US Animal Drug Compounding Market 2022
The global US Animal Drug Compounding Market is estimated to reach US$ 2 Billion at a CAGR of 8% by the year 2029 End. With remote monitoring comes remote surgery. With digital twinning, this surgery becomes feasible. This could help in saving on prices of development of complex medical products, thereby improvising on time-to-market metric. This would be the thing with the healthcare vertical in the upcoming period.
Persistence Market Research published a report on the animal drug compounding market, which considers the U.S. industry analysis 2014 – 2018 and opportunity assessment 2019 – 2029, and projects that the animal drug compounding market is expected to reach ~ US$ 1 Bn by the end of 2019 in terms of value, and is forecasted to reach ~ US$ 2 Bn by the end of 2029.
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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
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Availability of Alternative Dosage Forms Boosting the Demand for Animal Drug Compounding
Commercially available veterinary drugs often come in a single dosage or strength. Animal drug compounding is able to produce desired drugs with alternate dosage and varied dosage forms, which is not possible during the production of branded drugs. Such types of animal drug compounding involve concentrating the drug in the flavoured gel that is generally applied to the paw or fur of the animal, and is administered by licking. Also, dosage forms such as transdermal drug delivery in animals, are widely accepted in diverse range of animal drug compounding. To cite an example, anti-parasitic drugs for cattle and anti-flea drugs for dogs and cats are most successful transdermal drug delivery transdermal compounded drug products.
Lower Availability of Generic Substitutes for Veterinary Drugs
Availability of generic substitutes is much lower for veterinary drugs. Most drugs available for animals for critical diseases are branded drugs. Additionally, currently there is no reimbursement available for veterinary drugs, which indicates that most of the drug expense goes out of the pockets of animal owners. In such circumstances, most pet owners prefer resorting to animal drug compounding that are easily available, cheaper than branded equivalents, and do not require multiple prescriptions.
CNS Drugs to be Most Frequently Dispensed Extemporaneous Medications from Animal Drug Compounding Pharmacies
Central nervous system inflammation is the most common cause of neurological disorders in dogs and cats. Abnormal limb coordination, seizures, behavioral changes, and blindness are cited as the most common abnormalities in dogs and cats with central nervous system inflammation. For instance, according to the International Journal of Pharmaceutical Compounding, central nervous system drugs were the most commonly dispensed medications from animal drug compounding pharmacies with approximately 39% of the total veterinary prescriptions.
Absence of Adverse Event Reporting in Animal Drug Compounding
Individual boards of animal drug compounding pharmacies of various states in the U.S. haven’t reported any incidences of adverse events related to animal drug compounding. Furthermore, the U.S. FDA’s adverse drug event reporting system for animals is also not aggregated or comprehensive, and is currently being revised. Since 2001, only 62 compound-related adverse events in animal drug compounding have been reported to the FDA. No definitive trends can be derived out of them. Therefore, absence of adverse event reporting in animal drug compounding will upsurge the demand for animal drug compounding pharmacies.
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Unsafe Compounding Practices May Deter the Growth of Animal Drug Compounding
The primary factor restraining the usage of animal drug compounding is unsafe compounding practices, which include compounding contaminations and non-adherence to GMP regulations. This is very prominent across sterile compounding involving injectable drugs and intravenous solutions. Contaminated sterile environments lead to spread of pathogens and fungal infections, and have resulted in various hazards and drug-related deaths, thus dampening the prospects for animal drug compounding. To avoid unsafe animal drug compounding practices, the U.S. FDA has made it mandatory for all outsourcing facilities manufacturing bulk drugs to be inspected and to secure cGMP certification.
Key Questions Answered in the US Animal Drug Compounding Market Report
How is the US Animal Drug Compounding Market expected to grow over the projected period?
What direction is the US Animal Drug Compounding Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the US Animal Drug Compounding Market in future?
What are the key market drivers in the US Animal Drug Compounding Market?
What are significant opportunities and improvement areas for US Animal Drug Compounding Market manufacturers?
What are the key developments and trends taking over the US Animal Drug Compounding Market?
Which are the emerging countries that are expected to create significant growth opportunities in the US Animal Drug Compounding Market?
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