SAN FRANCISCO, Feb. 8, 2021
SAN FRANCISCO, Feb. 8, 2021 /PRNewswire/ -- The global veterinary active pharmaceutical ingredients manufacturing market size is expected to reach USD 10.4 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.9% from 2021 to 2028. The increasing prevalence of chronic diseases in animals and growing concerns among pet owners are the key contributors to the market growth.
Key suggestions from the report:
Read 102 page research report with ToC on "Veterinary Active Pharmaceutical Ingredients Manufacturing Market Size, Share & Trends Analysis Report By Service Type (In-house, Contract Outsourcing), By Synthesis Type, By Product, By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/veterinary-active-pharmaceutical-ingredients-manufacturing-market
Moreover, the growing prevalence of zoonotic diseases is driving the demand for drugs, which, in turn, boosts the demand for active pharmaceutical ingredients (APIs) for the production of these drugs. According to the Centers for Disease Control and Prevention (CDC), in July 2017, it was estimated that 6 out of 10 known infectious diseases in people can be transmitted from animals and 3 out of every 4 novel or emerging infectious diseases in people are caused due to animals.
Government organizations are involved in issuing various guidelines to promote veterinary services globally, which is expected to contribute to market growth in the coming years. For instance, in May 2018, the OIE International Standards, a part of the WTO framework, issued standards to improve animal health, which will affect human health as well. One of the key challenges was found to be the lack of technical expertise in this field.
The rising number of veterinarians is also anticipated to boost the market growth. According to the American Veterinary Medical Association, in 2018, there were 113,394 veterinarians in the U.S. as compared to 110,531 veterinarians in 2017. Out of these, 48,898 were involved in private clinical practice exclusively for companion animals. Also, according to the Canadian Veterinary Medical Association (CVMA), the approximate number of veterinarians in Canada is 12,921.
Grand View Research has segmented the global veterinary active pharmaceutical ingredients manufacturing market on the basis of service type, synthesis type, product, and region:
List of Key Players of Veterinary API Manufacturing Market
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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