The global veterinary API market has been impacted by the COVID-19 pandemic, with the outbreak leading to a slowdown in demand for veterinary medicines and a disruption in the supply chain for veterinary APIs. However, the market is expected to recover in the coming years, driven by a growing demand for animal healthcare products and an increasing focus on animal health and welfare.
According to a report by Research and Markets, the global veterinary API market size was valued at USD 1.7 billion in 2020, a slight decrease from the previous year due to the impact of the COVID-19 pandemic. However, the market is expected to recover and grow at a compound annual growth rate (CAGR) of 7.5% from 2021 to 2028.
One of the key factors impacting the veterinary API market during the pandemic has been the slowdown in demand for veterinary medicines. The closure of veterinary clinics and animal hospitals, as well as restrictions on animal transportation, have led to a decrease in the number of animal healthcare procedures being performed, and a decrease in the demand for veterinary APIs.
In addition, the COVID-19 pandemic has disrupted the supply chain for veterinary APIs, with many manufacturers and suppliers facing challenges in sourcing raw materials and transporting finished products. This has led to shortages of some veterinary medicines and increased prices for others.
However, despite these challenges, the global veterinary API market is expected to recover in the coming years. One of the key drivers of growth in the market will be the increasing demand for animal healthcare products. As economies recover from the pandemic and restrictions on animal healthcare procedures are lifted, the demand for veterinary medicines and APIs is expected to increase.
Another factor driving growth in the veterinary API market is the increasing focus on animal health and welfare. Governments and regulatory bodies around the world are recognizing the importance of animal health and welfare, and are implementing measures to promote the use of veterinary medicines, including APIs, to prevent and treat animal diseases.
In terms of product type, antibiotics are expected to continue to dominate the veterinary API market, due to their effectiveness in treating bacterial infections in animals. However, there is also expected to be growth in other segments, such as anti-inflammatory agents and parasiticides, as new and improved veterinary medicines are developed and commercialized.
Geographically, North America currently dominates the global veterinary API market, followed by Europe and Asia Pacific. However, the market is expected to see significant growth in emerging economies such as China and India, driven by a rising demand for animal healthcare products and increasing focus on animal health and welfare.
In order to succeed in the post-pandemic veterinary API market, companies will need to focus on product innovation and differentiation. This could involve developing new and improved veterinary medicines that are more effective, safer, and easier to administer. Companies that are able to develop specialized APIs for specific applications, such as parasiticides or anti-inflammatory agents, could also see significant growth in the coming years.
Another key strategy for success in the veterinary API market is to focus on partnerships and collaborations with other companies in the animal healthcare industry. This could involve partnering with veterinary drug manufacturers or animal health companies to develop and commercialize new products, or collaborating with academic institutions or research organizations to advance the development of new APIs.
Overall, the impact of the COVID-19 pandemic on the veterinary API market has been significant, but the market is expected to recover in the coming years. Companies that are able to innovate and differentiate their products, and establish strong partnerships and collaborations in the animal healthcare industry, are likely to be successful in this rapidly evolving market.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Brite View Research journalist was involved in the writing and production of this article.