The global Animal Drug Compounding market gathered revenue around USD 1.2 Billion in 2020 and market is set to grow USD 1.9 Billion by the end of 2030. The global Animal Drug Compounding market is estimated to expand at a modest CAGR of 7% during the prediction period 2021 to 2030.
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The animal drug compounding market is evolving on the back of continuous R&D in excipients to develop compounded therapies for all veterinary species and various indications. The growing availability of compounded formulations that are potentially safe and meet the needs of efficacy and bioavailability of drugs in specific patient populations continues to enrich the landscape. Regulations notably by the Food & Drug Administration (FDA) focus on boosting the availability of compounded preparations that have low toxicity profile to animal patients, thereby nudging veterinarians to recommend compounded medications.
Compounders and pharmacists are relentlessly working to develop clinical, dosing, and drug-administration needs, notably for companion animals and non-food producing animals. The popularity of patient-specific prescriptions for non-food producing animals has offered incremental opportunities for players in the animal drug compounding market. Over the years, suppliers of pharmaceutical ingredients, pharmacists, and the global veterinary community have leaned on meeting the therapeutic needs of exotic animals. This stridently will expand the market for customized compounded medications, finds a study by Nova one advisor.
Compounding drugs is the process of combining, mixing, and altering ingredients to fulfill the need of individual animal or group of animals. Compounding medications with flavors and colors makes them more palatable, a service which is especially useful for pets. Animal drug compounding is a service provided by some specialty pharmacies. It is a process, wherein medications are prepared in unique formulations for specific animals. These formulations can sometimes be quite important in meeting a patient’s needs, especially when an animal is allergic to an inactive ingredient found in commercially available forms of the medication. These medications are tailored as per the needs of an individual group of animals and play a critical role in veterinary medicine. Compounded animal drugs are mostly prepared by pharmacists or veterinarians.
North America dominated the global animal drug compounding market in 2020, followed by Europe and Asia Pacific. North America’s dominance of the global market can be attributed to rise in pet ownership, increase in investments in animal healthcare, and presence of key players.
Key Players:
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Animal Drug Compounding market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
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Some of the prominent players in the Animal Drug Compounding market include 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, and Smith’s Pharmacy.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects includingproduct type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2030 and covers subsequent region in its scope:
Global Animal Drug Compounding Market: Segmentation
Regional Segmentation:
– North America Region (U.S., Canada, Mexico)
– Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe)
– Asia-Pacific Region (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
– South America Region (Brazil, Argentina, Columbia, Rest of South America)
– The Middle East & Africa Region (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
Animal Drug Compounding Market: Prominent Regions
In terms of region, the global animal drug compounding market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global animal drug compounding market in 2020, followed by Europe and Asia Pacific. High rate of pet ownership and rise in investment in veterinary care are expected to boost the growth of the animal drug compounding market in the region. According to the American Pet Product Association, people in the U.S. spend nearly US$ 17 Bn on veterinary care, which includes veterinary visits and medications. This can be attributed to the rapid growth of the market in North America.
Europe accounted for significant share of the global market in 2020. Increase in incidence of veterinary diseases in countries in Europe and rise in usage of antibiotic drugs for the treatment of veterinary disease are likely to fuel the growth of the animal drug compounding market growth in the region.
Despite unprecedented implications of the COVID-19 outbreak, the market will gain impetus amidst soaring investment towards sophistication of the healthcare sector. The market survey offers compelling insights into key factors enabling growth through the assessment period. It underscores hidden opportunities across diverse segments. Besides uncovering hidden opportunities, the report presents exclusive insights into challenges posing threat to growth. Alongside this, it offers recommendations to navigate through unforeseen hindrances in the future, while keeping the business afloat.
Overview of Animal Drug Compounding Market Study
Animal Drug Compounding market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
Scope of the Study
This Animal Drug Compounding market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, Middle East and Africa. This research report offers scenario and forecast (revenue/volume), and categorizes market by players, type, application, and region. This report also studies global market prominence, competitive landscape, market share, growth rate market dynamics such as drivers, restraints and opportunities, and distributors and sales channel.
This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers competitive scenario which comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.
Final Report will add the analysis of the impact of COVID-19 on this industry.
Important years considered for this report:
Historical Years: 2017-2019
Base Year: 2020
Forecast Period: 2021-2030
Key Points Covered in Animal Drug Compounding Market Survey
Some of the key highlights covered in the report include:
Why should you invest in this report?
If you are aiming to enter the global Animal Drug Compounding market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Animal Drug Compounding are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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