February 18, 2025
Veterinary Drugs Compounding Market

Projected Rise In Pet Ownership To Boost The Growth Of Veterinary Drugs Compounding Market

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 the customizing of medications to meet an individual pet’s medical needs. This includes altering strength, dosage form and formulation. Compounding enables veterinarians to treat animals with unique conditions that require specialized medications. With rise in companion animal ownership globally, demand for customized medicines tailored to an animal’s age, size and medical condition is growing. Advancements in compounding techniques have enabled pharmacists to formulate safer and effective formulations.

Market key trends:

One of the major trends gaining traction in the market is growing demand for palatable formulations. Pet owners often seek flavored or chewable medications to facilitate easy administration to their pets. Compounding pharmacies are addressing this requirement by developing novel drug delivery formats such as treats, sticks and chews incorporated with active ingredients. Furthermore, availability of extended product ranges is another key trend. Market players are offering a wide variety of dosage forms including suspensions, creams, oral liquids etc. to cater to diverse medical needs. They are also ensuring appropriate therapeutic concentration, stability and bioavailability of compounded medications through stringent quality check procedures. This is increasing acceptance and fostering market growth.

Porter’s Analysis

Threat of new entrants: High capital requirements and stringent regulatory requirements by regulatory authorities like FDA act as a barrier for new entrants in this market.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of branded and generic veterinary drugs. However, customized therapy options provided by compounding pharmacies increase their bargaining power.

Bargaining power of suppliers: There exist many raw material suppliers for veterinary drugs compounding having specialized ingredients. This gives them moderate bargaining power over compounders.

Threat of new substitutes: Threat from substitute products is low as compounding provides customized medications not available commercially.

Competitive rivalry: The market is moderately competitive with the presence of many local and regional players providing customized therapies.

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 ownership and rising demand for customized therapies.

The North American region currently dominates the veterinary drugs compounding market. According to the American Veterinary Medical Association, over 70% of the veterinary practices in the US provides compounding services.

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. These players are focused on expanding their presence by opening new compounding units.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Money Singh
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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. 

Money Singh

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. 

View all posts by Money Singh →