Animal Drug Compounding Market: Introduction
The latest market report by PMR on the U.S. animal drug compounding market evaluates the opportunities and current market scenario, and provides insights and updates about the corresponding segments involved in the U.S. animal drug compounding market during the forecast period 2019-2029. The U.S. animal drug compounding market report further exhibits the estimated data for 2019, and forecast data up to 2029 in terms of value (US$ millions). In terms of value, the U.S. animal drug compounding market is expected to grow at ~8% CAGR over the forecast period. The present study exhibits the trends and market dynamics of the animal drug compounding market.
Animal Drug Compounding Market: Report Description
The report explores the U.S. animal drug compounding market for the period 2019 - 2029. The primary objective of the U.S. animal drug compounding market report is to provide insights of the opportunities in the market that are consistently supporting the transformation of U.S. businesses. It is very important to consider that in an ever-wavering economy, we provide the estimated (Y-o-Y) year-on-year growth rate in addition to the compound annual growth rate (CAGR) for the overall forecast, to better understand the analysis and evaluation of the U.S. animal drug compounding market, and to discover equitable opportunities.
Yet another key feature of this report is the estimation of the U.S. animal drug compounding market and the corresponding revenue forecast carried out in terms of absolute dollar opportunity. This is usually not prioritized while forecasting overall market numbers. Absolute dollar opportunity analysis is very essential in evaluating the degree of opportunity that a provider can observe to execute, as well as to contrast the potential resources from a sales perspective in the U.S. animal drug compounding market.
The U.S. animal drug compounding market report starts with an elaborate executive summary, market definition of various segmentations that are included, and their respective shares in the market. The report further incorporates the major macro and micro-economic factors that have an effect on the growth of the animal drug compounding market. The report also highlights various market dynamics, which include the drivers and restraints in the U.S. animal drug compounding market. Current opportunities, as well as on-going trends in the animal drug compounding market are also discussed in this report. The report further underlines the study of the present issues with industrial processing, and opportunities for the animal drug compounding market. It also encompasses the analysis on the U.S. animal healthcare spending, key regulations by FDA for animal drug compounding, and comparative analysis between 503a and 503B pharmacies. In order to provide users with a clear view of the U.S. animal drug compounding market, we have exhibited a competitive analysis of key market players and their strategic expansions. The competitive dashboard presents a detailed comparison of compounding pharmacies on valuable parameters such as key product offerings, total revenue, key developments, and strategies. The study intensifies the U.S. animal drug compounding market attractiveness analysis by product type, animal type, and formulation.
To evaluate the overall market size of the U.S. animal drug compounding, the report considers various fundamental aspects based on secondary research. Furthermore, it emphasizes on quantitative evaluation such as market share by product type, animal type and formulation. Other qualitative data from primary respondents, which has been consolidated to arrive at clear and accurate market estimations is included. The market size was benchmarked, taking into consideration the U.S. animal drug compounding production. U.S. animal drug compounding production data is obtained from sources such as American Veterinary Medical Association, Professional Compounding Centers of America, company websites, and research publications.
Animal Drug Compounding Market: Competition Analysis
Hoye’s Pharmacy, Vertisis Custom Pharmacy, Smith Caldwell Drug Store, Sixth Avenue Medical Pharmacy, Doughertys Pharmacy, Triangle Compounding Pharmacy Inc., Medisca Inc., Wedgewood Pharmacy, Millers Pharmacy, are the major players involved in the U.S. animal drug compounding market.
Animal Drug Compounding Market: Segmentation
The subsequent sections analyze the U.S. animal drug compounding market on the basis of product type, animal type, and formulation to present a forecast for the period 2019–2029. The market is segmented as follows:
On the basis of type, the U.S. animal drug compounding market has been segmented as –
On the basis of animal type, the U.S. animal drug compounding market has been segmented as –
On the basis of formulation, the U.S. animal drug compounding market has been segmented as –
PMR Research Methodology
PMR is committed to providing unbiased market research solutions to its clients. PMR follows a robust methodology for deducing the data that is included in this report. A demand-side approach is followed to estimate the sales of target products, followed by an in-depth supply-side assessment of value generated, key trends, and events over a predefined period. This methodology is based on the use of standard market structures, methods, and definitions that are based on inputs from local sources in U.S. Our main sources of research include,
Compounding pharmacy is a pharmacy, operating with a licensed pharmacist, licensed physician, or a person who is under the guidance of a licensed pharmacist and alters, combines, or mixes APIs to create a drug, tailored to meet the needs of an individual patient. Animal drug compounding can be defined as a process involving manipulation and customization of approved drug products on a licensed veterinarian prescription.
