As stated in a new report by Fact.MR, North America and Europe will emerge as leading regional markets for animal drug compounding, while Asia Pacific will exhibit the fastest growth throughout the forecast period of 2021 to 2031. The global animal drug compounding market is projected to progress at a moderate CAGR over the next ten years.
Surging demand due for various animal drug compounding products such as CNS agents, GI drugs due to the increasing requirements within the pharmaceutical sector is bolstering the market growth. Rise in requirement for oral route of administration for animal drug compounding and demand for anti-infectives will rise the fastest, accelerating the animal drug compounding demand.
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Key Takeaways from Market Study
- High requirement for anti-infectives likely to be witnessed.
- Oral and injectable segments to boost sales in terms of route of administration.
- Companion animal segment to emerge lucrative across regions.
- Capsule and suspension forms of dosage to augment demand growth.
- The United States remain a huge market for animal drug compounding.
- Germany to exhibit hegemony in Europe’s market for animal drug compounding.
- Asia Pacific to emerge the fastest-growing region for manufacturers of animal drug compounding products.
- The United Kingdom, China, South Korea, France, and Canada to remain high-potential markets throughout the forecast period.
“The market is subject to steady growth owing to increase in requirement for anti-inflammatory and anti-infective drugs such as tramadol, metronidazole, and others,”
says a Fact.MR analyst.
Demand for Companion Animal Drugs Surging
Drug compounding products are highly required for companion animals such as dogs, cats, and others. With increase in inclination towards domestication of such animals, suppliers of animal drug compounding products are experiencing surge in demand around the globe.
According to a report titled “U.S. Pet Ownership Statistics”, published by the American Veterinary Medical Association, the percentage of households owning dogs in the United States is 38.4, while 25.4% of U.S. people have cats as their pets. This gives a glimpse of the rising demand for various animal drug compounding products around the globe, such as GI drugs, CNS agents, and others.
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Competitive Landscape
Key players operating in the animal drug compounding market profiled by Fact.MR includes 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 Pvt. Ltd., and Tache Pharmacy. New product launches along with strategic mergers & acquisition remains the core strategy for the market players to thrive in the industry.
For instance, on 14th November 2020, Chewy Pharmacy’s Compounding Ingredients announced the launch of compounding medications for pets.
Also, in October 2020, Wedgewood Pharmacy announced the acquisition of Wildlife Pharmaceuticals Inc. and its subsidiary, ZooPharm, a compounding pharmacy that provides veterinary-anesthesia and pain-management medications to care for non-domestic species, captive exotic breeds and companion animals.
Get More Insights- https://www.biospace.com/article/burgeoning-need-for-cns-agents-and-gi-drugs-will-improve-animal-drug-compounding-demand-fact-mr/
Who is Winning in this Space?
The global animal drug compounding market is highly competitive in nature. In order to sustain its leading positions, key players in this field are bringing in a wider variety of quality products.
For instance,
- Davis Islands Pharmacy recently launched its new range of products such as GABAPENTIN VET SUSPENSION, FLUOXETINE TRANSDERMAL CREAM, DES CAPSULES, and others.
- Custom Med Compounding Pharmacy launched its new range of anti-infective therapy solution, transdermal medications, and others, a couple of years back.
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Research Insight: https://www.factmr.com/report/animal-drug-compounding-market
Press Release: https://www.factmr.com/media-release/1940/global-animal-drug-compounding-market
