The substance used in medicine formulation alongside the active ingredient of a medication, included for the purpose of long-term stabilization, bulking up solid formulations that contain potent active ingredients in small amounts or to confer a therapeutic enhancement on the active ingredient in the final dosage form, such as facilitating drug absorption, reducing viscosity of veterinary formulation and enhancing solubility of the veterinary excipients.
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% during the forecast period (2022-2030).
Figure 1. Global Veterinary Excipients Market Share (%), by Formulation, 2022
Global Veterinary Excipients Market – Key Driver
Increasing demand for animal healthcare products is expected to drive the market over the forecast period.
An increasing in the number of pet ownership along with increasing livestock population is driving the need for better treatment options for animals, which is resulting in increasing demand for animal healthcare products. This is expected to drive the market growth over the forecast period. For instance, according to the 2021-2022 American Pet Products Association (APPA) National Pet Owners Survey, 70% of the U.S. households own a pet, which equates to 90.5 million homes. Furthermore, according to the data published by the American Pet Products Association (APPA), 45.3 million in U.S. households owns cat and 69.0 million households own a pet.
According to the National Agricultural Statistics Service (NASS), January 2022, there were around 91.9 million head of cattle and calves on the U.S. farms as of January 1, 2022. Additionally, according to the National Dairy Development Board, the total livestock population in India in the year 2019 was 535.8 Million.
Therefore, as the livestock population increases, the risk of animal infection increases. This will increase the demand for veterinary excipients for the drug development process.
|Base Year:||2021||Market Size in 2022:||US$ 241.64 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||7.5%||2030 Value Projection:||US$ 430.94 Mn|
BASF SE, Croda Health Care, JRS Pharma, Lipoid GmbH, Azelis, U.K. Vet Chem, Gattefoss, Synergy API, Anzchem, Vantage.
|Restraints & Challenges:||
Figure 2. Global Veterinary Excipients Market Share (%), by Region, 2022
Increasing incidence of zoonotic diseases is expected to drive the market over the forecast period.
Increasing incidence and prevalence of animal diseases is expected to surge the demand for veterinary excipients in order to manufacture drugs for treatment of animals. This is expected to drive the market growth during the forecast period. Anthrax, caused by soil-borne spore-forming bacteria called Bacillus anthracis, is a zoonotic disease that persists worldwide in livestock and wildlife and infects humans. For instance, according to an article published by the National Center for Biotechnology Information (NCBI), 2021, the pooled prevalence of anthrax globally was 28% (95% confidence interval, 26-30%) from 2,452 samples through for the period from 1992 to 2020. Continent-wise subgroup analysis through the random effects model revealed that the pooled prevalence of anthrax was highest in Africa (29%) and least in North America (21%).
Furthermore, foot-and-mouth disease (FMD) or hoof-and-mouth disease (HMD) is an infectious and sometimes fatal viral disease that affects cloven-hoofed animals, including domestic and wild bovids. According to the data published by Frontiers Media S.A., August 2022, the overall seroprevalence (the level of a pathogen in a population) of foot and mouth disease (FMD) in cattle from January to December 2021, in Ethiopia, Africa, was 26.8%. Also, adult animals were 9.01 times more likely to be seropositive for the disease than young animals.
Global Veterinary Excipients Market – Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.
COVID-19 can affect the economy in three main ways: by directly affecting production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, are facing problems with regards to the transportation of drugs from one place to another.
However, the COVID-19 pandemic had a moderate impact on the global veterinary excipients market, owing to the disruption in supply chain and manufacturing activities all over the world. Furthermore, healthcare providers were facing challenges in terms of additional manpower, equipment, consumables, and other resources which are required to ensure safety in hospitals and provide treatment to patients with other diseases. This has also impacted the overall healthcare market negatively. One of the biggest challenges due to the COVID-19 pandemic is supplying raw materials required to manufacture medical devices due to irregularities in the transportation system.