Compounded animal drug preparations are extemporaneous drug preparations that do not require an FDA approval to demonstrate their safety and efficacy. Animal drug compounding is performed by a licensed veterinarian/pharmacist on the order of a veterinarian specialist. Animal drug compounding pharmacies are regulated by state boards of pharmacy and FDA.
Unavailability of Branded Drugs with Desired Active Ingredients Boosting the Demand for Animal Drug Compounding
In order to provide suitable medical therapy, animal drug compounding containing the desired active ingredient are available. For instance, currently, no FDA approved drug is available in the market for the treatment of megacolon (constipation) in cats. In 2000, Cisapride, the only safe and effective therapy for treatment of chronic constipation in cats was removed from U.S. market. Hence, animal drug compounding remains the only choice for veterans to provide cisapride for animals in need of effective pro-kinetic drug therapy. In addition, drugs containing bromides were also removed from the U.S. market in the 1970s, however, due to the safety and extended efficacy of bromides, the drug is prescribed by animal drug compounding pharmacies for the treatment of idiopathic epilepsy in dogs.
Unapproved FDA Drug Products for the Treatment of Veterinary Diseases Propel the Demand for Animal Drug Compounding
The spectrum of therapeutic need in the animal medicine industry is wide, while the availability of FDA approved drug products for all animal diseases/indications is relatively limited. As a result, animal drug compounding is of utmost importance in order to fill the therapeutic gap among animal species. Apart from this, it has also been estimated that animal drug compounding demand is considered to be significantly larger than that for branded prescription drugs. For instance, in 2015, the U.S. FDA estimated that 75,000 pharmacies in the U.S. fill 6,350,000 animal drug compounding prescriptions.
Availability of Flavored Products in Animal Drug Compounding Will Gain the Attention of Consumers
Availability of flavored animal drug compounding for cats, dogs, exotic pets, and some zoo animals has increased the treatment/drug adherence of individuals. For example, animal drug compounding of metronidazole with sardine or tuna flavoured suspension increases its palatability, thus making it taste better and increasing its compliance. Exotic animals such as birds and sugar gliders prefer sweet flavors such as strawberry, banana, or tutti frutti. Therefore, the availability of flavored products in animal drug compounding is gaining the attention of consumers.
Extremely Well-Informed Pet Owners Expect Higher Level of Veterinary Care
Increased humanization of pets, rising adoption of animals in developed nations, and increased influx of medical information over the internet are factors promoting animal drug compounding. American Pet Products Association, in this regard, has estimated that families in the U.S owned 70-80 Mn dogs and 74-96 Mn cats in 2015. Availability of ready information makes pet owners extremely perceptive and thus raises demand for animal drug compounding. Given non-availability of reimbursement for animal drug compounding, most of the expenses are borne out-of-pocket by pet owners. In such circumstances, undesired potency levels, dissolution characteristics, and sub-standard dosage are factors deterring the uptake of animal compounding drugs, despite a steady increase in revenue generation of animal drug compounding.
Increasing Compliance to Regulatory Requirements
Self-nomination for inspection and clearing FDA approval process for adherence to cGMP guidelines is expected to increase drug and brand value for animal drug compounding in the future. To achieve this, animal drug compounding pharmacies need to abide by stipulated FDA norms and also be prepared for surprise inspections. Regulatory inspections of animal drug compounding pharmacies are expected to boost good manufacturing practices and thus, increase consumer uptake for these compounded drugs. For example, the PCAB notes that less than 3% of animal drug compounding pharmacies are accredited by the PCAB as of 2015. Furthermore, only 48 facilities in the U.S. are registered and authorized to engage in bulk API manufacturing. If the over 3,500 animal drug compounding pharmacies in the U.S. obtain FDA and PCAB certification, it could largely impact customer uptake for these types of customized drugs.