Dublin, Sept. 21, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, Market research and competitive intelligence provider, the Global animal drug compounding market is estimated at over US$ 2 billion in 2022 and is expected to expand at a high-value CAGR of 8.2% throughout the forecast years of 2022-2032.
The outbreak of COVID-19 forced employees to work from home, and the unemployment rate increased. As a result, people got more time to spend at home, which drove pet adoption rates all over the world.
- According to APPA (American Pet Product Association), 90.5 million (70% of households present in the U.S.) households in the U.S. have a pet.
This has played a crucial role in driving the growth of the animal drug compounding market. Moreover, new innovations and product development have also amplified animal drug compounding performance. Key manufacturers are increasing their efforts to maintain full-line chemical compounding to help veterinaries. Additionally, they are focusing on product improvements and ingredient additions.
Get a Sample PDF of This Research Report with a Detailed Table of Content:
https://www.factmr.com/connectus/sample?flag=S&rep_id=5796
According to Fact.MR analysis, the market for animal drug compounding will grow as a result of rising awareness about the value of animal health and the advantages of animal drug compounding. Manufacturers need to focus on clinical studies to enhance product safety and trust. Compounding drugs are available in several convenient forms. Also, animal compounding pharmacies can customize the flavors of pet medication, making it easier to manage.
Growing Prominence of Pharmacists’ Training for Compounding for Animals
Recently, there have been initiatives to integrate more veterinary-specific training, which was not traditionally included earlier by many pharmacy schools in their curricula. However, pharmacists, through independent continuing education, receive a majority of veterinary pharmacy-specific training, including compounding.
Additionally, in recent years, the compounding market has undergone a full transformation due to an increase in owner approval of the practice. A few aspects that are favorably affecting the target market include a greater understanding of therapeutic indications for various drugs, increased availability and use of animal health insurance, and improved animal welfare activities.
Key Takeaways from Market Study
- The global animal drug compounding market is projected to expand at a CAGR of 8.2% and reach US$ 4,419.6 million by 2032.
- The market exhibited 6.3% CAGR from 2017 to 2021.
- Under product, CNS agents are valued at US$ 719 million in 2022.
- North America dominated the global market with 65.4% share in 2021.
- Revenue from animal drug compounding is expected to increase at CAGRs of 8.4% and 10.3%, respectively, in North America and Latin America.
Speak to Analyst:
https://www.factmr.com/connectus/sample?flag=AE&rep_id=5796
Segmentation of Animal Drug Compounding Industry Research
- By Product :
- Anti-Invectives
- Metronidazole
- Ketoconazole
- Other Antibiotics
- Anti-Inflammatory
- Prednisolone
- Tramadol
- Other Anti-Inflammatory
- CNS Agents
- Potassium Bromide
- Gabapentin
- Other CNS Agents
- GI Drugs
- Apo morphine
- Ursodiol
- Cisapride
- Other GI Drugs
- Others
- Methimazole
- Other Drugs
- Anti-Invectives
- By Route of Administration :
- Oral
- Injectable
- Topical
- Rectal
- Ocular
Quick Buy: Animal Drug Compounding Market Research Report:
https://www.factmr.com/checkout/5796
Market Development
Animal drug compounding providers are concentrating on new product developments and are investing in flavor customization as well. Key players are also focusing on offering compounding drugs in various forms. Additionally, concentration on quality control and compliance by producers will boost market credibility over the coming years.
In addition, the target market is crucial to fill the gaps between alternative options for veterinary treatment and less availability of licensed drugs for animal medication.
In the market for animal drug compounding, inorganic tactics such as mergers and acquisitions are becoming popular.
- As an illustration, Wedgewood Pharmacy successfully acquired Wildlife Pharmaceuticals and its affiliate zoo pharm.
Getting FDA compounding approval is a main tactic for all manufacturers. They are taking steps to obtain FDA permission for compounding medicines.
- For instance, Wedgewood pharmacy got a licence from the New York state regulatory authority to offer compounded medications.
Animal care is typically a very expensive affair that is out of reach for households with low incomes. Animal owners typically prefer to go to accredited compounding pharmacies since they provide better services at a reasonable price.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global animal drug compounding market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product (anti-infectives, anti-inflammatory, CNS agents, GI drugs, others), route of administration (oral, injectable, topical, rectal, ocular), animal type (companion, livestock), and dosage form (capsules, suspension, solutions, powders, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania, and the Middle East & Africa).
Check out more related studies published by Fact.MR Research:
MRI Guided Drug Delivery Market - MRI guided drug delivery or magnetic resonance guided drug delivery is a part of an advanced drug delivery system that helps transport a therapeutic agent from the site of administration to the targeted area. The growing demand for MRI guided drug delivery is because of its non-invasive or minimally invasive approach, which causes less side effects and less pain as compared to other alternatives.
Parenteral Drug Market - The parenteral drugs market is poised to reach a staggering valuation of US $ 802Bn by the end of the forecast period 2019-2029. Parenteral drug manufactures are currently focused on maintaining high quality of their products. Single-use technology maintains the quality of biologic parenteral drugs. Additionally, manufacturers are making efforts to incorporate Quality by Design (QbD) in their processes.
Animal Antibiotics Market - Animal antibiotics are gaining grounds in case of prevention and treatment of diseases in animals, primarily bacterial diseases. Use of animal antibiotics has emerged to be highly imperative in the animal welfare program, which is boosting the adoption rate of animal antibiotics. The high-scale implementation of ‘prevention is better than cure’ in the field of animal welfare is pushing the vigor of animal antibiotics.
Animal Probiotics Market - Animal probiotics are widely accepted today, and the rapidly advancing technology related to molecular biology and gene sequencing is aiding researchers to dig deep to explore novel probiotic applications for animals. Over time, livestock and cattle farmers have increased the adoption of animal probiotics for commercial animal feed for poultry and cattle to change the gastrointestinal flora, which continues to trigger the sales of animal probiotics, positively impacting the animal probiotics market.
Animal Model Market - The animal model market is expected to be worth US$ 1.7 Billion in 2022, rising to US$ 2.9 Billion by 2032, documenting a CAGR of 5.5% from 2022 to 2032. Over the evaluation period of 2022 to 2032, demand for animal models in academic and research institutions is expected to rise at a CAGR of 6%. As of 2021, the industry was valued at US$ 1.6 Billion, and is expected to grow at a Y-o-Y expansion rate of 6.2% in 2022.
Cox 2 Inhibitors Market - Cox 2 Inhibitors are a type of non-steroidal anti-inflammatory drugs. These drugs are responsible for decreasing the production of prostaglandins. The increasing prevalence of chronic diseases, such as rheumatoid arthritis, osteoarthritis, and other diseases, is expected to increase the growth of cox 2 inhibitors market. Increasing awareness of physical activities can lead to sports injury, which can also be expected to drive the cox 2 inhibitors market.
About Us:
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.
Contact:
Mahendra Singh
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
Email: sales@factmr.com
Tel: +1 (628) 251-158
