The Veterinary Drugs Compounding Market is estimated to be valued at US$ 1313.04 Mn 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 drugs compounding refers to the customization of existing veterinary medications for animals by licensed pharmacists. This often involves altering dosage forms such as tablets, capsules, gels, or liquids. Compounded drugs are commonly used for animals that are unable to swallow traditional tablets or need a different formulation due to allergies, issues with flavorings or dyes, or other medical conditions. Common conditions treated include arthritis, seizures, pain, infections, skin problems, behavioral issues, and cancer in pets.
Market Dynamics:
The increasing prevalence of chronic diseases among companion animals and lack of availability of specific veterinary drugs for certain medical conditions are some of the major factors expected to drive the growth of the veterinary drugs compounding market. According to the Association for Pet Obesity Prevention, around 60% of dogs and cats in the U.S. are considered overweight or obese which often leads to chronic diseases such as diabetes, arthritis etc. Additionally, availability of few approved drugs for veterinary use leads to off-label use of drugs approved for humans which may have undesirable side effects in animals. This is encouraging more veterinarians to opt for compounded veterinary drugs having customized formulations. Furthermore, pet owners are willing to spend on health of companion animals to offer them maximum comfort and care during illnesses or medical conditions, fueling demand for compounded drugs.
Segment Analysis
The global veterinary drugs compounding market is dominated by the veterinary clinic segment. Veterinary clinics accounts for more than 50% of the market share due to high number of patients visiting clinics for various veterinary medication. Compounded medications help veterinarians customize medicines for animals with multiple medical conditions like arthritis, diabetes etc.
PEST Analysis
Political: Regulations regarding compounding of veterinary drugs vary across countries and states. Favourable regulations help drive the market growth.
Economic: Rising disposable income levels have increased pet adoption and intent to spend on pet health. This favors market expansion.
Social: Rising awareness about customized medicines and animal well-being supplements demand for compounded drugs.
Technological: Advancements in compounding techniques help address complex medication requirements of animals efficiently. This supports market growth.
Key Takeaways
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 across regions.
The North American region is expected to dominate the veterinary drugs compounding market during the forecast period. The high number of veterinary clinics, rising pet population and pet owners’ food expenditure are some factors driving regional growth.
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, and Davis Islands Pharmacy. Some of the key players are focusing on product launches and expanding their geographical presence to strengthen market share. For instance, Wedgewood Pharmacy launched antifungal ear medications for dogs and cats in May 2019.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it