With the decreasing number of animals over the years, the compounded drugs for animals are likely to witness relatively more demand in the coming years. However, compounding drugs are not the only option for veterinarians to treat animals that need pro-kinetic drug therapy. The U.S. FDA highlights few critical animal shortages that include 35% Perox Aid, Epinephrine and Flunixine Injectable. The global animal drug compounding market is expected to witness a growth of 6.3% CAGR over the forecast period, 2016-2024.
Market Dynamic
Increasing availability and preference for flavored dosages will fuel demand for animal drug compounding in the coming years. In addition, for convenience in consumption, the veterinary drug compounders are likely to offer medicines that taste less bitter, creamy, non-gritty and smooth. Such factors contribute majorly towards enhanced patient compliance, and is likely to impact growth of the global market positively in the coming years. Attributed to increasing availability of dosages that are flavored, the animal drug compounding market is likely to witness a significant growth over the coming years. Furthermore, surge in availability and preference of accreditation has revved up the prospects of sales prospects for compounded animal drugs. In addition, relatively low availability of substitutes of veterinary drugs that are generic is likely to contribute towards growth of the global animal drug compounding market in the coming years.
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Segmentation Analysis
CNS agents among others will account for revenue share of over 37% globally, and will witness a growth at a CAGR of 7.8% in terms of revenue in the span of next seven years. Companion animals will further hold revenue share of 47% globally, whereas dogs will account for major application of compounded drugs for companion animals in the coming years. Over half of the market value will be held by the sales of compound drugs for livestock animals. However, market presence of compound drugs for livestock animals will witness a drop as compared to other alternatives by the end of 2024. Furthermore, orally formulated drugs will hold above 80% of the value in animal drug compound market over the coming years.
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Regional Analysis
The animal drug compounding market in North America will witness a growth of 7% CAGR in terms of revenue in the span of next seven years. Moreover, Canada and U.S. will account for over two-third of the sales of compound animal drugs over the coming years. However, the other parts of the world will witness relatively slow growth in terms of demand for animal drug compounding in the coming years. The other parts of the world will witness a CAGR growth of less than 5% in the coming years.
Market Players
Leading manufacturers operating in the global animal drug compound market include Lorraine’s Pharmacy, Triangle Compounding Pharmacy Inc., WEDGEWOOD PHARMACY, Medisca Inc., ESSENTIAL PHARMACY COMPOUNDING VET (Kohll’s Pharmacy & Homecare), Slade Dispensary Services and Diamondback Drugs LLC.
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