“๐๐ง ๐ญ๐จ๐๐๐ฒ’๐ฌ ๐๐จ๐ฆ๐ฉ๐๐ญ๐ข๐ญ๐ข๐ฏ๐ ๐ฆ๐๐ซ๐ค๐๐ญ, ๐ข๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐ข๐ฌ ๐ ๐๐ซ๐ข๐ญ๐ข๐๐๐ฅ ๐ฌ๐ญ๐๐ฉ ๐ข๐ง ๐ข๐๐๐ง๐ญ๐ข๐๐ฒ๐ข๐ง๐ ๐ญ๐ก๐ ๐๐จ๐ซ๐ซ๐๐๐ญ ๐ญ๐๐ซ๐ ๐๐ญ ๐๐จ๐ง๐ฌ๐ฎ๐ฆ๐๐ซ๐ฌ ๐๐ง๐ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ข๐ง๐ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ฌ๐๐ ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ ๐๐จ๐ซ ๐ญ๐ก๐๐ข๐ซ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐ง๐๐๐๐ฌ. ๐๐ก๐ข๐ฅ๐ ๐๐จ๐ซ๐ฆ๐ฎ๐ฅ๐๐ญ๐ข๐ง๐ ๐ญ๐ก๐๐ฌ๐ ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ, ๐๐ฏ๐๐ซ๐ฒ ๐๐๐๐๐ญ ๐๐ง๐ ๐ฌ๐ฉ๐๐๐ข๐๐ข๐ ๐ฉ๐ซ๐จ๐๐ฅ๐๐ฆ ๐ฉ๐ซ๐๐ฌ๐๐ง๐ญ๐๐ ๐๐ฒ ๐ญ๐ก๐ ๐ฉ๐๐ซ๐ญ๐ข๐๐ฎ๐ฅ๐๐ซ ๐ฌ๐๐๐ญ๐จ๐ซ ๐ข๐ฌ ๐ญ๐ก๐จ๐ซ๐จ๐ฎ๐ ๐ก๐ฅ๐ฒ ๐๐จ๐ง๐ฌ๐ข๐๐๐ซ๐๐. ๐๐ญ ๐๐ฅ๐ฌ๐จ ๐๐จ๐ง๐ฌ๐ข๐๐๐ซ๐ฌ ๐ง๐ฎ๐ฆ๐๐ซ๐จ๐ฎ๐ฌ ๐ ๐จ๐ฏ๐๐ซ๐ง๐ฆ๐๐ง๐ญ ๐ซ๐๐๐จ๐ซ๐ฆ๐ฌ, ๐ญ๐ก๐ ๐๐จ๐ฆ๐ฉ๐๐ญ๐ข๐ญ๐ข๐ฏ๐ ๐๐ง๐ฏ๐ข๐ซ๐จ๐ง๐ฆ๐๐ง๐ญ, ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐๐ซ ๐๐๐ก๐๐ฏ๐ข๐จ๐ฎ๐ซ, ๐๐ฎ๐ซ๐ซ๐๐ง๐ญ ๐๐ง๐ ๐๐ฎ๐ญ๐ฎ๐ซ๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐ฌ๐ญ๐ซ๐๐ญ๐๐ ๐ข๐๐ฌ, ๐๐ง๐ ๐ซ๐๐ฉ๐ข๐๐ฅ๐ฒ ๐๐ก๐๐ง๐ ๐ข๐ง๐ ๐ญ๐๐๐ก๐ง๐ข๐๐๐ฅ ๐๐ซ๐๐๐ค๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก๐ฌ. ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐๐ข๐๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐๐จ๐ซ๐ฆ๐ฎ๐ฅ๐๐ญ๐ข๐จ๐ง ๐จ๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐ฉ๐ฅ๐๐ง๐ฌ ๐๐ง๐ ๐ฉ๐จ๐ฅ๐ข๐๐ข๐๐ฌ.”
Veterinary Drugs Compounding is the preparation of customized medications for animals. The process should only be performed on approved prescriptions by veterinarians. Common examples of compounded preparations in veterinary practice include mixing two injectable drugs, preparing an oral paste from crushed tablets, and adding flavor to a drug. All medications must be FDA-approved drugs. Veterinary drugs cannot be prepared with bulk chemicals or raw pharmaceutical ingredients.
Global Veterinary Drugs Compounding Market – Impact of the Coronavirus (COVID-19) Pandemic
Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 256 million cases and 5.15 million deaths due to coronavirus (COVID-19) were reported till November 22, 2021, across the globe.
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Impact of COVID-19 on Demand and Supply of Veterinary Drugs Compounding
The COVID-19 pandemic and lockdown in various countries across the globe has impacted the financial status of businesses across all sectors including private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. The COVID-19 pandemic has affected the economy of various regions across the globe in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Several countries such as Thailand, Indonesia, and Singapore are facing problems with regards to transportation and distribution of healthcare products.
The impact of COVID-19 was sudden and varied across the veterinary drug industry. Considering the enforcement of lockdown in various regions the veterinary practices were hindered to a certain extent. For instance, according to the American Veterinary Medical Association, in April 2020, globally, around 60% of the veterinary practices were cancelled owing to the pandemic and in July 2020, the number of veterinary practices dropped to around 30%. Thus, the COVID-19 impact is expected to hamper the growth of global veterinary drugs compounding market.
