New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Animal Drug Compounding Global Market Report 2023" - https://www.reportlinker.com/p06466488/?utm_source=GNW
, Tache Pharmacy, Hoye’s Pharmacy, Vertisis Custom Pharmacy, Smith Caldwell Drug Store, and Sixth Avenue Medical Pharmacy.
The global animal drug compounding market is expected to grow from $1.44 billion in 2022 to $1.56 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The animal drug compounding market is expected to reach $2.07 billion in 2027 at a CAGR of 7.3%.
The animal drug compounding market consists of sales of flavored medications, suppositories, and ophthalmic preparations.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Animal drug compounding is defined as the process of mixing and altering the ingredients of multiple medicines to create a customized medicine to treat the specific needs of a single animal or multiple animals. It is used for providing medical treatment for animals and is a process that plays an important role in veterinary medicine.
North America was the largest region in the animal drug compounding market in 2022. The regions covered in animal drug compounding report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main animal drug compounding products are anti-infective agents, anti-inflammatory agents, hormones and substitutes, CNS agents, and other products.Anti-infective agents can be defined as medicines that are used to prevent various infections, such as antibiotics, antivirals, antifungals, and others.
Anti-infective agents are used in animal drugs to kill infectious germs and stop the spread of infection in animals.The animal drug compounding is used for several types of animals, such as companion animals and livestock animals and administered through various routes, including oral, injectable, topical, and others.
It is used in veterinary hospitals, veterinary clinics, and veterinary diagnostic centers.
A rise in the rate of animal adoption is expected to propel the growth of the animal drug compounding market going forward.Animal adoption is defined as acquiring animals through rescue groups instead of purchasing them from pet shops or breeders.
Adopted animals may have pre-existing health conditions or may require medications that are not available in standard formulations, which create a demand for customized animal medications.As more pet owners may seek customized medications for their adopted animals, the need for animal drug compounding increases.
For instance, in 2021, according to Chewy, Inc., a US-based online retailer of pet food and other products, there were around 977,202 pets adopted in the US in 2021, which resulted in the highest adoption rate of 61% in the past six years. Moreover, in November 2022, according to a national survey of pets and people published by Animal Medicines Australia (AMA), an Australia-based industry body representing the leaders of the animal health industry in Australia, in 2022, 48% of Australian households had dogs, up from 40% in 2019. Therefore, the rise in the rate of animal adoption is driving the growth of the animal drug compounding market.
Product innovations are a key trend gaining popularity in the animal health market.Major market players are concentrating their efforts on introducing new and advanced products to strengthen their position in the market.
For instance, in June 2020, Evonik, a US-based specialty chemicals company launched RESOMER, a precise platform of bespoke functional polymeric excipients to give pharmaceutical firms the ability to precisely and accurately manage the release profile of their parenteral medicinal products.The new RESOMER® platform will aid in optimizing drug product stability and so further lowering the regulatory risk for a variety of complicated parenteral drug products.
RESOMER® Precise can be used with more than 20 high and low molecular weight polymers from Evonik’s market-dominating RESOMER® portfolio, including PLA (Poly (D, L-lactide) and PLGA (Poly (D, L-lactide-co-glycolide).
In August 2020, Wedgewood Pharmacy, a US-based animal-health compounding pharmacy, acquired Wildlife Pharmaceuticals and its subsidiary ZooPharm for an undisclosed amount.The acquisition provided Wedgewood with the means to provide treatments for wildlife, increase its revenue, build and expand customer relationships, and spur research and new product development.
Zoopharm is a US-based veterinary compounding pharmacy that provides veterinary anesthesia and pain management medications.
The countries covered in the animal drug compounding market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The animal drug compounding market research report is one of a series of new reports that provides animal drug compounding market statistics, including animal drug compounding industry global market size, regional shares, competitors with a animal drug compounding market share, detailed animal drug compounding market segments, market trends and opportunities, and any further data you may need to thrive in the animal drug compounding industry. This animal drug compounding market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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