Pioneering Progress: Animal Drug Compounding Market's...

Pioneering Progress: Animal Drug Compounding Market's Evolution to US$ 5.03 Billion

Posted 2024-04-23 18:10:19

The global Animal Drug Compounding Market is projected to reach over US$ 2 billion in 2022 and is anticipated to grow at a high-value CAGR of 8.2% over the course of the forecast years of 2022–2032, according to Fact.MR, a supplier of market research and competitive information.

Due to the COVID-19 pandemic, more workers were compelled to work from home, which raised the unemployment rate. People had more time to spend at home as a result, which increased the global rate of pet adoption.

As per the American Pet Product Association (APPA), 90.5 million homes in the United States, or 70% of all households, own 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.

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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 h ealth i n surance, 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.

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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
- By Route of Administration :
  - Oral
  - Injectable
  - Topical
  - Rectal
  - Ocular

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 trea t ment 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.

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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).

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