by The global Veterinary Drugs Compounding Market is estimated to be valued at US$ 1,179.7 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Veterinary Drugs Compounding Market refers to the compounding of customized medications for animals, based on specific requirements and dosage forms. This market offers several advantages, such as improved medication compliance, personalized dosage strengths, and efficient treatment of veterinary patients. The need for veterinary drugs compounding arises due to the limited availability of commercially available drugs in suitable dosage forms for animals. These compounded medications provide a viable solution to address the specific needs of animals, ensuring their well-being and effective treatment.
Market Key Trends:
The key trend in the Veterinary Drugs Compounding Market is the increasing demand for customized medications for animals. With the growing awareness among pet owners about the importance of personalized care and treatment for their pets, there is a rising preference for compounded medications. These medications are tailored to meet the unique needs of animals, considering factors such as body weight, species, and specific medical conditions. Furthermore, the advancements in compounding techniques and technologies have made it easier to manufacture and distribute these customized medications. This trend is expected to drive the growth of the Veterinary Drugs Compounding Market over the forecast period, as more pet owners seek specialized treatments for their beloved animals.
Segment Analysis:
The veterinary drugs compounding market can be segmented into two major segments: type of drug and animal type.
Under the type of drug segment, the dominating sub-segment is pharmaceutical ingredient alteration. This is mainly due to the increasing demand for customized medications for animals with specific conditions. Pharmaceutical ingredient alteration allows for the creation of tailored drugs, taking into consideration factors such as dosage, taste preferences, and allergies. This segment is expected to witness high growth in the forecast period as it provides a solution for animals that are unable to take commercially available medications.
In terms of animal type, the dominating sub-segment is companion animals. Companion animals, such as dogs and cats, are widely kept as pets and are often considered as part of the family. Hence, there is a growing demand for customized medications for companion animals, contributing to the dominance of this sub-segment. Additionally, advancements in veterinary medicine and increasing pet healthcare expenditure are driving the growth of this segment.
Key Takeaways:
The global Veterinary Drugs Compounding Market Size is expected to witness high growth, exhibiting a CAGR of 5.5% over the forecast period of 2021-2028. This growth can be attributed to several factors. Firstly, the increasing prevalence of chronic diseases among animals is driving the demand for customized medications. Moreover, the rising pet ownership and growing awareness about pet healthcare are further fueling the growth of the market. Additionally, the convenience and effectiveness of compounded medications compared to commercially available drugs are also contributing to the market growth.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the veterinary drugs compounding market. This can be attributed to factors such as a significant pet population, high disposable income, and well-developed veterinary healthcare infrastructure. Moreover, the presence of key market players in the region is also contributing to its dominance.
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 key players have a strong presence in the market and offer a wide range of compounded medications for veterinary use. They are focused on product innovation, strategic collaborations, and mergers & acquisitions to enhance their market presence and gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
