The veterinary drugs compounding market is estimated to be valued at US$ 1,179.7 Mn in 2021 and is expected to exhibit a CAGR of 5.5% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The veterinary drugs compounding market involves the personalized preparation of medications tailored to meet the unique needs of individual animals. This market plays a crucial role in providing customized treatment options for pets that may have difficulty taking commercially available medications or require specific dosage forms not readily available. Examples of compounded veterinary medications include flavored tablets, transdermal gels, and liquid suspensions. The growing pet population and rising preference for personalized medications are driving the demand for compounded veterinary drugs.
Market Dynamics:
The thriving pet industry, with increasing pet ownership and expenditure on pet healthcare, is a major driver for the veterinary drugs compounding market. Pet owners are increasingly seeking individualized treatment options for their pets, driving the demand for compounded medications. Additionally, the increasing prevalence of chronic diseases in animals further fuels market growth as compounded drugs can offer effective and convenient treatment solutions. Furthermore, advancements in compounding technologies and the availability of a wide range of dosage forms expand the market opportunities for veterinary drugs compounding market players. Overall, the market is expected to witness high growth in the coming years due to these driving factors.
Segment Analysis:
The Veterinary Drugs Compounding Market Size can be segmented based on the type of medication, animal type, and distribution channel. Among the different types of medications, the dominating segment is the nonsteroidal anti-inflammatory drugs (NSAIDs). This is due to the increasing prevalence of arthritis and musculoskeletal disorders in animals, leading to the high demand for pain management medications. Furthermore, NSAIDs are also used in the treatment of certain cancers and post-operative pain, further contributing to their dominance in the market. Other segments in the market include antibiotics, anti-parasitic drugs, hormones, and others.
PEST Analysis:
Political: The regulatory landscape plays a significant role in the veterinary drugs compounding market. Government policies and regulations regarding the manufacturing, distribution, and use of veterinary medications can impact market growth.
Economic: The economic factors influencing the market include disposable income of pet owners, healthcare expenditure on animals, and the overall economic condition of a country. Economic downturns may affect pet owners' ability to afford veterinary medications.
Social: The increasing pet ownership and rising concern for animal health and wellbeing drive the demand for veterinary drugs compounding. Additionally, the human-animal bond and the concept of pet parenting have led to a growing willingness to spend on veterinary medications.
Technological: Technological advancements in drug formulation and compounding techniques have simplified and improved the manufacturing of veterinary drugs. This includes innovations in drug delivery systems, dosage forms, and personalized medicine.
Key Takeaways:
The global veterinary drugs compounding market is expected to witness high growth, exhibiting a CAGR of 5.5% over the forecast period (2021-2028). This growth can be attributed to the increasing pet ownership, rising demand for personalized medication, and advancements in drug compounding techniques. Additionally, the dominance of the NSAIDs segment, driven by the high prevalence of arthritis and musculoskeletal disorders in animals, contributes to market growth.
In terms of regional analysis, North America is the fastest-growing and dominating region in the veterinary drugs compounding market. This can be attributed to the high pet ownership, robust veterinary healthcare infrastructure, and increasing pet healthcare expenditure in countries like the United States and Canada.
Key players operating in the veterinary drugs compounding market include 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. These companies are focused on product innovation, strategic collaborations, and expansion of their product portfolios to maintain their market presence and cater to the growing demand for veterinary medications.
Read More: https://www.rapidwebwire.com/veterinary-drugs-compounding-market-analysis-and-trends/
