Animal Drug Compounding Market to Outdo Estimation of US$ 4.42 Billion by 2032 end, Opines Fact.MR

Fact.MR, a supplier of market research and competitive intelligence, projects that the Animal Drug Compounding Market will reach over US$ 2 billion in 2022 and will grow at a strong CAGR of 8.2% from 2022 to 2032.

Along with the unemployment rate rising, the COVID-19 pandemic prompted workers to labour remotely. People had more free time as a result, which increased the number of pets that were adopted globally. The American Pet Product Association (APPA) estimates that 90.5 million American families, or 70% of all households in the country, have pets.

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Major Stakeholders

• Wedgewood Pharmacy
• Triangle Compounding Pharmacy
• Davis Islands Pharmacy
• Custom Med Compounding Pharmacy
• Central Compounding Center South
• Wellness Pharmacy of Cary
• Caringbah Compounding Pharmacy
• Millers Pharmacy
• Smith's Pharmacy
• Specialist Compounding Pharmacy Pte Ltd.
• Tache Pharmacy

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 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.

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.

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 flavours of pet medication, making it easier to manage.

Key Statistics Supporting the Surge

• 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.

"Efforts taken by manufacturers for product innovation and development with customized delivery will amplify the demand for animal drug compounding over the coming years," says a Fact.MR analyst.

Industry Research

• By Product :

o Anti-Invectives
 Metronidazole
 Other Antibiotics

o Anti-Inflammatory
 Prednisolone

 Other Anti-Inflammatory

o CNS Agents
 Potassium Bromide
 Gabapentin
 Other CNS Agents

o GI Drugs
 Apo morphine
 Ursodiol
 Cisapride
 Other GI Drugs

o Others
 Methimazole
 Other Drugs

• By Route of Administration :

o Oral
o Injectable
o Topical
o Rectal
o Ocular

• By Animal Type :

o Companion Animal
 Dogs
 Cats
 Horses
 Birds
 Others
o Livestock Animals

• By Dosage Form :

o Capsules
o Suspension
o Solutions
o Powders
o Others

• By Region :

o North America
o Latin America
o Europe
o East Asia
o South Asia & ASEAN
o Oceania
o MEA

How Fact.MR Assists in Making Strategic Moves For Animal Drug Compounding Market Manufacturer?

• The data provided in the Animal Drug Compounding market report offers comprehensive analysis of important industry trends. Industry players can use this data to strategize their potential business moves and gain remarkable revenues in the upcoming period.
• The report covers the price trend analysis and value chain analysis along with analysis of diverse offering by market players. The main motive of this report is to assist enterprises to make data-driven decisions and strategize their business moves.

After reading the Market insights of Animal Drug Compounding Report, readers can:

• Understand the drivers, restraints, opportunities and trends affecting the Sales of market.
• Analyze key regions holding significant share of total Animal Drug Compounding market revenue.
• Study the growth outlook of Animal Drug Compounding market scenario, including production, consumption, history and forecast.
• Learn consumption pattern and impact of each end use & supply side analysis of Animal Drug Compounding market.
• Investigate the recent R&D projects performed by each market player & competitive analysis of Animal Drug Compounding Market Players.

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This release was published on openPR.