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 or mixing medications in different strengths, doses or formulations specially tailored to meet the medical needs of individual animals. Compounded medications are often used when commercially available drugs do not meet the needs of veterinary patients. They provide treatment options for animals with rare conditions, allergies, or other special medical circumstances. Compounding allows flexibility in dosages, flavors, formulations to administer medications to pets that are difficult to pill and provides options for geriatric pets or pets with dysphagia. Veterinarians are increasingly relying on compounding pharmacies to treat a wide range of conditions from arthritis to diabetes to cancer in dogs and cats.
Market key trends:
One of the key trends driving the veterinary drugs compounding market is the rising pet ownership rates globally. Growing humanization of pets and increasing willingness of owners to pay for their pet’s healthcare has boosted demand for specialized treatment including compounding medications. According to the American Pet Products Association (APPA), nearly 70 million American households own a dog and about 42 million own cats as of 2021. This rapid growth in pet population translates to greater demand for pharmaceutical products and services. Additionally, pet owners are demonstrating increased preference towards natural, hypoallergenic or palatable alternatives for their pets’ medications, propelling the market for compounded veterinary drugs. Rising availability of specialized compounding pharmacies and their online presence is enhancing access and convenience for veterinarians and pet guardians globally.
Porter’s Analysis
Threat of new entrants: The veterinary drugs compounding market requires high capital investment and strict regulations by various regulatory bodies that act as a barrier for new players entering the market.
Bargaining power of buyers: Veterinarians and pet owners have moderate bargaining power due to the specialist nature of compounded drugs and limited alternatives. However, strong branding of existing players limits switching of buyers.
Bargaining power of suppliers: Key raw material suppliers for compounded drugs have consolidated presence with few global players controlling majority of the market. This gives them increased bargaining power over compounding pharmacies.
Threat of new substitutes: Limited threat from substitutes or alternative treatment options exist for compounded formulations tailored for specific veterinary needs and conditions.
Competitive rivalry: Intense competition exists among existing players to gain market share and expand service offerings through investments in R&D and technology to develop novel formulations.
Key Takeaways
Global Veterinary Drugs Compounding Market Size is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period 2023 to 2030, due to increasing pet care spending and rising adoption of pets.
Regional analysis: North America dominates the global veterinary drugs compounding market holding over 40% share. This is attributed to rising pet ownership in the US and Canada. Asia Pacific exhibits fastest growth assisted by increasing pet humanization, growing pet care expenditure and rising number of veterinary practitioners in countries like India and China.
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. Key players are focusing on expansions and new product launches to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
