Global Market Study
on Animal Drug
Compounding: Antiinflammatory Agents Product Type Segment Projected to Hold
Significant Market Share During 2016-2024
With the decreasing number of animals over the years, the compounded
drugs for animals are likely to witness relatively more demand in the
coming years. However, compounding drugs are not the only option for
veterinarians to treat animals that need pro-kinetic drug therapy. The U.S.
FDA highlights few critical animal shortages that include 35% Perox Aid,
Epinephrine and Flunixine Injectable. The global animal drug
compounding market is expected to witness a growth of 6.3% CAGR over
the forecast period, 2016-2024.
Market Dynamic
Increasing availability and preference for flavored dosages will fuel
demand for animal drug compounding in the coming years. In addition, for
convenience in consumption, the veterinary drug compounders are likely
to offer medicines that taste less bitter, creamy, non-gritty and smooth.
Such factors contribute majorly towards enhanced patient compliance, and
is likely to impact growth of the global market positively in the coming
years. Attributed to increasing availability of dosages that are flavored, the
animal drug compounding market is likely to witness a significant growth
over the coming years. Furthermore, surge in availability and preference of
accreditation has revved up the prospects of sales prospects for
compounded animal drugs. In addition, relatively low availability of
substitutes of veterinary drugs that are generic is likely to contribute
towards growth of the global animal drug compounding market in the
coming years.
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Segmentation Analysis
CNS agents among others will account for revenue share of over 37%
globally, and will witness a growth at a CAGR of 7.8% in terms of revenue
in the span of next seven years. Companion animals will further hold
revenue share of 47% globally, whereas dogs will account for major
application of compounded drugs for companion animals in the coming
years. Over half of the market value will be held by the sales of compound
drugs for livestock animals. However, market presence of compound drugs
for livestock animals will witness a drop as compared to other alternatives
by the end of 2024. Furthermore, orally formulated drugs will hold above
80% of the value in animal drug compound market over the coming years.
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Regional Analysis
The animal drug compounding market in North America will witness a
growth of 7% CAGR in terms of revenue in the span of next seven years.
Moreover, Canada and U.S. will account for over two-third of the sales of
compound animal drugs over the coming years. However, the other parts
of the world will witness relatively slow growth in terms of demand for
animal drug compounding in the coming years. The other parts of the
world will witness a CAGR growth of less than 5% in the coming years.
Market Players
Leading manufacturers operating in the global animal drug compound
market include Lorraine’s Pharmacy, Triangle Compounding Pharmacy
Inc., WEDGEWOOD PHARMACY, Medisca Inc., ESSENTIAL PHARMACY
COMPOUNDING VET (Kohll’s Pharmacy & Homecare), Slade Dispensary
Services and Diamondback Drugs LLC.
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