Veterinary Active Pharmaceutical Ingredients (API) Market, By Therapeutic Category (Anti-infectives, Anti-parasitic, NSAIDs, Biologics), Synthesis Type (HPAPI, Biological, Chemical Based), Contract Outsourcing Type (CDMO, CMO), Drug Type (Prescription, OT

Veterinary Active Pharmaceutical Ingredients (API) Market, By Therapeutic Category (Anti-infectives, Anti-parasitic, NSAIDs, Biologics), Synthesis Type (HPAPI, Biological, Chemical Based), Contract Outsourcing Type (CDMO, CMO), Drug Type (Prescription, OTC) - Global Forecast to 2032

Global Veterinary Active Pharmaceutical Ingredients Market is poised to grow significantly through 2032, owing to the increasing demand for pet insurance. For instance, according to a source, the total number of pets that were insured in the U.S. in 2021 was 3.9 million, depicting an increase of 28% from 2020.

Besides, an upsurge in favorable government initiatives in the pet insurance industry will fuel the market demand by 2032. To cite an instance, the NAIC in 2019 accepted the request for Model Law development to address issues such as reimbursement benefits, pre-existing conditions, definitions, violations, producer licensing, disclosures, and regulations regarding pet insurance.

In another instance, VETMED, a reliable source for animal health and veterinary medicine announced quantifying the environmental occurrence of veterinary active pharmaceutical ingredients to better understand the scope of active pharmaceutical ingredients and the spreading of antimicrobial resistance. VETMED claims that the deal will help it to better understand the significance of these medications.

Overall, the global veterinary active pharmaceutical ingredients market is segmented in terms of therapeutic category, synthesis, contract outsourcing, drug, and region.

Based on the therapeutic category, the market is likely to be characterized by the NSAIDs segment, which held a valuation of more than USD 5.6 billion in 2022. NSAIDs are increasingly used to control pain, fever, and other signs of inflammation in animals. A study observed that NSAIDs (Non-steroidal anti-inflammatory drugs) are commonly used to treat canine osteoarthritis by veterinary surgeons in the UK.

Based on synthesis, the biological API segment held more than USD 10.7 billion revenue share in 2022 and will grow robustly over the next ten years. The segmental expansion can be credited to the growing demand for biologically active substances which are used to diagnose and treat various health issues among animals. Besides, there is a rise in the number of diseases in the therapeutic category, which will drive segmental expansion.

On the basis of contract outsourcing, the CDMO segment will grow significantly through 2023-2032, owing to the benefits and advantages offered by them to the veterinary APIs, resulting in their increasing adoption.

In the context of the drug, the prescription segment will grow significantly between 2023 and 2032. The growth of this segment is anticipated to be driven by the surging usage of a range of prescribed medications and therapeutics including anti-infectives, NSAIDs, antibiotics, and vaccines, to treat severe ailments.

In the regional context, the global veterinary active pharmaceutical ingredients market will grow significantly in North America, due to the growing prevalence of zoonotic diseases and a favorable State-backed regulatory scenario.