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Veterinary Excipients Global Market Report Competitive And Growth Analysis 2033
Veterinary Excipients Global Market Report 2024
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According to The Business Research Company's, The veterinary excipients market size has grown strongly in recent years. It will grow from $0.89 billion in 2023 to $0.94 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to increased pet ownership, advancements in veterinary medicine, growth in demand for animal protein, rise pet healthcare expenditure, and expansion of animal healthcare infrastructure.
The veterinary excipients market size is expected to see strong growth in the next few years. It will grow to $1.18 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to increasing focus on animal welfare, rise in pet insurance coverage, growing prevalence of zoonotic diseases, expansion of veterinary pharmaceuticals market, and emergence of novel excipients. Major trends in the forecast period include personalized medicine for animals, adoption of natural and organic excipients, integration of digital health solutions, innovation in veterinary health industry, and technological advancements.
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Market Drivers and Trends:
The rising prevalence of genetic diseases is expected to propel the growth of the sequencing consumables market going forward. Genetic diseases are disorders caused by abnormalities in an individual's DNA or genes, often inherited from their parents. The rising prevalence of genetic diseases is attributed to factors such as increased awareness, improved diagnostics, and changing environmental conditions. Sequencing consumables are utilized in genetic diseases for DNA extraction, library preparation, sequencing, and analysis to identify genetic variants associated with disease. For instance, in April 2024, according to the Centers for Disease Control and Prevention, a US-based government agency, about 6,000 babies born in the United States have Down syndrome each year, which occurs in about 1 in every 700 babies. Therefore, the rising prevalence of genetic diseases is driving the growth of the sequencing consumables market.
Major companies operating in the veterinary excipients market are developing innovative products, such as VitiPure excipients, to cater to the growing demand for veterinary health. VitiPure excipients are a line of high-purity excipients designed to enhance the stability and solubility of active pharmaceutical ingredients (APIs) across various applications. For instance, in October 2023, Clariant, a Switzerland-based specialty chemical company, launched a range of VitiPure excipients to offer versatile support for a range of API formulations and administration methods, including delicate substances such as mRNA vaccines and biologics. Notably, VitiPure O 80 Superior is a top-tier, low microbial load Polysorbate 80, prized for its minimal impurities and colorless, odorless nature.
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Major Key Players of the Market:
Archer Daniels Midland Company, Badische Anilin- und Soda-Fabrik AG, Evonik Industries AG, DuPont de Nemours Inc., Clariant AG, Azelis India Private Limited, Lubrizol India Private Limited, Croda International Plc, Ashland Inc., JRS PHARMA GmbH & Co. KG, Vantage Specialty Chemicals, Colorcon Inc., Seppic SA, Spectrum Laboratory Products Inc., Gattefossé SAS, Quality Chemicals S.L., IOI Oleo GmbH, Lipoid LLC, Synergy API Private Limited, SSS Pharmachem Private Limited
Veterinary Excipients Market 2024 Key Insights:
• The veterinary excipients market size is expected to see strong growth in the next few years. It will grow to $1.18 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Rising Zoonotic Diseases Drive Growth In The Veterinary Excipients Market
• Innovative Solutions Revolutionize The Veterinary Excipients Market
• North America was the largest region in the veterinary excipients market in 2023
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