasing prevalence of diseases among animals.
In 2023, the market was dominated by the North American region, which contributed significantly to the total market revenue. This dominance was attributed to various factors, such as the presence of well-established animal veterinary industries, advanced healthcare infrastructure, and an increasing demand for high-quality animal feed additives in the region.
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Polaris Market Research has segmented the veterinary excipients market report based on chemical group, function, animal type, application, and region:
Veterinary Excipients, Chemical Group Outlook (Revenue - USD Billion, 2019 - 2032)
Alcohols
Lipids
Mineral Salts
Polymers
Others
Veterinary Excipients, Function Outlook (Revenue - USD Billion, 2019 - 2032)
Binders
Coating
Diluents & Fillers
Solubilizers/Solvents
Stabilizers
Others
Veterinary Excipients, Animal Type Outlook (Revenue - USD Billion, 2019 - 2032)
Companion Animals
Production Animals
Veterinary Excipients, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Biologics
Medicated Feed Additives
Pharmaceuticals
Veterinary Excipients, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Contact Us:
Polaris Market Research
Phone: +1-929-297-9727
Email: sales@polarismarketresearch.com
About Us:
Polaris Market Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Polaris Market Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We at Polaris are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semiconductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
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