High demand for animal drug compounding products such as anti-infective for companion animals is likely to improve the demand
High demand for animal drug compounding products such as anti-infective for companion animals is likely to improve the demand
Fact.MR, New York: The global animal drug compounding market is exhibiting a steady growth and the trend is expected to continue for the forecast period between 2021 and 2031. Rising demand for various animal anti-infective and animal anti-inflammatory drugs such as tramadol, metronidazole will propel the demand of animal drug compounding. Also, technological advancements in the manufacturing and pharmaceutical sectors is highly benefitting the animal drug compounding manufacturers.
Surging demand due for various animal drug compounding products such as CNS agents, GI drugs due to the increasing requirements within the pharmaceutical sector is bolstering the market growth. Rise in requirement for oral route of administration for animal drug compounding and demand for anti-infectives will rise the fastest, accelerating the animal drug compounding demand.
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According to Fact.MR, manufacturers of animal drug compounding products are expected to witness steady growth due to the increased demand within pharmaceutical sector across UK, South Korea and Canada. Thereby, providing lucrative opportunities to manufacturers in these regions.
“Increasing demand for anti-inflammatory drugs such as tramadol, prednisolone and others has necessitated the use of animal drug compounding for certain applications within the pharmaceutical industry,” says the Fact.MR analyst.
Key Takeaways
- Rising demand for various animal drugs among people having pets is augmenting the demand for animal drugs compounding in United States
- Germany is expected to lead the European animal drug compounding market through 2021 & beyond
- United Kingdom and France collectively will witness high growth for animal drug compounding market
- Rising demand for various animal drug compounding products and expanding pharmaceutical sector are spurring the growth across China
- India is expected to emerge as a highly lucrative market for animal drug compounding
- In terms of products, anti-infectants are expected to lead and remain dominant through 2031
- Oral route of administration is the most preferred based on their safe and reliable feature
Prominent Drivers
- Growing prevalence of zoonotic disease and advancement in pharmaceutical sector will provide new growth opportunities for manufacturers
- Rising demand for animal compounding products such as anti-infectives and more is steady expanding the market growth
Key Restraints
- Expensive laboratory set-ups and ingredients for the development of animal drug compounding products will pose a challenge for market players
- Quality control of genetic feed products manufactured by the companies is expected to hamper the market demand
Discover more about the animal drug compounding market with 89 figures, 66 data tables and the table of contents.
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Competitive Landscape
Key players operating in the animal drug compounding market profiled by Fact.MR includes 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, Smith’s Pharmacy, Specialist Compounding Pharmacy Pvt. Ltd., and Tache Pharmacy. New product launches along with strategic mergers & acquisition remains the core strategy for the market players to thrive in the industry.
For instance, on 14th November 2020, Chewy Pharmacy’s Compounding Ingredients announced the launch of compounding medications for pets.
Also, in October 2020, Wedgewood Pharmacy announced the acquisition of Wildlife Pharmaceuticals Inc. and its subsidiary, ZooPharm, a compounding pharmacy that provides veterinary-anesthesia and pain-management medications to care for non-domestic species, captive exotic breeds and companion animals.
More Insights on the Animal drug compounding Market
In its latest study, Fact.MR offers an unbiased analysis on global animal drug compounding market for the upcoming decade. The study gives detailed insights on the major trends and growth opportunities that the market is expected to witness over the forecast period of 2021 to 2031. To gain a better perspective, the market is segmented on the basis of products (anti-infective, anti-inflammatory, CNS agents, GI drugs, and others), route of administration (oral, injectable, topical, rectal and others), animal (companion animals and livestock animals), dosage form (capsules, suspension, solutions, powders, and others), and across major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
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Source: Fact.MR