by The veterinary excipients market is estimated to be valued at US$ 259.76 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Veterinary excipients are ingredients used in the manufacturing of various veterinary medications such as tablets, capsules, powders, injectables, and topical gels. They act as carriers or diluents in veterinary formulations to enhance productivity, stability, and bioavailability of veterinary drugs. Some key applications of veterinary excipients include tablets, creams, ointments, solutions, elixirs, injectables, and other dosage forms.
Market Dynamics:-
Increasing pet adoption trends across the globe are expected to drive growth of the veterinary excipients market over the forecast period. According to the American Pet Products Association (APPA), around 67% of U.S. households owned a pet in 2019. Growing humanization of pets is prompting pet owners to spend more on pet care which includes veterinary medications formulations containing excipients.
Rising concerns about zoonotic diseases are also fueling demand for veterinary medication and boosting excipients market growth. Excipients in veterinary drugs act as carriers or diluents for active ingredients to deliver effective treatment for livestock and companion animals. Additionally, increasing prevalence of animal diseases and growing focus on animal health is propelling excipients consumption in veterinary drug manufacturing.
SWOT Analysis:-
- Strength: Veterinary excipients help deliver veterinary drugs safely and effectively through proper dosage forms and administration routes. They offer protection against various infections and diseases. The excipient manufacturing process adheres to strict quality control guidelines.
- Weakness: The toxicity and safety of various excipients are still being evaluated. Certain excipients may cause side effects in animals. High costs associated with R&D and regulatory compliance puts pressure on smaller players.
- Opportunity: Growing pet care industry and rising animal health expenditure present an encouraging opportunity. Demand for therapeutic alternatives to conventional drugs is on the rise. Technological advancements enable development of novel veterinary excipients.
- Threats: Stringent regulatory norms and time-consuming approval procedures may restrict market growth. Customization challenges for specific animal breeds pose a threat. Fluctuating prices of raw materials increase production costs.
Key Takeaways:-
The Global Veterinary Excipients Market Size is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing pet ownership and growing animal health awareness.
Regional analysis:-
North America dominates the global veterinary excipients market due to rising adoption of companion animals and increasing per capita animal healthcare expenditure in the region. Asia Pacific exhibits the fastest growth due to growing animal population, rising veterinary healthcare infrastructure and increasing per capita animal healthcare expenditure in developing countries such as India and China.
Key players:-
Key players operating in the veterinary excipients market are BASF SE, Croda Health Care, JRS Pharma, Lipoid GmbH, Azelis, U.K. Vet Chem, Gattefoss, Synergy API and Anzchem. BASF SE offers a wide range of excipients and pharmaceutical ingredients. Croda Health Care provides veterinary excipients for dermal, oral and injectable applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
