The global 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 involves preparing medication tailored to individual needs of animals. Compounded drugs are customized to deliver the required dose and specific formulation for optimal therapy. They help address allergies, sensitivities, and absorption issues better than commercially available drugs.
Market key trends:
One of the key trends fueling the growth of global veterinary drugs compounding market is rise in pet ownership. According to the American Pet Products Association (APPA), around 90 million dogs and nearly 94 million cats are owned as pets in the US alone. The growing human-animal bond and rising pet expenditures have led owners to seek advanced treatment including custom-made and specialized drugs. This is leading to increased demand for veterinary compounding pharmacy services globally. Other factors such as development of new formulas and medications for livestock animals to improve productivity are also propelling the veterinary drugs compounding market forward.
Segment Analysis
The global veterinary drugs compounding market is segmented into medication type and end-user. By medication type, the market is further divided into pain medications, hormones/hormone replacement therapies, nutraceuticals, dermatologic medications and others. The pain medications segment currently dominates the market as there is high demand for compounded pain medications for veterinary patients as commercial formulations may not work for some animals. By end-user, the market is classified into veterinary clinics, veterinary hospitals, and others. Veterinary clinics are expected to have a large market share owing to the increasing number of private veterinary practices.
Key Takeaways
Global Veterinary Drugs Compounding Market Size is expected to witness high growth, exhibiting a CAGR of 5.5% over the forecast period, due to the increasing prevalence of chronic diseases among companion animals.
Regional analysis: North America is expected to dominate the veterinary drugs compounding market over the forecast period owing to the rising companion animal ownership and increasing awareness regarding animal health in the region. However, Asia Pacific is anticipated to exhibit the fastest growth rate owing to growing veterinary healthcare industry and improving animal welfare policies in the emerging nations like India and China.
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, and Davis Islands Pharmacy. Wedgewood Pharmacy is considered a dominant player in the market due to their strong product portfolio and global presence.
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