The Global Animal Drug Compounding Market Size is valued at 2.07 billion in 2022 and is predicted to reach 4.12 billion by the year 2031 at an 8.17% CAGR during the forecast period for 2023-2031.
As more pet parents learn about the benefits of compounded drugs, which is projected to inspire more people to adopt them, the market will expand. The industry has also seen potential due to the rising need for individualized and specialized medications for companion animals and the expanding animal population and longer life spans. Furthermore, a rise in the prescriptions for animal-compounded medicines is anticipated to fuel market expansion. The FDA reports that 6.3 million prescriptions for compounded animal medications are written by veterinarians each year in the United States.
Like many other global businesses, the COVID-19 pandemic had a detrimental effect on the market for animal medication compounding in 2020. According to reports, supply chain interruptions, a decline in sales, a decrease in demand, and operational difficulties brought on by changing regulations and policies are the most critical effects of COVID-19 on the veterinary healthcare system. Due to widespread lockdowns and limitations on the movement of persons and commodities, manufacturing companies, pharmacies, and veterinary service providers were severely impacted. For instance, the American Veterinary Medical Association reports that the coronavirus outbreak caused the cancellation or delay of around 60% of veterinary services in April 2020. By July 2020, the number had fallen to roughly 30%.
Recent Developments:
- In Feb 2023, Wedgewood Pharmacy recently acquired the full-service testing facility Front Range Laboratories (FRL) in Loveland, Colorado. FRL performs analytical and microbiological testing, product stability testing, and other services to serve the testing needs of pharmacies nationwide. Wedgewood Pharmacy intends to preserve the FRL brand, which is revered across the compounding pharmacy industry as a source of superior services.
- In September 2022, On the use of bulk drug substances for compounding animal treatments, the Food and Drug Administration released final advice, which was unveiled in April. The FDA outlines the conditions under which it will exercise enforcement discretion in relation to violations of the Federal Food, Drug, and Cosmetic Act for drug approval, labelling, and manufacturing when pharmacists and veterinarians compound drugs from drug (bulk) substances for animal patients in Guidance for Industry #256, Compounding Animal Drugs from Bulk Drug Substances.
Competitive Landscape:
Some of the Animal Drug Compounding market players are:
- Akina Animal Health
- Aurora Compounding
- Caringbah Compounding Pharmacy
- Central Compounding Center South
- Chiron Compounding Pharmacy
- Custom Med Compounding Pharmacy
- Davis Islands Pharmacy and Compounding Lab
- Dougherty's Pharmacy
- Hoye's Pharmacy
- Medisca Inc.
- MEDS Canadian Compounding Pharmacy
- Millers Pharmacy
- Pace Pharmacy
- People’s Choice Pharmacy
- Pratt’s Compounding Pharmacy
- Sixth Avenue Medical Pharmacy
- Smith Caldwell Drug Store
- Smith’s Pharmacy
- Specialist Compounding Pharmacy Pte Ltd.
- Tache Pharmacy
- Triangle Compounding Pharmacy Inc.
- Vertisis Custom Pharmacy
- Victoria Compounding Pharmacy
- Vimian
- Wedgewood Pharmacy
- Wellness Pharmacy of Cary
Market Segmentation:
The Animal Drug Compounding market is segmented based on animal type, product, route of administration, and dosage form. Based on animal type, the market is segmented as Companion Animals, Dogs, Cats, Others, and Livestock Animals. The product segment includes Anti-infective Agents, Anti-inflammatory Agents, Hormones & Substitutes, CNS Agents, and others. By route of administration, the market is segmented into Oral, Injectable, Topical, and Others. The dosage form segment includes Suspensions, Solutions, and Capsules.
Based On Animal Type, The Companion Animals Segment Is Valued As A Major Contributor In The Animal Drug Compounding Market
By animal type, the companion animal market accounted for the highest proportion of the global animal medication compounding market in 2022. Similarly, it is anticipated that over the next few years, the companion animal segment will expand at the fastest rate, exceeding 8%. This market is developing as a result of factors like an increase in the number of companion animals, rising pet care costs, increased knowledge of animal medicine compounding among pet owners and veterinarians, and the many advantages it offers companion animals.
The CNS Agents Segment Witnessed Growth At A Rapid Rate
While CNS agents are the most frequently prescribed treatment for treating neurological problems such as a change in behaviour, blindness, seizures, etc., in pets, these sectors dominated the global market for animal drug compounding. In veterinary medicine, a variety of pharmacological classes are employed as CNS or psychotropic drugs. Among them are anxiolytics, anticonvulsants, tranquillizers, analgesics, sedatives, antidepressants, antipsychotics, and others. Several CNS agents are available from businesses like Wedgewood Pharmacy that are formulated for particular medical conditions.
In The Region, The North America Animal Drug Compounding Market Holds A Significant Revenue Share
During the forecast period, Asia Pacific is anticipated to have the fastest CAGR. The rise in pet humanization, rising costs for veterinary treatment, and the accessibility of affordable animal compounded pharmaceuticals are the leading causes of the expansion. A surge in demand for compounded veterinary pharmaceuticals, notably for pets and non-food-producing animals in the region, as well as increased investment by international players to enhance their presence in this region, are also projected to fuel the market's expansion.
Animal Drug Compounding Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 2.07 Bn |
|
Revenue forecast in 2031 |
USD 4.12 Bn |
|
Growth rate CAGR |
CAGR of 8.17 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Animal Type, Product, Route Of Administration, And Dosage Form |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Wedgewood Pharmacy; Vimian; Pharmaca; Akina Animal Health; Triangle Compounding; Davis Islands Pharmacy and Compounding Lab; Custom Med Compounding Pharmacy; Central Compounding Center South; Wellness Pharmacy of Cary; Miller's Pharmacy. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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