Animal Drug Compounding Market Expected to Reach US$ 1.9 billion by 2027

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Nova One Advisor’s study on Animal Drug Compounding market offers exclusive insights into key growth drivers, restraints and business opportunities. The report underscores some of the popular strategies that market players undertake to gain competitive edge.

Nova One Advisor is a leading research and consulting firm, has forecast the global Animal Drug Compounding market is set to surge at a high CAGR of 7% during the forecast period 2021 to 2030. The report, demand for Animal Drug Compounding will total US$ 1.2 Billion in 2020 and is projected to reach the size of  1.9 billion US$ by 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

  • Animal Drug Compounding Market, by Product
    • Anti-infectives
    • Anti-inflammatory
    • CNS Agents
    • GI drugs
    • Others
  • Animal Drug Compounding Market, by Animal Type
    • Companion Animal
    • Livestock
  • Animal Drug Compounding Market, by Dosage Form
    • Capsule
    • Solutions
    • Powders
    • Suspension
    • Others
  • Animal Drug Compounding Market, by Route of Administration
    • Oral
    • Injectable
    • Topical
    • Rectal
    • Ocular

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.

Animal Drug Compounding Market: Segmentation

  • The global animal drug compounding market has been segmented based on product, animal type, dosage form, and route of administration
  • In terms of type, the global animal drug compounding market has been classified into anti-infectives, anti-inflammatory, CNS agents, GI drugs, and others. The CNS agents segment held the largest market share in 2020. The CNS agents segment has been segregated into potassium bromide, gabapentin, and other agents. CNS agents are highly prescribed medications in animals. Potassium bromide was among the most commonly prescribed drug, accounting for 49.1% market share, followed by diazepam, gabapentin, and fluoxetine. This is expected to fuel the growth of the segment during the forecast period.
  • Based on animal type, the global market has been bifurcated into companion animal and livestock. The companion animal segment accounted for the largest market share in 2020, which is ascribed to rise in pet ownership, easy availability of caring facilities, and rapid global urbanizationThe global urban population has increased significantly from 0.85 billion in 1950 to 4.22 billion in 2019. This, in turn, is projected to drive the companion animal segment in the upcoming years.
  • In terms of dosage form, the global animal drug compounding market has been categorized into capsule, solution, powders, suspension, and others. The suspension segment held the largest market share in 2020. Oral suspension is a widely adopted drug administration method for animals. The taste of most drugs is less noticeable in suspension compared to solution, as the drug is less soluble in suspension. For instance, itraconazole is a common drug administered in oral suspension form.
  • Based on route of administration, the global animal drug compounding market has been divided into oral, injectable, topical, rectal, and ocular. The oral segment accounted for the largest market share in 2020, attributed to rise in number of pet ownerships and incidence of diseases in animals.

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

  • Demand will remain high in the U.S., backed by favourable reimbursement policies and presence of some of the leading market players.
  • Europe will continue showcasing high demand. Sales will remain high, especially in the U.K., Germany, France, and other countries.
  • China and India will exhibit high demand for Animal Drug Compounding, backed by expanding healthcare sector.
  • Focus on research and development will increase in Brazil, creating opportunities for the expansion of the Animal Drug Compounding market.
  • Hospitals are expected to showcase higher demand for Animal Drug Compounding on account of greater access to advanced technologies and higher footfall of patients.
  • Driven by the presence of some of the leading pharmaceutical producers, demand in the Japan Animal Drug Compounding market will continue increasing at a high pace.

Some of the key highlights covered in the report include:

  • Animal Drug Compounding Market Demand-Supply Analysis -The report covers detailed insights into demand and supply forces prevailing in the global Animal Drug Compounding market. It examines trends and factors influencing demand for Animal Drug Compounding globally and gauges the impact of the same on the production.
  • Animal Drug Compounding Pricing Analysis – The report presents exclusive pricing analysis. It compares pricing strategies adopted by the leading market players and identifies the most remunerative strategies.
  • Market Segmentation – The report segments the global market in terms of diverse criteria. It identifies the leading segment within each category and identifies growth drivers and restraints affecting growth across each segment.
  • Regional Analysis – The report segments the market in terms of North America, Europe, Latin America, Asia Pacific, and Rest of the World in terms of region. It has chapters exclusively dedicated to analyzing growth trends across each region. It identifies growth drivers as well challenges affecting demand for Animal Drug Compounding across the world.
  • Competitive Analysis – Some of the leading market players are profiled in the report on Animal Drug Compounding. The report offers estimation of share individually helps by the market players and determines the impact of some of their popular strategies.
  • COVID-19 Impact Analysis – This chapter is exclusively dedicated to gauging how the market has evolved or will develop in the post-pandemic era.
  • Growth Recommendations – In the end, the report presents valuable recommendations to ready businesses for unforeseen challenges in the near future.

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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