Emerging Trends in Animal Health Management and their Impact on the Veterinary Active Pharmaceutical Ingredients Market
Animal health management has become a crucial aspect of the veterinary industry in recent years. With the rise in awareness among pet owners and livestock farmers, animal health has taken center stage. This has led to an increased demand for effective and innovative animal health management solutions. As a result, the veterinary active pharmaceutical ingredients market is experiencing significant growth.
Several emerging trends are shaping the animal health management industry, and their impact on the veterinary active pharmaceutical ingredients market cannot be ignored. In this article, we will explore these trends and how they are affecting the market.
- Increase in Pet Ownership
The number of pets worldwide is increasing, and with it, the demand for animal health management solutions. Pet owners are increasingly willing to invest in the health and well-being of their pets, leading to a rise in demand for veterinary medicines. This trend is expected to continue, with the global pet population projected to reach 1.2 billion by 2025.
- Focus on Preventive Care
There is a growing trend towards preventive care in animal health management. Pet owners and livestock farmers are increasingly aware of the benefits of preventative care, such as vaccination and regular check-ups, in reducing the risk of disease and improving overall health. This trend is driving demand for veterinary medicines that can be used for preventive purposes, such as vaccines and parasiticides.
- Increasing Demand for Antibiotics Alternatives
The overuse of antibiotics in both human and animal medicine has led to the emergence of antibiotic-resistant bacteria. This has prompted a shift towards alternative treatments for animal diseases. There is increasing demand for veterinary medicines that can treat and prevent diseases without the use of antibiotics. This trend is expected to continue, with the market for antibiotic alternatives projected to reach $10 billion by 2027.
- Advancements in Technology
Advancements in technology are driving innovation in animal health management. For instance, wearable devices that can monitor an animal’s health in real-time are becoming increasingly popular. These devices can track an animal’s vital signs, activity levels, and behavior, providing valuable insights into their health and well-being. This trend is expected to lead to the development of more personalized animal health management solutions.
- Increasing Focus on Animal Welfare
Animal welfare is becoming a key concern for consumers, and this is driving demand for animal health management solutions that prioritize animal well-being. This trend is leading to the development of new veterinary medicines that are designed to improve animal welfare, such as pain management drugs and behavioral medications.
The impact of these trends on the veterinary active pharmaceutical ingredients market is significant. The market is expected to grow at a CAGR of 7.5% between 2021 and 2028, reaching $7.47 billion by 2028. With the increasing focus on preventive care, antibiotic alternatives, and animal welfare, the demand for veterinary medicines is expected to continue to rise.
In conclusion, the animal health management industry is undergoing significant changes, driven by emerging trends such as increasing pet ownership, a focus on preventive care, the demand for antibiotic alternatives, advancements in technology, and an increasing focus on animal welfare. These trends are shaping the veterinary active pharmaceutical ingredients market, leading to increased demand for innovative and effective animal health management solutions.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.