Animal Drug Compounding Market Report
Animal Drug Compounding Market by Animal Type (Companion Animals and Livestock Animals), Dosage Form (Suspensions, Solutions, and Capsules), Product (Anti-infective Agents, Anti-inflammatory Agents, Hormones & Substitutes, CNS Agents, and Others), Route of Administration (Oral, Injectable, Topical, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Animal Drug Compounding Overview
Animal drug compounding is the process of combining, modifying, or otherwise tinkering with licensed pharmaceuticals to create unique prescriptions for individual animals. According to the relevant laws and regulations, compounding is normally carried out by qualified chemists, licensed veterinarians, or particularly trained professionals. Compounding for animal drugs has a variety of uses in veterinary care. When commercially available pharmaceuticals are not appropriate or are not offered in the necessary dosage, form, or flavor for animals, it enables veterinarians to prescribe specially formulated medications. For example, modifying dosage strengths, getting rid of allergic components, or coming up with alternate dosage forms (such as liquids or flavoured chewables) for animals that have trouble swallowing, thus proper prescriptions are all things that compounding can help with.
Global Animal Drug Compounding Market Analysis
The global animal drug compounding market size was $1,319.5 million in 2022 and is predicted to grow at a CAGR of 9.0%, by generating a revenue of $3,121.2 million by 2032.
COVID-19 Impact on Global Animal Drug Compounding Market
The COVID-19 pandemic has raised demand for veterinary services as more individuals bought pets or spent more time with their current animal companions during lockdowns and stay-at-home orders. A rise in the need for compounded pharmaceuticals to treat certain animal health issues has also been attributed to the rise in pet ownership and the resulting demand for veterinary care.
Moreover, the epidemic has brought attention to the value of veterinary care and the demand for specialised animal treatment solutions. The animal drug compounding market is anticipated to stay high as pet ownership continues to increase and pet owners become more knowledgeable about the advantages of compounded drugs.
Customization and Personalized Care to Drive the Market Growth
Compounding for animals enables medicines to be tailored to each animal’s unique need. When commercially available pharmaceuticals are not suitable or are not offered in the necessary dosage, shape, or flavor, this level of customization is especially helpful. Compounding services are in high demand because they enable veterinarians to customize drugs as per the specific need of each animal. The animal drug compounding meets unmet medical requirements. In some circumstances, commercially marketed drugs may not be appropriate, accessible, or available for a particular ailment or species. The gaps in available treatments can be filled by compounding pharmacies developing specialized formulations that adhere to the distinct therapeutic needs of these animals.
Regulatory Compliance and Oversight to Restrain Market Growth
Animal drug compounding is regulated to guarantee standards of quality, safety, and ethical conduct. Compounding pharmacies may encounter difficulties complying with regulations due to the requirement for specialized facilities, documentation, and adherence to testing standards. Smaller compounding pharmacies may face challenges due to the complexity of regulatory regulations, which could increase their compliance expenses and potentially restrict their ability to operate. Due to the customized procedure and smaller production sizes, compounded pharmaceuticals may cost more than drugs that are produced commercially. As a result, pet owners who might be reluctant to handle the higher costs may face difficulties.
Specialty and Niche Markets to Drive Excellent Opportunities
Compounding pharmacies have the opportunity to serve niche and specialized veterinary medical markets. Treatments for wildlife, unusual animals, and uncommon ailments that call for specialized formulations are included in these markets. Compounding pharmacies can reach underdeveloped markets and offer beneficial solutions to vets and pet owners by becoming experts in these specialized fields. The future development of the animal medicine compounding sector depends on working closely with veterinarians and veterinary specialists. A greater number of referrals, enhanced communication, and a better comprehension of the particular treatment requirements can all result from forging strong bonds and partnerships with veterinary specialists.
Global Animal Drug Compounding Market Share, by Animal Type, 2022
The companion animals sub-segment accounted for the highest share in 2022. Animals kept as pets frequently have particular medical issues and care requirements that necessitate specialized attention. Compounded drugs enable physicians to individually adapt therapies to each animal’s needs, taking into consideration aspects including species, size, age, and particular health concerns. The need for compounded drugs in companion animal care is driven by the capacity to offer individualized treatment alternatives.
Global Animal Drug Compounding Market Share, by Dosage Form, 2022
The suspensions sub-segment accounted for the highest market size in 2022. Suspension dosage modifications can be accurate and tailored to the individual requirements of the animal. To create suspensions that fit the necessary dosage strength for various species, compounding pharmacies can make them with a range of concentrations. This adaptability in dosage modifications guarantees proper dosing and satisfies the particular therapeutic needs of various animals.
Global Animal Drug Compounding Market Share, by Product, 2022
The CNS agents sub-segment accounted for the highest market share in 2022. Similar to people, animals can vary widely in how they react to CNS drugs. To have the required therapeutic impact in some animals, special dosages or formulations could be needed. To maximise the effectiveness and safety of CNS agent therapies, compounding pharmacies can give customized formulations that take into account details like the size, species, and specific condition of animals.
Global Animal Drug Compounding Market Share, by Route of Administration, 2022
The oral sub-segment accounted for the highest market size in 2022. For many animals, taking drugs orally offers a straightforward and comfortable method of administration. Compounded oral drugs can be manufactured into a variety of dose forms, such as tablets, capsules, or flavoured liquids to improve palatability and convenience of administration. This enhances medication compliance and acceptance, improving the effectiveness of treatment.
The North America animal drug compounding market accounted for the highest market share in 2022. Regulatory agencies like the U.S. Food and medicine Administration (FDA) and Health Canada run the animal medicine compounding sector in North America. For the safety, effectiveness, and quality of compounded pharmaceuticals, these regulatory authorities establish rules and regulations. Compounding pharmacies that are located in the North America region must adhere to these rules.
Competitive Scenario in the Global Animal Drug Compounding Market
Product development and geographic expansion are the common strategies followed by major market players. For instance, in August 2022, Vimian Group bought Heiland GmbH, a leading online purchasing platform, in order to better serve veterinary clinics across Germany. The acquisition marks a critical turning point in Vimian Group's effort to digitalize its wide range of veterinary hospital service offerings.
Some of the leading animal drug compounding market players are WEDGEWOOD PHARMACY, Triangle Compounding, Vimian, Pharmaca, Akina Animal Health, Miller's Pharmacy, Davis Islands Pharmacy and Compounding Lab, Custom Med Compounding Pharmacy, Central Compounding Center South, and Wellness Pharmacy of Cary.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Animal Type
Segmentation by Dosage Form
Segmentation by Product
Segmentation by Route of Administration
Key Companies Profiled
Q1. What is the size of the animal drug compounding market?
A. The size of the animal drug compounding market was over $1,319.5 million in 2022 and is expected to reach up to $3,121.2 million by 2032.
Q2. Which are the major companies in the animal drug compounding market?
A. Davis Islands Pharmacy & Compounding Lab and Custom Med Compounding Pharmacy are some of the key players in the global animal drug compounding market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Product development and geographic expansion are the two key strategies opted by the operating companies in this market.
Q5. Which companies are investing more on R&D practices?
A. Davis Islands Pharmacy & Compounding Lab and Custom Med Compounding Pharmacy are the companies investing more on R&D activities for developing new products and technologies.