Animal Drug Compounding Market to Expand Rapidly at 6.3% CAGR 2016-2024
Greater unavailability of generic veterinary medicine in desired dosage forms for optimum efficiency is boosting the global demand for compounded animal drugs. In addition to this, re-emergence of animal drug compounding offers valuable benefits to the pet owners, not just manufacturers. Persistence Market Research predicts that the global market for animal drug compounding, which is presently valued at US$ 844.2 Mn, will expand at 6.3% CAGR to bring in revenues worth US$ 1,373.8 Mn by end of 2024. During this forecast period, the market’s growth will be favored by informed decisions taken by pet owners, higher level of veterinary care expected by them and lack of scientific evidence to report adverse effects of compounded animal drugs.
According to Persistence Market Research’s report, titled “Animal Drug Compounding Market: Global Industry Analysis and Forecast, 2016-2024,” more than two-third of global sales of compounded animal drugs will remain concentrated in the US and Canada. North America’s animal drug compounding market is projected to witness revenue growth at 7% CAGR. On the other hand, other parts of the world will record sluggish growth in demand for animal drug compounding as value CAGRs in these regions are less likely to reach 5%.
Global Animal Drug Compounding Market: Key Opportunities
The report cites that the popularity of alternate flavored dosage forms will favor the adoption of animal drug compounding. Veterinary drug compounders try to remove the bitter taste of the medicine and make it feel non-gritty, smooth, creamy thus contributing largely towards improved patient compliance.
The better the ability of a compounding pharmacist in creating flavored dosages, the greater are the future revenue-generating opportunities for manufacturers. Companies such as Triangle Compounding Pharmacy Inc., Lorraine’s Pharmacy, Medisca Inc., WEDGEWOOD PHARMACY, Diamondback Drugs LLC, ESSENTIAL PHARMACY COMPOUNDING VET (Kohll’s Pharmacy & Homecare), and Slade Dispensary Services are profiled in the report as key manufacturers of compounded animal drugs in the world.
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Availability of accreditation also enhanced sales prospects of compounded animal drugs. In the event of adverse events not being recorded, animal owners generally prefer to visit only accredited compounding pharmacies. In addition to this, lower availability of generic substitutes to veterinary drugs also propels the practice of compounding veterinary pharmaceuticals. Currently there is no reimbursement available for veterinary drugs, which indicate most of the drug expense goes out of pockets of animal owners. In such circumstances, most animal owners prefer resorting to compounded animal medications that are easily available, cheaper than branded equivalents and do not require multiple prescriptions.