Animal Drug Compounding Market
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, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Patient-specific Prescriptions for Non-food Producing Animals Gain Importance amid COVID-19 Pandemic
The revised draft guidance by the Food & Drug Administration (FDA) is supporting adherence to patient specific prescriptions for non-food producing animals. However, it is relatively challenging for companies in the animal drug compounding market to adapt toward this change amid uncertainties surrounding the COVID-19 pandemic.
In order to keep economies running during the ongoing COVID-19 outbreak, companies in the animal drug compounding market are boosting their output capacities to compound antidotes for food producing animals. Since livestock and pet owners are concerned for the health of their animals, manufacturers are being told to make innovations in FDA approved drugs as a starting point instead of beginning from active pharmaceutical ingredients (API).
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Lack of Education for Equine Compounding Inhibit Market Growth
The animal drug compounding market is projected to climb a revenue growth from US$ 1 Bn in 2019 and cross US$ 1.7 Bn by 2030. However, it has been found that equine compounding is creating challenges for veterinarians and compounders due to lack of education. Hence, PCCA - a provider of complete resources for compounding pharmacies is helping companies in the animal drug compounding market to develop custom horse medications.
Veterinarians and compounders are becoming cognizant about guidelines issued for horses involved in equestrian sports. Strict rules of the Association of Racing Commissioners International (RCI) and the United States Equestrian Federation (USEF) help improve the quality of life in horses. Manufacturers are innovating in pain relievers, stimulants, and relaxing agents to tap into growth opportunities.
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Ingredient Providers Helping Companies Innovate in Compounding for Exotic Animals
Companies in the animal drug compounding market are increasing efforts to maintain a full line of chemicals and supplies to support veterinary compounding. Letco Medical - a supplier of pharmaceutical ingredients, is gaining recognition for maintaining a formula database, which helps to find the right mixture for any animal. Manufacturers in the animal drug compounding market are working closely with ingredient suppliers who provide APIs, bases, flavors, and formulas that support veterinary compounding.
Manufacturers are focusing on quality assurance and compliance to stringent standards to bolster their credibility in the market landscape. Apart from dogs and cats, companies are increasing their compounding capabilities for horses, birds and other exotic animals that swim and fly.
Innovations in Veterinary-Anesthesia, Pain-Management Medications Boost Market Growth
Inorganic strategies, such as mergers and acquisitions are gaining prominence in the animal drug compounding market. Wedgewood Pharmacy - a PCAB®-accredited compounding pharmacy has announced the acquisition of Wildlife Pharmaceuticals, Inc. and its subsidiary ZooPharm to leverage incremental opportunities with innovations in veterinary-anesthesia and pain-management medications.
Manufacturers in the animal drug compounding market are extending their care for resident wildlife, non-domestic species, companion animals, and captive exotic breeds. They are increasing efforts to develop teams, co-ordinate resources, and expand customer relationships to boost company credentials. Companies are focusing on research and development to advance in specialized medications for managing aquariums, wildlife management organizations, conservation facilities, and private ranches.
Flavored Suspensions, Custom Medications Aid in Easy Administration of Pets
Custom-compounded medications have become a fast-growing phenomenon in the animal drug compounding market. Erie Pharmacy is gaining popularity for its comprehensive product portfolio in custom oral capsules, flavored suspensions, and compounded tablets. Since compounded drugs can be a life-saving option for difficult to medicate pets, owners are seeking consultation from veterinarians for compounding and customizing the strength of medication doses.
Factory made medication in many cases do not suit cats and dogs. Hence, companies in the animal drug compounding market are offering custom services in drug development to alter the medications as per specific doses and formulations that are easier to administer in pets. The combination of several ingredients has led to innovations in easy to swallow oral capsules. Flavored suspensions are serving as palatable options for pets that involve flavor enhancers such as fish, beef, peanut butter, and banana, among others.
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Companies in the animal drug compounding market are establishing robust supply chains for customers at wildlife management organizations, private ranches, and conservation facilities, owing to COVID-19 travel restrictions. Companies are boosting their output capacities in compounded tablets and chews with flavored options for pets who are too sick to swallow. Patented combinations of butorphanol tartrate, azaperone tartrate, and medetomidine hydrochloride in medications aid in pain management. However, lack of education in equine compounding and stringent regulations by equestrian sports authorities are causing an impediment in market growth. Hence, companies should increase their production capabilities in compounding custom horse medication to overcome these challenges.
Animal Drug Compounding Market: Overview
- The global animal drug compounding market was valued at US$ 1.1 Bn in 2019 and is projected to expand at a moderate CAGR from 2020 to 2030. Increase in demand for companion animals, rise in the number of licensed veterinarians or pharmacists, and limited number of FDA-approved drug products for several species and conditions are anticipated to boost the global animal drug compounding market during the forecast period.
