Critical Drug Shortages to Push Animal Drug Compounding Market

(Newswire.net — June 5, 2017) New York , NY — Animal Drug shortages are becoming more common and this is unfortunately predicted to worsen in the years ahead, as per official reports published by veterinarians. This shortage encourages the use of widely available compounded drugs to treat a number of animal diseases. A few critical animal drug shortages highlighted by the U.S. FDA are Flunixine Injectable, 35% Perox-Aid, and Epinephrine. To make medical therapy suitable for animal requirements, compounded drugs with the desired active ingredients are unavailable. FFDA-approved drug for treating megacolon in cats is currently available in the animal drug compounding market. The only safe and effective therapy to treat chronic cat constipation was removed from the U.S. nearly two decades ago. That is why compounding drugs are the only option for veterinarians to treat animals that need pro-kinetic drug therapy.

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 million, will expand at 6.3% CAGR to bring in revenues worth US$ 1,373.8 million by the end of 2024. During this forecast period, the market’s growth will be favored by informed decisions taken by pet owners, a higher level of veterinary care expected of them and lack of scientific evidence to report adverse effects of compounded animal drugs.

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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 Global Animal Drug Compounding Market – Top Report Excerpts

• In the due course of forecast period, the global animal drug compounding market will witness impressive growth for products namely, CNS agents, anti-infective agents, and hormonal drugs
• While CNS agents will account for over 37% share of global revenues, global sales of anti-infective agents will record revenue growth at 7.8% CAGR
• Companion animals will account for 47% of global animal drug compounding revenues throughout the forecast period, and dogs will be procuring highest usage of compounded drugs for companion animals
• More than half of the market’s worth will be accounted by sales of compounded drugs for livestock animals, but their market presence will incur a decline towards the end of 2024
• Through 2024, more than 80% of the global animal drug compounding market value will be attributed to orally-formulated drugs