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% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Veterinary Excipients Market provides a range of essential ingredients used in veterinary medicine formulations. These excipients play a crucial role in enhancing the shelf life, stability, and efficacy of veterinary drugs. They are extensively used as fillers, binders, disintegrants, flavoring agents, antioxidants, and preservatives, among others. The demand for veterinary excipients is driven by the rising prevalence of animal diseases and increasing pet ownership. Moreover, technological advancements in drug development and growing investments in Animal Healthcare are expected to further fuel market growth.
Market Dynamics:
The global Veterinary Excipients Market is primarily driven by two key drivers – increasing pet ownership and the development of advanced veterinary drugs and formulations.
1. Increasing pet ownership:
With the growing trend of pet adoption and increasing disposable income, the number of pet owners is rising significantly. Pet owners are increasingly concerned about the well-being and healthcare of their pets. This has resulted in a higher demand for veterinary medicines and formulations, thereby driving the market for veterinary excipients.
For example, according to the American Pet Products Association (APPA), pet ownership in the United States reached 85 million households in 2019, with an estimated expenditure of US$ 95.7 billion on pet care. This increased expenditure on pet healthcare is expected to boost the demand for veterinary excipients.
2. Development of advanced veterinary drugs and formulations:
The continuous improvement and innovation in veterinary medicine formulations have fueled the demand for advanced excipients. Veterinary drug manufacturers are focusing on developing new formulations that are more effective, convenient, and have fewer side effects. This has led to an increased use of complex excipients to enhance drug delivery and improve therapeutic outcomes.
For instance, the use of microencapsulation techniques in veterinary drug formulations has gained significant traction. Microencapsulation enables controlled release of drugs, improving their bioavailability and ensuring sustained release over an extended period. This innovation requires the use of specialized excipients, driving the market for veterinary excipients.
Segment Analysis:
In terms of segment analysis, the global Veterinary Excipients Market can be segmented based on excipient type and animal type.
The excipient type segment includes fillers & diluents, binders & adhesives, disintegrants, lubricants & glidants, flavoring agents, and others. Among these, the fillers & diluents segment is expected to dominate the market during the forecast period. Fillers & diluents are extensively used to bulk up pharmaceutical formulations, enhance drug stability, and enable accurate dosing.
In terms of animal type, the market can be categorized into companion animals and livestock animals. The companion animals segment is expected to dominate the market, owing to the increasing importance given to pet healthcare and rising pet ownership worldwide.
PEST Analysis:
Political: The veterinary excipients market is influenced by government regulations and policies related to animal health and welfare. The imposition of stringent regulations on the use of certain excipients and their maximum allowable limits may impact market growth.
Economic: The economic factors influencing the market include disposable income, healthcare expenditure, and investments in animal healthcare. Rising disposable income and increased spending on pet healthcare are expected to drive market growth.
Social: Changing societal attitudes towards pets and increased awareness about animal health and well-being are driving the sales of veterinary drugs and formulations. This, in turn, propels the demand for veterinary excipients.
Technological: Technological advancements in drug delivery systems, formulation techniques, and the development of innovative excipients are driving market growth. The development of sustained-release formulations and targeted drug delivery systems for veterinary medicines has created opportunities for excipient manufacturers.
Key Takeaways:
– The Global Veterinary Excipients Market Demand is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to increasing pet ownership and the development of advanced veterinary drugs and formulations.
– North America is anticipated to be the fastest-growing and dominating region in the market, attributed to the presence of a large pet population, high healthcare expenditure on pets, and advancements in veterinary medicine.
– Key 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, and Vantage.
Overall, the market for veterinary excipients is poised to experience significant growth in the coming years, driven by technological advancements, increasing pet ownership, and the need for advanced veterinary medicines and formulations.
