New York, NY -- (SBWIRE) -- 06/19/2017 -- Critical drug shortages to push the global animal drug compounding market
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.
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To make medical therapy suitable for animal requirements, compounded drugs with the desired active ingredients are unavailable. For e.g., no FDA 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.
CNS drugs to be most commonly dispensed for extemporaneous medication
The most common cause of neurological disorders in cats and dogs is an inflammation of the central nervous system. Seizures, abnormal limb coordination, blindness and behavioral changes are typical abnormalities seen in cats and dogs afflicted with inflammatory central nervous system (CNS) diseases. As per the International Journal of Pharmaceutical Compounding, CNS drugs were dispensed in almost 2/5th of the total veterinary prescriptions. By the end of 2016, the CNS Agents segment accounted for 37% revenue share of the global animal drug compounding market and it is anticipated to gain 30.4 BPS in its market share by 2024 over 2016.
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The CNS Agents product type segment is expected to create absolute dollar opportunity of US$ 16 Mn in 2017 over 2016. By the end of the forecast period, the CNS Agents segment is expected to exceed half a billion U.S. dollars in terms of value, registering a CAGR of 6.4% for the period 2016-2024. Revenue from the CNS Agents product type segment is estimated to increase 1.6 times by the end of 2024 as compared to the beginning of the study period. The most popular pets currently undergoing treatment for various CNS inflammations are cats and dogs.
North America will remain the largest regional animal drug compounding market
By the end of 2016, North America alone accounted for nearly 70% revenue share in the global animal drug compounding market and it is poised to gain 376.6 basis points over the course of the next eight years. This can largely be attributed to an eager adoption of pets in the region with the U.S having the bulk of the companion animals on the continent. The CNS Agents product type segment held a lion's share of the North America animal drug compounding market in revenue terms in 2015 and this trend is predicted to continue for the rest of the forecast period, with the segment recording a market attractiveness index of 1.9.
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CNS drugs are being increasingly used in treating both myelitis and encephalitis in animals and this should boost the North America animal drug compounding market in the medium term. From a market value of just under US$ 220 Mn in 2016, the CNS Agents segment by product type is anticipated to rise to more than US$ 380 Mn by the end of 2024 in the North America animal drug compounding market, registering a value CAGR of 7.1%.
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