Veterinary Drugs Compounding Market is Estimated To Witness High Growth Owing To Rising Pet Ownership

Veterinary Drugs Compounding Market


The 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 customizing medication for animals according to their needs. This includes modifying dosage form, flavors, and strengthening or decreasing the potency of the drug. Compounded drugs help address allergies, intolerances and problems associated with swallowing pills in animals. They provide an alternative treatment option and help improve animals' quality of life.

Market key trends:
One of the major trends fueling the growth of veterinary drugs compounding market is rising pet ownership across the world. According to APPA National Pet Owners Survey conducted in 2021, over 90.5 million cats and 79.7 million dogs are kept as pets in the United States alone. Increasing humanization of pets is compelling owners to provide them with specialized treatment and care matching their individual conditions. This is expected to drive demand for tailored medication prepared by compounding pharmacies. The market is also benefiting from growing preference for compounded medications due to concerns over potential drug shortages and recalls of manufactured products.

Porter’s Analysis
Threat of new entrants: The veterinary drugs compounding market requires high capital investments for R&D of new drugs which makes it difficult for new players to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power as they have a variety of compounding pharmacies to choose from depending on costs and services offered. However, high costs of veterinary care limits their power to an extent.
Bargaining power of suppliers: Suppliers have low bargaining power as there are many raw material suppliers in the market to cater to the demand from veterinary compounding pharmacies.
Threat of new substitutes: Threat of substitutes is low as compounding plays a vital role in treating pets with unique medical needs for which substitutes are limited.
Competitive rivalry: Intense as companies compete on basis of innovation, quality, reliability and service.

SWOT Analysis
Strength: Ability to customize medication as per pet's unique needs & allergy profile; High expertise in compounding domain.
Weakness: High R&D costs; Strict regulations.
Opportunity: Growing pet population & expenditures; Untapped rural markets.
Threats: Supply chain disruptions; Increased focus on branded medications.

Key Takeaways
Global Veterinary Drugs Compounding Market Size is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing pet ownership and higher disposable income of pet owners especially in developing regions of Asia Pacific.

The veterinary compounding market is dominated by North America due to high awareness and higher expenditure on pet healthcare in countries like US and Canada. Asia Pacific is poised to be the fastest growing region during the forecast period due to rising pet adoption and improving veterinary facilities especially in 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. These players compete on factors such as innovation, quality, reliability and service. 

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