by 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 combining different active pharmaceutical ingredients in tailored formulations to meet specific medical needs of animals. Compounded veterinary drugs treat illnesses and ailments more effectively with minimal side effects in pets. Veterinary compounding pharmacists work closely with veterinarians to prepare customized medications as per animal’s unique medical requirements.
Market key trends:
One of the major trends driving the growth of veterinary drugs compounding market is increasing preference for customized medication. Many commercially manufactured animal drugs may not be suitable for some animals due to differences in body weight, metabolism or disease condition. Compounded medications allow drugs to be altered in dosage form, strength or delivery system as per animal’s specific health needs. For example, if a dog cannot swallow pills then its medication can be compounded into a palatable liquid or chewable form. This ensures proper intake of drugs and management of medical conditions in pets. Growing humanization of pets and rising spending on animal health have also fueled demand for individualized treatment via veterinary compounding.
SWOT Analysis
Strength: Veterinary drugs play a vital role in animal health care and wellbeing. Compounded drugs provide tailored medication solutions for various veterinary cases.
Weakness: Stringent regulatory requirements regarding compounding policies increase operational costs. There is a shortage of specialized veterinary compounding pharmacists.
Opportunity: Growing companion animal ownership and rising pet healthcare expenditure present an opportunity. Technological advancements in drug compounding can improve efficacy and safety.
Threats: Increasing availability of commercial alternative medications poses competition. Strong IP protection and litigation related to drug formulation processes create challenges.
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 rising pet ownership and increasing spending on pet healthcare. The market size for 2023 is US$ 1313.04 Mn.
Regional analysis
North America dominates the veterinary drugs compounding market owing to rising number of veterinary practices, availability of specialized compounding pharmacists, and presence of major players in the region. Asia Pacific exhibits growth potential due to rising awareness regarding animal care and treatment.
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. The key players are focusing on developing innovative formulations and expanding their presence across regions.
*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.
