Animal Drug Compounding Market

Animal Drug Compounding Market Overview:

According to Reports and Insights analysis, the global animal drug compounding market is estimated to be US$ 1,993.1 Mn in 2022. Furthermore, the global animal drug compounding market to register a CAGR of 7.5% which is expected to result in market forecast value for 2030 as US$ 3,566.4 Mn.

As manufacturing and the pharmaceutical industries have improved rapidly over the past few years, stakeholders in animal medication compounding have benefited considerably. The demand for animal medicine compounding has increased as a result of growing animal health awareness.

Compound medications are a better choice to treat several illnesses because officially approved drugs are not always available. For example, chewable pills that are not recommended for use in animals like cats or exotic pets are commercially licensed products in particular dosage forms and are suggested for use in certain animal species. Similarly, to this, some medications that are sold commercially have an unpleasant taste to some animals. In this case, compounding is preferred, especially for medications that are difficult to deliver.

This market study on the global animal drug compounding market aims to cover market dynamics such as market drivers, challenges/restraints, and opportunities for the market players. It will also cover market segmentation outlook, animal drug compounding market trend, regional outlook, animal drug compounding market size, and market share, as well as industry and product insights, SWOT analysis, Porter's five force analysis, PESTEL analysis, heat map analysis, market forecast, and the major players operating in the animal drug compounding market.

Scope of the Report:

Report Metric	Report Details
Market size available for the years	2022-2030
Base year	2021
Forecast Period	2022-2030
Segments Covered	By Product, By Route of Administration, By Animal Type, By Dosage Form, and By Region
Regions Covered	North America, Latin America, Europe, Asia Pacific, Middle East, and Africa
Key Players	Aurora Compounding, Chiron Compounding Pharmacy, 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, Triangle Compounding Pharmacy Inc., Vertisis Custom Pharmacy, Victoria Compounding Pharmacy, and Wedgewood Pharmacy

 

Animal Drug Compounding Market Drivers: The cost and availability of generic veterinary drugs are high

Over the course of the forecast period, the global market for compounded animal medications is anticipated to expand as canine diseases in animals become more common. 

The cost of caring for animals is generally prohibitive for low-income households. Since they offer better services at competitive prices, authorized compounding pharmacies are often preferred by animal owners.

Additionally, the accessibility of generic veterinary drugs is constrained by the lack of appropriate reimbursement for veterinary medicine. The bulk of branded drugs used to cure animals on the market cost a lot of money. Due to these factors affordability, accessibility, and the lack of prescription pet owners are more inclined to select compounded pet drugs than branded ones.

Furthermore, because of an increase in owner approval of the procedure in recent years, the compounding industry has completely changed. Improved animal welfare initiatives, increased availability and use of animal health insurance, and a better understanding of the therapeutic indications for various pharmaceuticals are a few factors that favorably impact the target market.

Animal Drug Compounding Market Restraints: Lack of Regulated Standards

The risk of contaminated compounded veterinary pharmaceuticals is anticipated to be a significant factor impeding the growth of the global market for veterinary drugs. Despite the advantages of compounded medications for animals, one or more medications' effectiveness has been reduced due to a significant and well-documented danger of drug antagonism. Additionally, the FDA (Food and Drug Administration) does not guarantee the security of medicine compositions that are compounded. Animal welfare initiatives suffer from the absence of such regulated standards for animal care.

Animal Drug Compounding Market Opportunities: Companion animals will drive new prospects

Compound medications are required to address the escalating demand for exotic companion animals' individualized medical care demands. The same drugs used to treat humans cannot always be used to treat animals. Because they may be customized to meet the demands of each animal, compounded drugs are utilized for certain animals. A service that is very helpful for pets is the addition of flavors and colors to make drugs more appealing. Often a pet won't take the medication since it tastes awful, which prevents a great chance for compounded drug items. Cats dislike pills but enjoy tuna, for instance, while dogs dislike having traditional medications spewed into their mouths but will happily consume flavor-infused meat or a delectable cookie.

Therefore, tailored formulas would gleefully consume compounded medications. Companion animals are therefore anticipated to create a significant demand for compounded medications over the course of the projection period.

Animal Drug Compounding Market, by Product:

Based on the Product, the global animal drug compounding market is segmented into; Anti-Invectives, Anti-Inflammatory, CNS Agents, GI Drugs, and Others.

Animal Drug Compounding Market, by Route of Administration:

Based on the Route of Administration, the global animal drug compounding market is segmented into; Injectable, Ocular, Oral, Rectal, and Topical.

Animal Drug Compounding Market, by Animal Type:

Based on the Animal Type, the global animal drug compounding market is segmented into; Companion Animals (Birds, Cats, Dogs, Horses, and Others), and Livestock Animals.

Animal Drug Compounding Market, by Dosage Form:

Based on the Dosage Form, the global animal drug compounding market is segmented into; Capsules, Powders, Solutions, Suspensions, and Others.

Animal Drug Compounding Market, by Region:

In 2021, North America has a market share of about 40.0% worldwide. The region's market is anticipated to grow quickly in the coming years due to the region's well-developed healthcare infrastructure and the rapid adoption of newer therapeutic tactics.

Over the course of the forecast period, the Asia Pacific animal medication compounding market is anticipated to expand quickly. The main reason that is projected to enhance the market size for animal medicine compounding in the region is the rise in acceptance of compounded veterinary planning and preparation. Additionally, the growth in pet ownership is anticipated to fuel the market size in Asia Pacific over the course of the forecast year.