With advancements in the pharmaceutical sector, animal drug compounding market manufactures are coming across greater growth scope at present. According to a report published by SelectUSA on 6th September 2019, the pharmaceuticals industry is the best prospect industry in Japan. As stated in the report, the Japan market for prescription and non-prescription pharmaceuticals in 2018 totaled US$ 87 billion in 2018, while more than 90% of the industry consists of prescription pharmaceuticals.
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As per data revealed by SelectUSA in a report published on 30th July 2019, the Chinese pharmaceutical industry is highly potential and was valued at US$ 134 billion in 2018, and grew to approximately US$ 154 billion in 2024. These, in turn, indirectly refer to the new opportunities awaiting suppliers of compounded medication for pets around the globe.
What are the Key Challenges Faced by Veterinary Compounded Drug Manufacturers?
There are a few negative sides of animal drug compounding products and processes, such as-
- The entire process cycle is complex and time consuming
- Development of animal drug compounding products requires expensive laboratory set-ups and ingredients
- Testing and transition of animal drug compounding products often requires additional costs
- Proper testing and experts handling are required, or else, it may have adverse effects on animals
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However, key players and manufactures are giving the best of their efforts in order to minimize these restraints and excel in this field.
Country-Wise Analysis
What’s Augmenting Demand for Animal Drug Compounding in the United States?
The United States has been leading in North America’s market for animal drug compounding since the past decade, and is predicted to maintain its position throughout the forecast period. Growing pharmaceutical and manufacturing sectors coupled with rise in demand for various animal drugs among people having pets are fuelling sales in the country.
According to a report titled “Pet Industry Market Size, Trends, and Ownership Statistics”, published by the American Pet Products Organization, 67% of U.S. households own pets, while in 2024, US$ 103.6 billion was spent on pets in the U.S. As stated in the report, for 2024, it is estimated that nearly US$ 109.6 billion will be spent on pets in the U.S. These represent lucrative growth scope in the U.S. for animal drug compounding product suppliers.
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The Animal Drug Compounding market report answers important questions which include:
- What does the status of the Animal Drug Compounding market look like after the forecast period?
- Which region has the highest contribution to the global Animal Drug Compounding market and why?
- Which players remain at the top of the global Animal Drug Compounding market?
- What opportunities are available for the Animal Drug Compounding market players to expand their production footprint?
- Which segment has the maximum impact on the global Animal Drug Compounding market?
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