The Veterinary Drugs Compounding Market is estimated to be valued at US$ 1313.04 Mn or US$ 1.313 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Veterinary drug compounding refers to the process of preparing customized animal medications based on veterinary prescription. Compounded medications help treat conditions for which an FDA-approved drug may not be available or may not be ideal for an individual animal’s needs. They provide alternatives for animals with allergies, unique dosage requirements, or other special clinical circumstances. Common compounded medications include sedatives, pain relievers, antifungals, and dermatological preparations.
Market Dynamics:
Growth in companion animal ownership and rising pet healthcare expenditures are expected to propel the market growth over the forecast period. According to the APPA National Pet Owners Survey 2020-2021, U.S. pet industry spending reached $123 billion in 2021, with $33.4 billion spent on veterinary care. Additionally, increasing preference for personalized and specialized medication for pets’ diverse needs and medical conditions is also fueling the demand for compounded drugs. However, lack of standardized procedures and quality assurance measures in compounding pose some safety risks, which may hamper the market growth.
Segment Analysis
The veterinary drugs compounding market is dominated by the compound medicines segment. This segment accounts for over 50% of the market share due to the increasing need for tailored and customized medication plans for pets. Compounded medications are made specifically for an individual animal and are prepared based on a veterinarian’s exact prescription.
PEST Analysis
Political: The regulations and guidelines related to drug compounding vary widely across different countries which affects the veterinary drugs compounding market. However, favorable regulations regarding compounding practices are expected to boost the market growth.
Economic: Rise in pet adoption and increasing pet healthcare expenditure is fueling the growth of the veterinary drugs compounding market. According to data, the global pet care market size was valued over USD 230 billion in 2020 and is projected to reach over USD 275 billion by 2025.
Social: Growing humanization of pets and increased awareness about animal health is promoting the usage of compounded drugs rather than commercially available drugs. Pet owners are willing to spend more on tailored medications for their pets.
Technological: Advancements in drug compounding technologies allow compounders to accurately prepare medications at commercial scale. Automated compounding devices enhance yields, reduce contamination risks and ensure sterility.
Key Takeaways
The Global Veterinary Drugs Compounding Market Size is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing pet adoption rates across the world. The North America region dominates the veterinary drugs compounding market owing to the presence of leading compounding pharmacies and favorable regulations regarding compounding practices in the region.
Regional analysis
The North America region is expected to continue its dominance in the veterinary drugs compounding market during the forecast period. This is attributed to factors such as increasing pet population, rising pet healthcare awareness, and presence of major players in the region. According to recent estimates, over 70 million American households own a pet.
Key players
Key players operating in the veterinary drugs compounding market are Wedgewood Pharmacy, Pace Pharmacy, Tache Pharmacy, The Pet Apothecary, Pet Script, Golden Gate Veterinary Compounding Pharmacy, CareFirst Specialty Pharmacy, Triangle Compounding Pharmacy, Miller’s Pharmacy, and Davis Islands Pharmacy. Among these, Wedgewood Pharmacy is a leading provider of customized medications for veterinary practices across the United States
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
