Dublin, Sept. 21, 2022 (GLOBE NEWSWIRE) — According to market research and competitive intelligence provider Fact.MR, the global animal drug preparation market is estimated to be worth more than US$2 billion in 2022. and is expected to grow at a high CAGR value of 8.2% throughout the forecast years 2022-2032.
The COVID-19 outbreak forced employees to work from home and the unemployment rate rose. As a result, people have had more time to spend at home, which has boosted pet adoption rates around the world.
- According to the APPA (American Pet Product Association), 90.5 million (70% of households present in the United States) of households in the United States own a pet.
This played a crucial role in driving the growth of the animal drug preparation market. Additionally, new innovations and product development have also amplified the performance of animal drug preparation. Major manufacturers are working hard to maintain a full line of chemical compounds to help veterinarians. Additionally, they focus on improving products and adding ingredients.
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According to Fact.MR analysis, the animal drug preparation market is set to grow owing to the growing awareness of the value of animal health and the benefits of animal drug preparation. Manufacturers need to focus on clinical studies to improve product safety and confidence. Preparation medications are available in several convenient forms. Additionally, pet prep pharmacies can customize the flavors of pet medications, making it easier to manage.
The Growing Importance of the Pharmacist Training for Compounding for Animals
Recently, there have been initiatives to incorporate more specific training for veterinarians, which was not traditionally included by many pharmacy schools in their curricula before. However, pharmacists, through independent continuing education, receive a majority of training specific to veterinary pharmacy, including compounding.
Moreover, in recent years, the preparation market has undergone a complete transformation due to an increase in the approval of the practice by owners. Aspects that favorably affect the target market include better understanding of the therapeutic indications of various drugs, increased availability and use of animal health insurance, and improved animal welfare activities.
Key insights from market research
- The global animal drug preparation market is expected to expand at a CAGR of 8.2% and reach US$4,419.6 million by 2032.
- The market posted a CAGR of 6.3% from 2017 to 2021.
- Under product, CNS agents are valued at US$719 million in 2022.
- North America led the global market with 65.4% share in 2021.
- Animal drug compounding revenues are expected to grow at CAGRs of 8.4% and 10.3%, respectively, in North America and Latin America.
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Animal Drug Preparation Industry Research Segmentation
- By product:
- Other antibiotics
- Other anti-inflammatory
- CNS agents
- Potassium bromide
- Other CNS agents
- Gastrointestinal drugs
- Other gastrointestinal drugs
- By administration:
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Suppliers of animal medicine preparations are focusing on new product development and also investing in flavor customization. The major players are also focusing on the offering of Compound Medicines in various forms. Additionally, the focus on quality control and producer compliance will enhance market credibility in the coming years.
Additionally, the target market is crucial to bridge the gap between alternative veterinary treatment options and the lesser availability of approved drugs for animal medicine.
In the animal drug preparation market, inorganic tactics such as mergers and acquisitions are becoming popular.
- As an illustration, Wedgewood Pharmacy successfully acquired Wildlife Pharmaceuticals and its subsidiary zoo pharm.
Obtaining FDA approval is a primary tactic for all manufacturers. They are taking steps to obtain FDA clearance for drug preparation.
- For example, Wedgewood Pharmacy has obtained a license from the New York State regulatory authority to offer compound drugs.
Pet care is usually a very expensive affair that is beyond the reach of low-income households. Pet owners generally prefer going to licensed compounding pharmacies as they offer better services at a reasonable price.
More valuable information about the offer
Fact.MR, in its new offering, presents an unbiased analysis of the global Animal Drug Preparation Market, showcasing historical market data (2017-2021) and forecast statistics for the period 2022-2032.
The study reveals essential information on the basis of product (anti-infectives, anti-inflammatories, CNS agents, gastrointestinal drugs, others), route of administration (oral, injection, topical, rectal, ocular), type animal (companion, livestock), and dosage form (capsules, suspension, solutions, powders, others), in major regions of the world (North America, Latin America, Europe, East Asia, South Asia and ASEAN, Oceania, Middle East and Africa).
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