Press release
Global Animal Drug Compounding Market Profile Analysis Report 2022- Hoye's Pharmacy, Vertisis Custom Pharmacy, Smith Caldwell Drug Store
Animal drug compounding is the procedure of combining, mixing, or modifying ingredients to create a medication customized to the needs of animals, and these medications can be extremely useful in veterinary medicine. Growing demand for such customized medication has led the market to grow significantly in the past and reach a valuation of US$ 1.84 Bn in 2021. The market is projected to register 8.2% CAGR and top a valuation of US$ 4 Bn by 2031.Central nervous system inflammation is found to be the most common reason that causes neurological disorders in dogs and cats. High cost associated with branded animal drugs, especially for those employed in the treatment of neoplastic and immune-mediated diseases, is cited as one of the important factors by veterinarians leading to increasing number of compounded drug prescriptions. Also, the overall expenditure for animal medical care for many pet owners is completely out of pocket, and very limited animal species are covered under medical insurance policies.
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As such, a large number of veterinarians are prescribing compounded versions of approved branded drug. These include chlorambucil for lymphoma, and drugs for atopic dermatitis and fungal infection. Thus, high demand for CNS drugs will drive animal drug compounding market growth over the coming years.
Key Takeaways from Market Study
CNS agents by product type are leading the animal drug compounding market, and held 35.9% market share in 2021.
Companion animal segment revenue is expected to increase 2.2X by 2031 accounting for 54.7% market share.
Oral medication formulations of animal drugs accounted for a market share of over 77% in 2021, owing to blockbuster drug expiries, growing levels of experimentation in drug repackaging, and creation of multiple ingredient combination.
The North America market for animal drug compounding accounted for 65.2% of the global market share in 2021, and this market is expected to expand at a CAGR of 8.4% through 2031.
"Lower availability of generic substitutes and increasing regulatory compliance are expected to offer market growth opportunities over the coming years," says an analyst of Persistence Market Research.
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Market Competition
Animal drug compounding market players are adopting new strategies and agreements to expand the production of customized drugs in the market. Manufacturers are also focused on developing currently unavailable pharmaceuticals that fortify market continuity and growth.
In August 2020, Wedgewood Pharmacy acquired Wildlife Pharmaceuticals and its pharmacy subsidiary ZooPharm. Through this agreement, ZooPharm's specialized products will be offered to Wedgewood Pharmacy's veterinary clients.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the animal drug compounding market in its latest study, presenting historical demand assessment of 2016 - 2021 and projections for 2022 - 2031.
The research study is based on the products (CNS agents, anti-infective agents, hormones and substitutes, anti-inflammatory agents, others), animal type (companion animals, livestock animals), and formulation (injectable, oral, others), across seven key regions (North America, Latin America. Europe, South Asia, East Asia, and Oceania) of the world.
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Persistence Market Research is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against rep/uted organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
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