Global Veterinary Excipients Market, by Functionality (Fillers, Binders, Disintegrants, Glidants, Lubricants, Bulking Agents, Buffering Agents, Tonicity Adjusting Agents, Preservatives, Antimicrobial Agents, Antioxidants and Others), by Formulation (Oral Formulation {Solid Formulation, Liquid Formulation}, Topical Formulations, Parenteral Formulations and Other Formulations), by End User (Pharmaceutical Companies and Contract Manufacturing Organization (CMO)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
Increasing incidence and prevalence of zoonotic and other animal borne diseases has resulted in increased investment in animal healthcare in the Middle East and Africa. Moreover, the implementation of animal health regulations to improve the overall well-being of animals is expected to increase demand for animal healthcare products. For instance, according to the 2021-2022 American Pet Products Association's 2021-2022 National Pet Owners Survey, the total U.S. Pet Industry expenditures in 2021 was US$ 123.6 Billion.
Global Veterinary Excipients Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a moderate impact on the global veterinary excipients market, owing to its possible association with the COVID-19 infection. Governments worldwide implemented quarantine and travel restrictions to curb the spread of COVID-19; however, such measures jeopardize industrial operations, including those of pharmaceuticals. Along with temporary production shutdowns in some countries, the pharmaceutical industry also faces severe consequences of supply chain disruptions. However, the COVID-19 has no substantial impact on the global veterinary excipients market as veterinary excipients is used in the development of vaccines. The following are some of the guidelines which were updated by the regulatory authorities in order to keep the owners, pets and caregivers or Vets safe from COVID-19 infections. There was requirement of emergency care for pets during COVID-19 pandemic, due to the possibility of infection from COVID-19. For instance, according to the article published in Veterinary science Journal: 2021, in a study, few cats and dogs, both were tested from the household where at least one person was COVID-19 positive. It was found that, two out of three cats and two out of five dogs, were having antibodies for COVID-19 indicating they were asymptomatic.
According to the National Center for Biotechnology Information (NCBI): 2021, during COVID-19 pandemic, veterinary services were classified as essential services during COVID-19 pandemic and therefore the veterinary clinics got the permission to remain operating during emergency. The emergency cases includes following services: Vaccine boosters can be provided to the puppies or kittens who have not completed their initial series because they are at risk for contracting the diseases. Vaccinations should be provided if the pet’s risk for the disease is not manageable. Urgent care can be provided, such as, ear infections, decrease in appetite, lethargy, diarrhea and/or vomiting, mild pain of any kind, broken toenails that keep bleeding, management of chronic disease such as diabetes, anything that causes you to doubt that your pet is well. Telemedicine can also be used in order to provide care at home and prevent the owner and the pets to be exposed to the hospital environment. Moreover, the use of PPE (rechecks that can be done via computer camera, consultations about a health issue). Since telemedicine still takes time from a veterinary professional to perform, expect to pay for this service.
Global Veterinary Excipients Market: Key Developments
In January 2022, BASF SE, a Germany-based multinational chemical company, announced that it had expanded the production capacity of its feed enzymes plant in Ludwigshafen, to support the growth plans of the animal nutrition industry.
In December 2021, Venkys India, an integrated poultry group in Asia, announced that it had acquired land measuring 15,030 sq mtr at MIDC, Kesurdi village in Khandala taluka, Satara district in Maharashtra, India to set up a new project for the manufacturing of veterinary medicine products under its animal health product segment.
Browse 37 Market Data Tables and 39 Figures spread through 156 Pages and in-depth TOC on “Global Veterinary Excipients Market”- Forecast to 2030, Global Veterinary Excipients Market, by Drug Type (Lubiprostone, Linaclotide, Eluxadoline, Rifaximin, Alosetron, and Others), by Medical Condition (IBS-constipation and IBS-diarrhea), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/veterinary-excipients-market-5482
Moreover, increasing adoption of organic strategies such as product launch is expected to drive the market over forecast period. For instance, in October 2021, Gattefossé, a leading provider of lipid excipients, announced that it had launched three new pharmaceutical ingredients: Labrafac MC60 and Gelucire 5914, for the oral administration rout e and Emulfree Duo for the topical administration route.
Key Takeaways of the Global Veterinary Excipients Market:
- The global veterinary excipients market is expected to exhibit a CAGR of 7.5% during the forecast period due to the increasing launch of new product in the market is expected to drive the market over the forecast period. For instance, in February 2020, Bimeda Animal Health, a pharmaceutical company, announced the launch of two new veterinary products, Keytil (for the treatment of Bovine respiratory disease associated with pyrexia) and Dexashot (for the treatment of inflammatory or allergic conditions in horses, cattle, pigs, dogs, and cats).
- Among formulation, the parenteral formulations segment is estimated to hold a dominant position in the global veterinary excipients market over the forecast period, owing to the product availability and the instant onset of action of parenteral medications. The therapeutic effect of parenteral drugs is usually achieved within an hour after the administration, thus it is preferred for faster action. Parenteral route of administration is used for administration of aqueous organic solutions, oily solutions, emulsions, suspensions, and sustained release molecules. Parenteral route of administration can be intravenous, intramuscular, intraperitoneal, and subcutaneous.
- Among regions, North America is estimated to account for the largest market share in the global veterinary excipients market over the forecast period, owing to the organic growth strategy adopted by key market players such as product launch. The increase in the launch of medications for animal use is also expected to increase demand for veterinary excipient market. For instance, in May 11, 2021, Elanco Animal Health Incorporated, a U.S.-based pharmaceutical company, announced that it had launched ZoaShield, a zoalene medicated product to prevent coccidial infection in poultry in the U.S.
- Major players operating in the global veterinary excipients market include BASF SE, Croda Health Care, JRS Pharma, Lipoid GmbH, Azelis, U.K. Vet Chem, Gattefoss, Synergy API, Anzchem, Vantage.
