New York, United States, March 30, 2020 (GLOBE NEWSWIRE) -- The global animal drug compounding market is set to witness robust growth during the forecast period. Market players are making investments to get the compounding product approval from FDA. manufacturers are making drug compounding lucrative by introducing unique and exotic flavors in them. Such developments are enhancing the popularity of animal drug compounding amongst the consumers, strengthening its growth trajectory.
Animal Drug Compounding Market: Key Takeaways
- Hormonal drugs will gain rapid traction in the market for their ability to influence the emotions in animals.
- The high adoption rate of companion drugs will have a major contribution to the revenue in the market through 2019-2029.
- Orally formulation of drugs will account for 80% of the market revenue by the end of 2029.
- The injectable segment in formulations will grow at a rapid pace during the forecast period.
- North America will stay at the forefront in the market owing to a rapid surge in the adoption of compounded drugs.
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Animal Drug Compounding Market: Key Growth Drivers
- The ability to use the desired active ingredient in the compounded drugs is increasing the popularity of animal drug compounding.
- The unavailability of FDA-approved drugs for many animal diseases encourages the adoption of animal drug compounding, boosting the growth in the market.
- Regulatory inspections ensure the standard practice of drug manufacturing in the animal drug compounding market, making drug compounding a safe process.
- Growth in the number of animal drug compounding facilities provides impetus to the market for growth.
- Flavored drug compounding products are witnessing high demand in the market, positively influencing the overall revenue generated in the market.
Animal Drug Compounding Market: Key Restraints
- Adverse effects and risks associated with animal drug compounding products challenge robust market growth.
- Lack of uniform standards for animal drug compounding at a global level is a major market restraining factor.
The complete animal drug compounding market report with detailed market segmentation, 84 illustrative figures, and 33 data tables spread across 163 pages on https://www.persistencemarketresearch.com/methodology/12871
Animal Drug Compounding Market: Competition Landscape
Market players are taking the help of government approvals to add authenticity to their drug compounding products in the market. They are developing new products to capture rare ailments in animals that lack medicines in the market. Unique and tasty flavors of animal drug compounding provide enhanced market penetration to the market players.
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About the Report
Persistence Market Research report is about unique and actionable insights on the animal drug compounding market, which includes historical demand statistics for 2014-2018 and market health projections for 2019-2029, based on the animal type (livestock, companion animals), product type (hormones and substitutes, CNS agents, anti-inflammatory agent, and anti-infective agents), formulation (injectable, oral), in seven major regions.
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