June 13, 2024
Veterinary Excipients Market

The Growing Preference for Customized Medications is Driving the Veterinary Excipients Market

Veterinary excipients are inert/delivery substances comprising animal-derived or plant-derived products used in veterinary formulations to aid medicinal substance delivery and absorption. Excipients enhance efficacy and ensure safety of drugs by providing structure, stabilizing proteins and peptides, improving solubility, and facilitating coating and release mechanisms. The growing preference for customized medications among veterinarians has boosted demand for excipients that offer targeted delivery, protect therapeutics, and improve palatability and compliance for pets.

Excipients play a vital role in developing effective and stable medications for companion animals and food-producing animals. They aid in better absorption of active pharmaceutical ingredients (APIs) through appropriate delivery mechanisms tailored to species type and bodyweight. This ensures timely therapeutic response with minimum side effects. The consistent availability of safe, high-quality excipients sustains innovation in veterinary drug delivery technologies. The Global Veterinary Excipients Market Size is estimated to be valued at US$ 299.25 Bn in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Compatibility and safety remain top priorities for veterinary excipient selection and use. Key market trends include a rise in plant-based excipients developed through green chemistry and a focus on multifunctional excipients enhancing bioavailability. Promising formulations utilize nano-sized plant sterols, lipids, and biopolymers with combined release-sustaining and protection abilities. Compatible multifunctional excipients facilitate sustained and targeted delivery of antibiotics, vaccines, parasiticides, vitamins, and other APIs.

Porter’s Analysis

Threat of new entrants: Low capital investments and established regulations making new market entry difficult for companies.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and focus on animal health and welfare.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and focus on reliability in supply chain.

Threat of new substitutes: Low threat as excipients have critical usage in veterinary formulations but biosimilars pose a potential threat.

Competitive rivalry: High as major players focus on new product development and expansion into emerging markets.

Key Takeaways

The global veterinary excipients market is expected to witness high growth.

Regional analysis: North America dominates the veterinary excipients market owing to increasing pet ownership, rising veterinary healthcare expenditure and technological advancements. Asia Pacific offers lucrative opportunities and is the fastest growing market driven by growing awareness about animal health, increasing per capita income and expanding veterinary healthcare infrastructure.

Key players operating in the veterinary excipients market are Amazon.com, Inc., Spotify AB, Apple, Inc., Soundcloud Limited, TuneIn Radio, iHeartMedia, Inc., Google Podcasts, Stitcher, and Pandora Media, Inc. Key players are focusing on new product developments and geographic expansion to strengthen their market presence.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it