Manufacturers of animal drug compounding products are expected to witness steady growth in demand over the coming years, with rise in requirement for oral, injectable, and topical routes of administration across regions. Demand for anti-infectives will rise the fastest, giving a boost to market expansion.
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As stated in a new report by Fact.MR, North America and Europe will emerge as leading regional markets for animal drug compounding, while Asia Pacific will exhibit the fastest growth throughout the forecast period of 2021 to 2031. The global animal drug compounding market is projected to progress at a moderate CAGR over the next ten years.
Key Takeaways from Market Study
- High requirement for anti-infectives likely to be witnessed.
- Oral and injectable segments to boost sales in terms of route of administration.
- Companion animal segment to emerge lucrative across regions.
- Capsule and suspension forms of dosage to augment demand growth.
- The United States remain a huge market for animal drug compounding.
- Germany to exhibit hegemony in Europe’s market for animal drug compounding.
- Asia Pacific to emerge the fastest-growing region for manufacturers of animal drug compounding products.
- The United Kingdom, China, South Korea, France, and Canada to remain high-potential markets throughout the forecast period.
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Demand for Companion Animal Drugs Surging
Drug compounding products are highly required for companion animals such as dogs, cats, and others. With increase in inclination towards domestication of such animals, suppliers of animal drug compounding products are experiencing surge in demand around the globe.
According to a report titled “U.S. Pet Ownership Statistics”, published by the American Veterinary Medical Association, the percentage of households owning dogs in the United States is 38.4, while 25.4% of U.S. people have cats as their pets. This gives a glimpse of the rising demand for various animal drug compounding products around the globe, such as GI drugs, CNS agents, and others.
Who is Winning in this Space?
The global animal drug compounding market is highly competitive in nature. In order to sustain its leading positions, key players in this field are bringing in a wider variety of quality products.
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- Davis Islands Pharmacy recently launched its new range of products such as GABAPENTIN VET SUSPENSION, FLUOXETINE TRANSDERMAL CREAM, DES CAPSULES, and others.
- Custom Med Compounding Pharmacy launched its new range of anti-infective therapy solution, transdermal medications, and others, a couple of years back.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2020/03/17/2001977/0/en/Demand-for-Hospital-Supplies-to-Heighten-with-Severing-Concerns-over-Hospital-Infections-Global-Market-Value-to-Surpass-US-21-Bn-by-2029-Fact-MR.html
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