Animal Drug Compounding Market Projected to Grow at a CAGR of 7.5% With Complete SWOT Analysis by Forecast From 2023 to 2031

Reports and Insights freshly added a report titled "Animal Drug Compounding Market: Opportunity Analysis and Future Assessment 2023-2031" in its database of market research reports which offers its readers a detailed and profound analysis on the fresh growth opportunities, trends and growth drivers that are closely linked with the growth of the market. The report further provides crucial insights on the COVID-19 impacts on the animal drug compounding market along with the compound growth rate (CAGR) of the market for a forecasted period between 2023 and 2031. The report also comprises assessment of the market by employing various analytical tools, such as Porter's five forces analysis and PESTEL analysis. These tools also offer an in-depth analysis on the micro and macro-environmental factors that are related to the growth of the market over the projected period. 

Reports and Insights predict that the global animal drug compounding market is expected to grow at a CAGR of 7.5% during the forecast period from 2022 to 2030. Furthermore, the total value of the global animal drug compounding market is slated to reach US$ 3,566.4 Mn by 2030, rising from US$ 1,993.1 Mn in 2022.

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Stakeholders in the compounding of animal medications have profited greatly as manufacturing and the pharmaceutical sectors have grown substantially in recent years. Growing knowledge of animal health has led to a rise in demand for compounded animal medications.

Because legally licenced pharmaceuticals are not always accessible, compound medications are a better option for treating a variety of ailments. For instance, chewable pills are commercially licenced medications in specific dosage forms and are advised for use in certain animal species but not in animals like cats or exotic pets. Similarly, to this, certain commercially available drugs have an unfavourable taste to some animals. Compounding is favoured in this situation, especially for difficult-to-deliver drugs.

Market Report Outlook:

This report on the global animal drug compounding market aims to discuss market dynamics, including market drivers, potential threats and challenges to the market, global animal drug compounding market opportunities for the major players, global animal drug compounding market trends, market segmentation outlook, regional outlook, global Animal Drug Compounding Market Size, market forecast, market share, as well as the major players operating in the global animal drug compounding market opportunity.

Animal Drug Compounding Market: Dynamics

Growing Companion Animal Population: One of the main factors propelling market expansion is the rise in the number of companion animals. Given that cats and dogs are two of the most prevalent companion animal species in homes throughout the world, manufacturers are concentrating on stepping up their R&D efforts to support the introduction of new and cutting-edge products.

Increasing Anti-Infective Drug Demand: The market's highest demand is for anti-infective medications, which include anti-bacterial, anti-fungal, anti-viral, and antiphrastic medications. These medications are most frequently used to treat or prevent mild infections in animals, but they can also be used to treat more serious infectious disorders like tuberculosis or pneumonia.

It is projected that a substantial barrier to the expansion of the worldwide market for veterinary medications will be the risk of contaminated compounded veterinary pharmaceuticals. Despite the benefits of compounded treatments for animals, the effectiveness of one or more medications has been affected because of a considerable and well-established risk of drug antagonism. The safety of compounded drug compositions is also not guaranteed by the FDA. The lack of such controlled standards for animal care hinders efforts to improve animal welfare.

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Animal Drug Compounding Market: Regional Outlook

The market for animal medication compounding was dominated by North America in 2021. One of the most important factors propelling the expansion of this regional market is the rise in the number of animal medicine compounding pharmacies in the North American region. The presence of a strong healthcare system that caters to both humans and animals, as well as the early adoption of cutting-edge therapeutic techniques and strategies by veterinarians and other animal healthcare professionals in the region, are some other significant factors driving the growth of the North American market.

On the contrary, it is predicted that in the next years, the Asia Pacific region would have the highest growth in the global market. This development can be ascribed to a rise in pet ownership rates and consumer acceptance of various forms of compounded veterinarian planning and preparation. Over the forecast period, it is also expected that both the Asia Pacific and North American regional markets will grow as a result of increased consumer demand for and availability of compounded medicine formulations that are specifically tailored to their needs.

Some of the key questions answered in this report: 

Which are the five top players of the Animal Drug Compounding Market?
How will the Animal Drug Compounding Market change in the upcoming years?
Which product and application will take a share of the Animal Drug Compounding Market?
What are the drivers and restraints of the Animal Drug Compounding Market?
Which regional market will show the highest growth?
What will be the CAGR and size of the Animal Drug Compounding Market throughout the forecast period?
What is the current market size, what will the market size be in 2030 and what will the growth rate be?
What are the challenges to grow in the market?
What are the market opportunities and challenges faced by the key vendors?
Who are the major competitors and what is their strategy?
What are the barriers to entry for new players in the market?

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Animal Drug Compounding Market: Key Players

The foremost entrants in the global animal drug compounding market are; Aurora Compounding, Chiron Compounding Pharmacy, Dougherty's Pharmacy, Hoye's Pharmacy, Medisca Inc., MEDS Canadian Compounding Pharmacy, Millers Pharmacy, Pace Pharmacy, People's Choice Pharmacy, Pratt's Compounding Pharmacy, Sixth Avenue Medical Pharmacy, Smith Caldwell Drug Store, Triangle Compounding Pharmacy Inc., Vertisis Custom Pharmacy, Victoria Compounding Pharmacy, and Wedgewood Pharmacy amongst other.

Animal Drug Compounding Market: Segmentation Outlook

Data for growth projections and estimates are included in this study for the Product segment (Anti-Invectives, Anti-Inflammatory, CNS Agents, GI Drugs, and Others); for the Route of Administration (Injectable, Ocular, Oral, Rectal, and Topical); for the Animal Type segment {Companion Animals (Birds, Cats, Dogs, Horses, and Others), and Livestock Animals}; for the Dosage Form segment (Capsules, Powders, Solutions, Suspensions, and Others). The animal drug compounding market forecast period is 2022 to 2030.

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