VETERINARY EXCIPIENTS MARKET ANALYSIS

Veterinary Excipients MarketSize and Trends

The global veterinary excipients market is estimated to be valued at US$ 241.64 million in 2022 and is expected to exhibit a CAGR of 7.5% during the forecast period (2022-2030).

Figure 1. Global Veterinary Excipients Market Share (%), by Formulation, 2022

Global Veterinary Excipients Market – Key Driver

Increasing demand for animal healthcare products is expected to drive the market over the forecast period.

An increasing in the number of pet ownership along with increasing livestock population is driving the need for better treatment options for animals, which is resulting in increasing demand for animal healthcare products. This is expected to drive the market growth over the forecast period. For instance, according to the 2021-2022 American Pet Products Association (APPA) National Pet Owners Survey, 70% of the U.S. households own a pet, which equates to 90.5 million homes. Furthermore, according to the data published by the American Pet Products Association (APPA), 45.3 million in U.S. households owns cat and 69.0 million households own a pet.

According to the National Agricultural Statistics Service (NASS), January 2022, there were around 91.9 million head of cattle and calves on the U.S. farms as of January 1, 2022. Additionally, according to the National Dairy Development Board, the total livestock population in India in the year 2019 was 535.8 Million.

Therefore, as the livestock population increases, the risk of animal infection increases. This will increase the demand for veterinary excipients for the drug development process.

Increasing incidence of zoonotic diseases is expected to drive the market over the forecast period.

Increasing incidence and prevalence of animal diseases is expected to surge the demand for veterinary excipients in order to manufacture drugs for treatment of animals. This is expected to drive the market growth during the forecast period. Anthrax, caused by soil-borne spore-forming bacteria called Bacillus anthracis, is a zoonotic disease that persists worldwide in livestock and wildlife and infects humans. For instance, according to an article published by the National Center for Biotechnology Information (NCBI), 2021, the pooled prevalence of anthrax globally was 28% (95% confidence interval, 26-30%) from 2,452 samples through for the period from 1992 to 2020. Continent-wise subgroup analysis through the random effects model revealed that the pooled prevalence of anthrax was highest in Africa (29%) and least in North America (21%).

Furthermore, foot-and-mouth disease (FMD) or hoof-and-mouth disease (HMD) is an infectious and sometimes fatal viral disease that affects cloven-hoofed animals, including domestic and wild bovids. According to the data published by Frontiers Media S.A., August 2022, the overall seroprevalence (the level of a pathogen in a population) of foot and mouth disease (FMD) in cattle from January to December 2021, in Ethiopia, Africa, was 26.8%. Also, adult animals were 9.01 times more likely to be seropositive for the disease than young animals.