The Animal Drug Compounding Market is expected to be worth US$ 1.9 Bn at a CAGR of 8% between 2021-2031. Healthcare is going the “digital” way. In other words, artificial intelligence (AI)-enabled medical devices and telemedicine are the concrete instances of the proliferation of the digital wave in the healthcare industry. This factor would be the one traversing the healthcare vertical in the forecast period.
Scarce availability of FDA-approved drug formulations for diseases in animals is mended through animal drug compounding, with varied formulations and administration of desired active ingredients. Furthermore, compounded animal drugs are available in alternate dosage forms and dosage strengths, unlike branded veterinary drugs that often come in a single dosage or strength.
Many drugs contain flavoured formulations for the purpose of increasing palatability and compliance. This is done by changing the gritty texture into a smooth and creamy consistency. Abnormal limb coordination, seizures, behavioural changes and blindness in animals such as dogs and cats is commonly observed. CNS drugs are most frequently dispensed in order to treat neurological disorders in animals, and account for the highest demand as far as animal drug compounding is concerned.
Persistence Market Research predicts that the global market for animal drug compounding will be valued at close to US$ 1.9 Bn in 2021, and expand at an 8% CAGR over the forecast period (2021-2031).
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Company profiles:
- Hoye’s Pharmacy
- Vertisis Custom Pharmacy
- Smith Caldwell Drug Store
- Sixth Avenue Medical Pharmacy
- Dougherty’s Pharmacy
- Triangle Compounding Pharmacy Inc.
- Medisca Inc.
- Wedgewood Pharmacy
- Millers Pharmacy
- Chiron Compounding Pharmacy
- MEDS Canadian Compounding Pharmacy
- Aurora Compounding
- Pace Pharmacy
- Victoria Compounding Pharmacy
- Pratt’s Compounding Pharmacy
- People’s Choice Pharmacy
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Key Takeaways from Market Study
- The global market for animal drug compounding is projected to expand 2X over the next ten years.
- Manipulation of animal moods and emotions through hormones and substitutes is expected to aid market growth over the coming years.
- Oral formulations are set to dominant the market share at around 80% by 2031.
- Increasing awareness about the medical needs of companion pets is expected to contribute to market growth.
- The region of North America dominates the global animal drug compounding market, and is expected to retain its top position over the forecast period as well.
- The market in the U.S. is expected to progress at around 8% CAGR through 2031, while that in the U.K. is projected to expand at around 10% over the decade.
“Unavailability of commercially produced branded drugs in the market with specific and desired formulations is set to fuel demand for compounded drug formulations over the years to come” says the Persistence Market Research analyst.
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CNS Drugs Remain Highly Attractive
Central nervous system inflammation in companion animals such as dogs and cats is highly common and results in several neurological disorders. This can result in behavioural changes, seizures, blindness, and abnormal limb coordination. Incorporation of CNS agents in compounded drugs for animals can effectively be helpful in the treatment of nervous abnormalities in them. As such, the CNS agents segment holds around 36% share in the global market for animal drug compounding, in terms of product.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the animal drug compounding market in its latest study, presenting historical demand assessment of 2016 – 2020and projections for 2021 – 2031. The research study is based on product (CNS agents, anti-infective agents, hormones and substitutes, anti-inflammatory agents, and others), animal (companion animals and livestock animals), and formulation (oral, injectable, and others), across seven key regions of the world (North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East & Africa.
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