The Animal medication compounding market was estimated to be worth US$ 1.84 billion in 2021, with a CAGR of 8.2% predicted for the following nine years. By the end of 2031, the market value of animal medicine compounding would soar to US$ 4.03 Bn, according to a thorough research of the sector. CNS agents had a market value of US$ 661.8 Mn in 2021, according to Persistence Market Research, making up close to one-third of the global market share. In the world market for compounding pharmacies in 2021, animal medication compounding held a nearly 18% share.
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Over the previous five years, the global animal medication compounding market solutions grew at a CAGR of 5.8%. (2016-2021).
The range of treatment requirements in veterinary medicine is sizably broad, and the number of licenced medication items for all veterinary species and indications is sizably constrained. As a result, animal medication compounding is crucial to bridging the therapeutic gap for these non-human species.
When acceptable, government-approved goods are not readily available, compounded drugs offer numerous therapy for animals. Certain species are advised to utilise commercially approved medications in certain dose forms, such as chewable pills that should not be administered to cats or other domesticated animals.
The flavour of some commercially available goods might also turn some animals off. In this situation, compounding is preferred, especially for those medications that are challenging to treat.
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Key Segments: Animal Drug Compounding Market Industry Survey
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- Animal Drug Compounding Market By Product: CNS Agents, Anti-Infective Agents, Hormones and Substitutes, Anti-inflammatory Agents, Others
- Animal Drug Compounding Market By Animal Type: Companion Animals, Livestock Animals
- Animal Drug Compounding Market By Formulation: Injectable Animal Drugs, Oral Animal Drugs, Others
- Animal Drug Compounding Market By Region: North America Animal Drug Compounding Market, Latin America Animal Drug Compounding Market, Europe Animal Drug Compounding Market, South Asia Animal Drug Compounding Market, East Asia Animal Drug Compounding Market, Oceania Animal Drug Compounding Market, Middle East & Africa Animal Drug Compounding Market
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Competitive Landscape
Veterinary companies operating in the animal drug compounding space actively follow strategies such as signing partnership and acquisition agreements to enhance their penetration and gain revenue share in the market. Leading animal drug compounding providers are adopting attractive strategies that would drive their product demand in the market.
For instance, in December 2020, Wedgewood Pharmacy and Partners Group signed a definitive purchase agreement that will replace New Harbor Capital as its majority shareholder.
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