Global Animal Drug Compounding Market Opportunities And Strategies 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s animal drug compounding market report forecasts the animal drug compounding market size to grow to $2.07 Billion by 2027, with a CAGR (compound annual growth rate) of more than 7%.
Learn More On The Animal Drug Compounding Market Report 2023 – https://www.thebusinessresearchcompany.com/report/animal-drug-compounding-global-market-report
Animal Drug Compounding Market Size Forecast
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 global animal drug compounding market size is expected to reach $2.07 billion in 2027 at a CAGR of 7.3%.
North America held the largest animal drug compounding market share.
Key Animal Drug Compounding Market Driver – Rise In The Rate Of Animal Adoption
According to Chewy, Inc., a US-based online retailer of pet food and other products, there were approximately 977,202 pets adopted in the US in 2021, resulting in the highest adoption rate of 61% in the previous six years. Furthermore, according to a national study of pets and humans published in November 2022 by Animal Medicines Australia (AMA), an Australia-based industry organisation representing the leaders of the Australian animal health industry, 48% of Australian households had dogs in 2022, up from 40% in 2019. As a result, the increasing prevalence of animal adoption is propelling the expansion of the animal medication compounding industry.
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Key Animal Drug Compounding Market Trend – Product Innovations
Major market players are focusing their efforts on introducing new and advanced goods in order to strengthen their market position. For example, in June 2020, Evonik, a specialty chemicals company based in the United States, announced RESOMER, a precise platform of tailored functional polymeric excipients designed to provide pharmaceutical companies with the capacity to precisely and accurately adjust the release profile of their parenteral medicinal products. The new RESOMER® platform will help to optimise medicinal product stability, minimising regulatory risk for a wide range of complex parenteral drug products. RESOMER® Precise can be combined with over 20 high and low molecular weight polymers from Evonik’s market-leading RESOMER® portfolio, such as PLA (Poly (D, L-lactide) and PLGA (Poly (D, L-lactide-co-glycolide).
Animal Drug Compounding Market Segment
1) By Animal Type: Companion Animals, Livestock Animals
2) By Product: Anti-infective Agents, Anti-inflammatory Agents, Hormones And Substitutes, CNS Agents, Other Products
3) By Route of Administration: Oral, Injectable, Topical, Other Routes Of Administration
4) By Application: Veterinary Hospitals, Veterinary Clinics, Veterinary Diagnostic Centers
Animal Drug Compounding Market Major Players and Strategies
Major players in the animal drug compounding market are Wedgewood Pharmacy, Triangle Compounding Pharmacy, Davis Islands Pharmacy & Compounding Lab, CustomMed Compounding Pharmacy, Central Compounding Center South, Wellness Compounding Pharmacy of Cary, Miller’s Pharmacy, Caringbah Compounding Pharmacy, Smith’s Compounding Pharmacy, Specialist Compounding Pharmacy Pte Ltd., Tache Pharmacy, Hoye’s Pharmacy, Vertisis Custom Pharmacy, Smith Caldwell Drug Store, and Sixth Avenue Medical Pharmacy.
Wedgewood Pharmacy, a US-based animal-health compounding pharmacy, paid an unknown sum for Wildlife Pharmaceuticals and its subsidiary ZooPharm in August 2020. The acquisition enabled Wedgewood to deliver animal treatments, raise revenue, strengthen and grow client connections, and encourage research and new product development. Zoopharm is a veterinary compounding pharmacy established in the United States that offers animal anaesthesia and pain management drugs.
The Animal Drug Compounding Global Market Report 2023 covers regional data on animal drug compounding market size, animal drug compounding market trends and drivers, opportunities, strategies, and animal drug compounding market competitor analysis. The countries covered in the animal drug compounding market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Animal drug compounding is the process of combining and modifying the ingredients of various medications to generate a customized treatment to treat the specific needs of a single or numerous animals. It is used to provide medical treatment for animals and is an important process in veterinary medicine.
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