Global demand for animal drug compounding is expected to significantly increase, owing to the unavailability of FDA-approved animal drugs. Compounded prescriptions for animal species are considered to be significantly higher than those for branded prescription drugs. For instance, in 2017, the U.S. FDA estimated that, 75,000 pharmacies in the U.S. fill 6,350,000 animal compounding prescriptions.
Persistence Market Research predicts that, the global animal drug compounding market would be valued at US$ 1.5 Bn in 2019, and will expand at an 8% CAGR over the forecast period (2019-2029).
Key Takeaways of Animal Drug Compounding Market Study
- Hormonal drugs, manipulating the emotions and moods of pets, are expected to gain traction during the forecast period.
- Increasing adoption of companion animals is expected to contribute to significant dominance of the segment during the forecast period.
- Orally formulation of drugs is expected to hold more than 80% of the global animal drug compounding market share by the end of 2029.
- In terms of formulation, the injectable segment is expected to grow 1.6X by the end of 2029.
- Leading medical & pharmaceutical companies are collaborating with small compounding solution providers, hospitals, and research facilities to strengthen their market position.
- North America is expected to dominate the global animal drug compounding market, owing to increasing adoption of compounded medication with alternate dosage forms and added flavors.
“Unavailability of generic medications for animals in desired dosage forms is pushing the production of compounded drugs, thus driving the growth of the animal drug compounding market during the forecast period”, says a PMR analyst.
CNS Drugs Dominating Animal Drug Compounding Market
Central nervous system inflammation is the most common cause of neurological disorders in dogs and cats. Abnormal limb coordination, seizures, behavioural changes, and blindness are cited as the most common abnormalities in dogs and cats with central nervous system inflammation. For instance, according to the International Journal of Pharmaceutical Compounding, central nervous system drugs were the most commonly dispensed medications from animal drug compounding pharmacies with approximately 39% of the total veterinary prescriptions.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the animal drug compounding market in its latest study, presenting historical demand assessment from 2014-2018 and projections from 2019-2029, on the basis of product type (CNS agents, anti-infective agents, hormones and substitutes, anti-inflammatory agents, others), animal type (companion animals and livestock), formulation (oral, injectable, and others), across seven key regions.
For additional insights on how growth of the animal drug compounding market will unfold over the next decade, write to the analyst at firstname.lastname@example.org
PMR’s Expertise in Life Sciences and Transformational Health
Our expert team of industry analysts comprising management graduates, medical professionals, engineers, and project managers provides insights on emerging therapy areas, diagnostic tools, medical devices and components, reimbursement and market access, biotechnology, and life science research products and services, to equip decision makers with sound inputs and strategic recommendations. Click here to learn more about how we zero in on the critical aspects of this industry.