Animal Drug Compounding Market (Product: Anti-infectives, Anti-inflammatory, CNS Agents, GI Drugs, and Others; Animal Type: Companion Animal and Livestock Animal; Dosage Form: Capsule, Suspension, Solution, Powders, and Others; and Route of Administration: Oral, Injectable, Topical, Rectal, and Ocular)-Global Industry Analysis, Share, Growth, Regional Outlook And Forecasts 2021-2030

The global Animal Drug Compounding market gathered revenue around USD 1.2 Billion in 2020 and market is set to grow USD 1.9 Billion by the end of 2030. The global Animal Drug Compounding market is estimated to expand at a modest CAGR of 7% during the prediction period 2021 to 2030.

Growth Factors:

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.

This research report purposes at stressing the most lucrative growth prospects.The aim of the research report is to provide an inclusive valuation of the Animal Drug Compounding market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Animal Drug Compounding market reportaids in comprehendingmarket structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.

COVID-19 Impact Assessment on Market Landscape

The report comprises the scrutiny of COVID-19 lock-downimpact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilaracross various industry verticals. The research reportofferspresent short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lastingtactics for recovery and by region.

Animal Drug Compounding market report empower readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplish sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.

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 urbanization. The 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.

Competitive Rivalry

Foremost players in the market are attentive on adopting corporation strategies to enhance their market share.Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.

Significant Market Participants Operational in the Animal Drug Compounding Market are: 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

By Regional Outlook

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• Italy
• France
• Rest of EU

Asia Pacific

• China
• India
• Japan
• Southeast Asia
• Rest of APAC

Central & South America

• Brazil
• Argentina
• Rest of Central & South America

Middle East and Africa

• GCC
• North Africa
• South Africa