Global Veterinary Excipients Market: Key Developments
In May 2022, TheraVet, a company in the management of osteoarticular diseases in pets, announced the signing of an exclusive distribution agreement with Nuzoa, a distributor of veterinary products and services, for the distribution of BIOCERA-VET product line in Spain. BIOCERA-VET contains calcium phosphate excipients which acts as binder and filler in solid oral dosage forms.
In April 2022, Boehringer Ingelheim, a pharmaceutical development and manufacturing company, announced plans to invest US$ 57 million to expand its Animal Health Global Innovation Center in Athens, Georgia.
Global Veterinary Excipients Market: Restraint
The major factors that hinder growth of the global veterinary excipients market include strict regulatory hold over the approval of the veterinary excipients and drugs. The studies designed to evaluate a new drug’s safety and efficacy must meet strict standards known as Good Laboratory Practices and Good Clinical Practices. The U.S. FDA inspects the facilities that run the studies to ensure they are performing at the highest standards. Additionally, studies must be geographically diverse and statistically designed. This helps to ensure a veterinarian, farmer, and pet parent can have confidence a medicine is safe and effective regardless of differences in climate, patient characteristics, or disease variations across the country.
Furthermore, the adverse effects associated with veterinary excipients is expected to hinder the growth of the market over the forecast period. Excipients can cause adverse effects when combined with certain active ingredients or other excipients. For example, modified release excipients, if not properly formulated, can lead to “dose dumping” or overdose, or can result in increased side effects. Antioxidants such as BHA (butylhydroxyanisol) appear to cause hyperplasia and carcinoma of the pre-stomach in rats at a dose of 20g/kg diet, while BHT (butyl hydroxytuolene) contributed to lesions of the hepatic cells after chronic administration to laboratory animals.
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.
The veterinary excipients are used in formulating the medications used in the treating animal diseases. The veterinary excipients is a substance used while formulating active ingredient of medication, included for the purpose of bulking up solid formulations, to confer a therapeutic enhancement on the active ingredient, reducing viscosity and for enhancing solubility. The excipients can also be beneficial during the manufacturing process to help with concerns relating to the active substance, such as by facilitating powder flowability or non-stick properties, in addition to aiding in vitro stability, such as by preventing denaturation or aggregation over the expected shelf life. The dosage form, mode of administration, active ingredient, and other variables all play a role in choosing the best excipients. For excipients used in parenteral pharmaceuticals, a thorough classification system based on correlations between structure, property, and application has been developed.
There are various functions of the excipients in the veterinary formulations, some of them are mentioned here as follows: fillers, disintegrants, binders, glidants, bulking agents, lubricants, buffering agents, tonicity Adjusting Agents, preservatives, antimicrobial agents, and antioxidants among others. For example: the antimicrobial agents are used in the parental formulation of the veterinary medication. The disintegrants. The tablet coating protect tablet ingredients from deterioration by moisture in the air and make large or unpleasant-tasting tablets easier to swallow. The binders are used in the veterinary formulation to hold the ingredients in a tablet together, the dry binders are added to the powder blend, either after a wet granulation step, or as part of a direct powder compression (DC) formula and the solution binders are dissolved in a solvent (for example water or alcohol can be used in wet granulation processes).
Increasing adoption of the inorganic strategies like acquisition and agreement to develop the new excipients and products and distribution of excipients to manufacturer is expected to drive the market over the forecast period. For instance, on October 4, 2022, Roquette, a plant-based pharmaceutical excipient provider, announced the acquisition of Crest Cellulose, an excipient manufacturer, to increase Roquette’s presence in Asia Pacific. Furthermore, in February, 2022, Azelis, a global innovation service provider in the specialty chemicals and food ingredients industry, announced an agreement with Roquette for the distribution of its pharmaceutical cellulose product range in India. This agreement will expand the company presence in multiple regions and industries.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.