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Cerebral Malaria Therapeutics Market Estimated to Experience a Hike in Growth by 2017 – 2025 : Persistence Market Research
According to Persistence Market Research’s report, titled “Animal Drug Compounding Market: Global Industry Analysis and Forecast, 2016-2024,” more than two-third of global sales of compounded animal drugs will remain concentrated in the US and Canada. North America’s animal drug compounding market is projected to witness revenue growth at 7% CAGR. On the other hand, other parts of the world will record sluggish growth in demand for animal drug compounding as value CAGRs in these regions are less likely to reach 5%.
The report cites that the popularity of alternate flavored dosage forms will favor the adoption of animal drug compounding. Veterinary drug compounders try to remove the bitter taste of the medicine and make it feel non-gritty, smooth, creamy thus contributing largely towards improved patient compliance. The better the ability of a compounding pharmacist in creating flavored dosages, the greater are the future revenue-generating opportunities for manufacturers. Companies such as Triangle Compounding Pharmacy Inc., Lorraine’s Pharmacy, Medisca Inc., WEDGEWOOD PHARMACY, Diamondback Drugs LLC, ESSENTIAL PHARMACY COMPOUNDING VET (Kohll’s Pharmacy & Homecare), and Slade Dispensary Services are profiled in the report as key manufacturers of compounded animal drugs in the world.
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Availability of accreditation also enhanced sales prospects of compounded animal drugs. In the event of adverse events not being recorded, animal owners generally prefer to visit only accredited compounding pharmacies. In addition to this, lower availability of generic substitutes to veterinary drugs also propels the practice of compounding veterinary pharmaceuticals. Currently there is no reimbursement available for veterinary drugs, which indicate most of the drug expense goes out of pockets of animal owners. In such circumstances, most animal owners prefer resorting to compounded animal medications that are easily available, cheaper than branded equivalents and do not require multiple prescriptions.
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In the due course of forecast period, the global animal drug compounding market will witness impressive growth for products namely, CNS agents, anti-infective agents, and hormonal drugs, While CNS agents will account for over 37% share of global revenues, global sales of anti-infective agents will record revenue growth at 7.8% CAGR,Companion animals will account for 47% of global animal drug compounding revenues throughout the forecast period, and dogs will be procuring highest usage of compounded drugs for companion animals, More than half of the market’s worth will be accounted by sales of compounded drugs for livestock animals, but their market presence will incur a decline towards the end of 2024, Through 2024, more than 80% of the global animal drug compounding market value will be attributed by orally-formulated drugs
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Persistence Market Research (PMR) is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
PMR stands committed to bringing more accuracy and speed to clients’ business decisions. From ready-to-purchase market research reports to customized research solutions, PMR’s engagement models are highly flexible without compromising on its deep-seated research values.
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