- Intermittent drug shortages and commercial unavailability of FDA-approved drug products drive the need of compounded preparations within veterinary practice. In species such as zoo animals, laboratory animals, exotic pets, wildlife, aquaria, and non-food aquaculture animals, the use of compounded preparations is paramount. Additionally, regulatory bodies are in the process of considering the critical need of access to compounded preparations within these species, which is a key factor driving the market.
- Drug compounding is a process of mixing, combining, and altering the ingredients for developing tailor-made medications for animals. Compounded animal drugs are manufactured by veterinarians and pharmacists. Drug compounding is also considered when there are no appropriate drugs available for the treatment of a sick animal. Pharmacists consider two ways for compounding an animal drug: extra-label drugs and bulk ingredients. Compounded drugs are economical and most viable options for pet owners without insurance.
- Veterinarians offer medical care through compounded drugs for various animal species such as zoo animals, exotic animals, and wild animals. Compounded drugs deliver vital medications to a patient; however, these drugs are not approved by the U.S. FDA.
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 2019. 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 48.7% 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 2019, 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 0.75 billion in 1950 to 4.22 billion in 2018. 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 2019. 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 2019, attributed to rise in number of pet ownerships and incidence of diseases in animals.
Animal Drug Compounding Market: Regional Segmentation
- In terms of region, the global animal drug compounding market has been segmented North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global animal drug compounding market in 2019. This is ascribed to well-established market, large number of pharmacists and focus on addressing drug shortages. Moreover, ideal regulation by the FDA is likely to augment the animal drug compounding market in North America. Favorable regulatory policies and rise in demand for customized compounded medication to meet the needs of small animals drive the market in the region.
- The market in Asia Pacific is projected to grow at a rapid pace during the forecast period. Well-established healthcare infrastructure and rise in acceptance of compounded veterinary preparations are the key factors anticipated to propel the market in the region. Rise in pet ownership is expected to drive the animal drug compounding market in the region.
Animal Drug Compounding Market: Major Players
- Key players operating in the global 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
- Smith's Pharmacy
- These players focus on adopting various strategies for the expansion of product offerings, development of personalized and emergency compounded drugs, and strategies to strengthen geographic presence. Moreover, companies offer loyalty programs, as new players enter the market with end-to-end solutions.
Animal Drug Compounding Market – Scope of the Report
TMR’s report on the global animal drug compounding market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2020 to 2030. The report provides the overall revenue of the global animal drug compounding market for the period from 2018 to 2030, considering 2019 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global animal drug compounding market for the forecast period.
The report has been prepared after an extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global animal drug compounding market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts also employed a combination of top-down and bottom-up approaches to study various phenomena in the global animal drug compounding market.
The report comprises an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Additionally, the report sheds light on the changing competitive dynamics in the global animal drug compounding market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the global animal drug compounding market. The next section of the global animal drug compounding market report highlights the USPs, which include technological advancements, regulatory scenario across globe, overview of animal drug compounding (benefits, risks, challenges, etc.), and COVID-19 pandemic impact on global animal drug compounding market.
The report delves into the competition landscape of the global animal drug compounding market. Key players operating in the global animal drug compounding market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players profiled in the global animal drug compounding market report.
Key Questions Answered in Animal Drug Compounding Market Report
- What are the sales/revenue generated by animal drug compounding across all regions during the forecast period?
- What are the key trends in the global animal drug compounding market?
- What are the major drivers, restraints, opportunities, and threats in the market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which segment will have the highest revenue globally in 2030 and which segment will grow at the highest CAGR during the forecast period?
- What was the market share of different companies operating in the global market in 2019?
- What were the strengths and weaknesses of major players in 2019?
- What was the competitive analysis of major players in 2019?
- What was the market share analysis of different companies operating in the global market in 2019?
Animal Drug Compounding Market – Research Objectives and Research Approach
The comprehensive report on the global animal drug compounding market begins with an overview of the market, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives of the study and healthcare compliances laid down by accredited agencies in the purview of research in the global animal drug compounding market. It is followed by market introduction, market dynamics, and an overview of the global animal drug compounding market, which includes TMR analysis of market drivers, restraints, and trends affecting the growth of the market. Furthermore, Y-o-Y analysis with elaborate insights has been provided to understand the Y-o-Y trends of the global animal drug compounding market.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller ones. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
Revenue generated by key product manufacturers has been mapped to ascertain the size of the global animal drug compounding market in terms of value. The forecast presented here assesses the total revenue generated in the global animal drug compounding market. In order to provide an accurate forecast, we initiated by sizing up the current animal drug compounding market with the help of the parent market.
The report analyzes the global animal drug compounding market in terms of product, animal type, dosage form, route of administration, and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2030 has been provided. These valuable insights would help market stakeholders in making informed business decisions for investments in the global animal drug compounding market.
Animal Drug Compounding Market – Segmentation
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