The veterinary drugs compounding market comprises customized medications that are compounded or reformulated from their original commercial form by compounding pharmacists to meet specific needs of animals and their owners. Veterinary pharmacists compound drugs for animal health issues such as pain, anxiety, arthritis, wounds, urinary disorders, and other chronic illnesses. The need for veterinary drug compounding has increased owing to rising instances of adverse drug reactions and lack of proper dosage formulations for some animal species. Global demand for compounded veterinary drugs is also driven by growing pet adoption rates and increased pet owners' willingness to spend on pet health.
The Global Veterinary Drugs Compounding Market Size is estimated to be valued at US$ 1512.63 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the veterinary drugs compounding market are BASF SE, Huntsman Corporation, The Dow Chemical Company, 3M Company, DuPont, Aditya Birla Chemicals Ltd (Thailand), Momentive Specialty Chemicals Inc, Nan Ya Plastics Corporation, Kukdo Chemical Ltd., and NAMA Chemicals. Key players are focused on expanding their production facilities and distribution networks to cater to the increasing demand for compounded medications.
The rising pet adoption, increasing pet healthcare expenditures, and growing prevalence of chronic diseases in animals are expected to offer significant growth opportunities for players in the veterinary drugs compounding market. Compounding pharmacists and veterinarians are also working collaboratively to identify suitable alternatives and develop new formulations to address the unmet needs of veterinary practices.
Key players are focusing on global expansion strategies by entering into new markets. Companies are investing in research and development activities to expand their product portfolios and undertake mergers & acquisitions to strengthen their market position. Recent years have witnessed rising interest of key players in developing nations for tapping into the business opportunities especially in Asia Pacific region attributed to growing pet care industry.
Market drivers: Growing pet adoption rates globally along with rising pet healthcare spending is a major driver of veterinary drugs compounding market. Increasing cases of adverse drug reactions in pets further necessitates the need for compounded medications tailored as per specific pet's needs.
Market restrain: Higher costs associated with compounded medications and lack of proper dosage guidelines by regulatory authorities are posing challenges to the growth of veterinary drugs compounding market. Safety and efficacy concerns regarding compounded drugs may also limit their adoption. Strict regulations pertaining to manufacturing and distribution of customized drugs also act as a key restrain.
Segment Analysis
The veterinary drugs compounding market can be segmented by animal type into companion animals and livestock animals. The companion animals segment is dominating currently as pet ownership is increasing globally. People are showing more care and affection towards companion animals like dogs and cats. They are willing to spend money for quality healthcare and medicines of their pets. Subcutaneous and oral formulations deliver major share as they are convenient for pet owners as well as animals.
Global Analysis
Regionally, North America has the largest share in the veterinary drugs compounding market due to high pet ownership and expenditure on animal healthcare in countries like United States and Canada. However, Asia Pacific is expected to witness fastest growth during the forecast period. Rising pet adoption in countries like China and India along with growing awareness about animal welfare is driving the market in Asia Pacific region. Other developing regions like Latin America and Middle East & Africa also offer lucrative opportunities for market expansion due to increasing livestock population and initiatives by governments and veterinary organizations.
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