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Animal Drug Compounding Market is Poised to Reach US$ 1,373.8 Mn by 2024
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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%.
Global Animal Drug Compounding Market: Key Opportunities
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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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.
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