NEW YORK, Feb. 3, 2021 /PRNewswire/ -- In order to provide medical therapy suitable for individual animal needs, compounded drugs are available, containing the desired active ingredients. For instance, currently, no FDA approved drug is available in the market for the treatment of megacolon (constipation) in cats. In 2000, Cisapride, the only safe and effective therapy for the treatment of chronic constipation in cats was removed from the U.S. human market. Hence, compounding remains the only choice for veterans to provide cisapride for animals in need of effective pro-kinetic drug therapy. This is likely to create a conducive atmosphere for the growth of the animal drug compounding market. In addition, drugs containing bromides were also removed from the U.S. market in the 1970s; however, due to the safety and extended efficacy of bromides, the drug is prescribed by compounding veterinarians for the treatment of idiopathic epilepsy in dogs.
The coronavirus pandemic is believed to have had a negative impact on the animal drug compounding market. Due to disruptions in the supply chain, there has been significant shortage in the supply of APIs. As coronavirus has become the main focus, all biotech companies, pharmaceutical companies, and research institutes are working in collaboration to deal with Covid-19. This is resulting in shifting focus and also other resources from making other drugs for coronavirus vaccines.
Persistence Market Research predicts that the global animal drug compounding market will exhibits an impressive 8% CAGR during the forecast period (2020-2030).
Key Takeaways from Animal Drug Compounding Market Study
- CNS agents are expected to dominate the global animal drug compounding market, increasing at a CAGR of around 8%.
- Companion animals are expected to hold the largest revenue share for animal drug compounding during the forecast period.
- Oral medications is expected to witness significant growth over the forecast period, owing to blockbuster drug expiries, growing level of experimentation in drug repackaging, and creation of multiple ingredient combination drugs.
- North America is the most lucrative region, holding two-third of the global market share, owing to expansion by key compounding pharma companies and rising adoption of specialty pharmacies in the region.
- The market expanded at a CAGR of around 5% over the last 5 years, and is projected to surge even further at 8% through 2030.
- The U.S. holds over 85% share of the North American market, but Canada is projected to expand faster at around 9.5% CAGR.
- Germany holds that largest share of close to one-third of the market in Europe, and will expand at a CAGR of around 9% through 2030.
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"Growing demand/preference for oral liquid drugs is expected to aid demand growth of animal drug compounding," says an analyst of Persistence Market Research.
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Lower Availability of Generic Substitutes for Veterinary Drugs
Availability of generic substitutes is much lower for veterinary drugs, which is a major factor boosting the growth of the animal drug compounding market. Most drugs available for animals for critical diseases are branded drugs. Additionally, currently, there is no reimbursement policy available for veterinary drugs. In such circumstances, most animal owners prefer resorting to compounded medications that are easily available, cheaper than branded equivalents, and do not require multiple prescriptions. In case of formulation of standardized guidelines for compounded preparations in the veterinary space, a larger amount of revenue can be garnered.
Key players are focusing on strengthening their position by collaborating with local manufacturers to enhance their distribution networks. Manufacturers are also focused on developing currently unavailable pharmaceuticals.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the animal drug compounding market in its latest study, presenting historical demand assessment of 2015 - 2019 and projections for 2020 - 2030, on the basis of product (CNS agents, anti-infective agents, hormones and substitutes, anti-inflammatory agents, and others), animal (companion animals and livestock animals), and formulation (oral, injectable, and others), across seven key regions of the world.
Browse Research Release at: https://www.persistencemarketresearch.com/market-research/animal-drug-compounding-market.asp
Browse End-to-end Market: Healthcare
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