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What’s Augmenting Demand for Animal Drug Compounding in the United States
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The US sees rising demand for animal drug compounding, driven by anti-infectives and companion animal needs. Key markets include North America and Europe.
Manufacturers of animal drug compounding products are expected to witness steady growth in demand over the coming years, with rise in requirement for oral, injectable, and topical routes of administration across regions. Demand for anti-infectives will rise the fastest, giving a boost to market expansion.
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As stated in a new report by Fact.MR, North America and Europe will emerge as leading regional markets for animal drug compounding, while Asia Pacific will exhibit the fastest growth throughout the forecast period of 2021 to 2031. The global animal drug compounding market is projected to progress at a moderate CAGR over the next ten years.
Key Takeaways from Market Study
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Demand for Companion Animal Drugs Surging
Drug compounding products are highly required for companion animals such as dogs, cats, and others. With increase in inclination towards domestication of such animals, suppliers of animal drug compounding products are experiencing surge in demand around the globe.
According to a report titled “U.S. Pet Ownership Statistics”, published by the American Veterinary Medical Association, the percentage of households owning dogs in the United States is 38.4, while 25.4% of U.S. people have cats as their pets. This gives a glimpse of the rising demand for various animal drug compounding products around the globe, such as GI drugs, CNS agents, and others.
Who is Winning in this Space?
The global animal drug compounding market is highly competitive in nature. In order to sustain its leading positions, key players in this field are bringing in a wider variety of quality products.
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The post What’s Augmenting Demand for Animal Drug Compounding in the United States appeared first on Latest Market Reports.
The article discusses the rising demand for animal drug compounding in the US, focusing on anti-infectives and companion animal drugs.
Demand is increasing due to the rise in pet ownership and the need for specialized drug formulations for companion animals.
North America and Europe are leading markets, with Asia Pacific showing the fastest growth.
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