The global veterinary drugs compounding market is estimated to be valued atย US$ 1,179.7 Mnย in 2021, and is expected to exhibit aย CAGR of 5.5 %ย over the forecast period (2021-2028).
The rising risk of canine diseases is driving growth of the market over the forecast period.
The growing prevalence of canine diseases in animals is projected to spur the growth of the global veterinary drugs compounding market over the forecast period. For instance, according to the 2019 AHS Heartworm Incidence Survey, five states of the U.S. including Arkansas, Mississippi, Louisiana, South Carolina, and Alabama reported the highest incidence of heartworm infection in dogs in 2019. Hence, such rising burden of canine disease will promote the development of new compounded drugs over the forecast period.
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Rising awareness regarding the advantages of veterinary compounding for delivery of medication in animals.ย
Veterinary drug compounding is allowed when a veterinarian has an established client-patient relationship and a suitable bulk drug substance. Moreover, veterinary compounding is legal if the compounded drug contains ingredients that are safe for the animal. In the U.S., compounding of animal drugs is prohibited from using drugs from unapproved bulk substances. There are several benefits of compounding animal drugs such as:
- Facilitates in customizing dosage: The pharmaceutical compounding helps in tailoring the appropriate amount of medication required for pets. Hence, the customization of medication allows better accuracy and consistency in dosage delivery of the medication.
- Developing combined medication: The drug compounding offers a major benefit of combining multiple prescriptions into a single dose for easy administration to pets
- Makes medication more palatable: With the help of pharmaceutical compounding, veterinarian can change the form, flavor, and aftertaste of a medication, making it easy for pet consumption without having any adverse reactions
Restraint- Global Veterinary Drugs Compounding Market
Risk factors associated with adulterated compounded veterinary drugs is hampering the growth of the global veterinary drugs compounding market. For instance, in June 2020, the U.S. Food and Drug Administration warned veterinary doctors that adulterated and misbranded compounded combination drug product containing pyrimethamine and toltrazuril caused adverse events in at least three horses. The testing revealed that the products contained approximately 18 to 21 times higher pyrimethamine than indicated on the labeling.
Global Veterinary Drugs Compounding Market โ Regional Analysis
On the basis of region, the global veterinary drugs compounding market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to be the most lucrative region in the veterinary drugs compounding market, due to growing product launches by companies based in this region. For instance, in 2018, Wedgewood Pharmacy, a U.S.-based compounding pharmacy, launched compounding Omeprazole IM Injection Suspension, 100mg/ml in a 20ml vial. The medication is compounded under license from Luoda Pharma Pty Ltd, an Australian biopharmaceutical company that focuses on development ofย animal healthย products to meet the clinical needs of animals.
Growing humanization of pets and rising expenditure on pet health and wellness are expected to drive the growth of the market in the Asia Pacific region. For instance, in 2019, in Australia, more than US$ 2.6 billion was spent on animal health services as per Animal Medicines Australia. This trend is estimated to continue in the near future. The top reasons cited for veterinary visits were general health checkups, pathology & lab tests, vaccinations, illness or injury, X-ray & imaging, hospitalization, and others.
Global Veterinary Drugs Compounding Marketย โ Competitive Landscape
Key players operating in the global veterinary drugs compounding market include Wedgewood Pharmacy, Pace Pharmacy, Tache Pharmacy, The Pet Apothecary, Pet Script, Golden Gate Veterinary Compounding Pharmacy, CareFirst Specialty Pharmacy, Triangle Compounding Pharmacy, Millerโs Pharmacy, and Davis Islands Pharmacy
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Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Overview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Drug Class
- Market Snippet, By Animal Type
- Market Snippet, By Formulation
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Porterโs Analysis
- Industry Trends
- Key Highlights
- Epidemiology
- Reimbursement Scenario
- Regulatory Scenario
- Product Launch and Approvals
- Acquisition and Collaboration Scenario
- Market Dynamics
- Global Veterinary Drugs Compounding Market – Impact of Coronavirus (Covid-19) Pandemic
- COVID-19 Epidemiology
- Impact of COVID-19 on Demand and Supply of veterinary drugs compounding
- Impact of COVID-19 on the overall Healthcare Sector
- Global Veterinary Drugs Compounding Market,ย By Drug Class, 2017 – 2028 (US$ Million)
- Introduction
- Market Share Analysis, 2021 and 2028 (%)
- Y-o-Y Growth Analysis, 2018 – 2028
- Segment Trends
- CNS Agents
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Million)
- Anti-infective Agents
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Million)
- Hormones and Substitutes
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Million)
- Anti-inflammatory Agents
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Million)
- Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Million)
- Introduction
- Global Veterinary Drugs Compounding Market, By Animal Type, 2017 – 2028 (US$ Million)
- Introduction
- Market Share Analysis, 2021 and 2028 (%)
- Y-o-Y Growth Analysis, 2018 – 2028
- Segment Trends
- Companion Animals
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Million)
- Dogs
- Cats
- Others
- Livestock Animals
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Million)
- Introduction
- Global Veterinary Drugs Compounding Market, By Formulation, 2017 – 2028 (US$ Million)
- Introduction
- Market Share Analysis, 2021 and 2028 (%)
- Y-o-Y Growth Analysis, 2017- 2028
- Segment Trends
- Oral
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Million)
- Injectable
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Million)
- Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017 – 2028, (US$ Million)
- Introduction
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