April 20, 2024
Veterinary Drugs Compounding Market

Veterinary Drugs Compounding Market to Grow Considerably due to Rising Pet Healthcare Expenditure

The veterinary drugs compounding market has been gaining major traction over the past few years owing to increasing pet adoption and healthcare expenditure. Veterinary compounding is an area of pharmacy that involves preparing customized medication for animals based on individual needs. Drugs are compounded to alter dosage, flavour, type of administration, or other attributes to suit an animal’s specific condition. Some key benefits of compounded veterinary drugs include improved effectiveness, enhanced palatability and comfort for pets, and availability of specialized formulations not commercially available. Rapidly rising animal health awareness and disposable incomes have been driving up demand for customized and effective treatments.

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: 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 opportunities: Increasing adoption of companion animals worldwide, growing trend of pet humanization, and rising pet healthcare expenditure offer major growth opportunities. Customized solutions and medications tailored specifically to a pet’s needs are likely to witness higher demand.

Global expansion: Leading market players are investing more in R&D to develop novel veterinary formulations. They are also expanding globally through acquisitions and partnerships to cater to the rapid internationalization of pet care markets. Asia Pacific and Latin America present lucrative expansion prospects.

Market drivers: One of the key drivers propelling market growth is the surging pet population across both developed and developing economies. Increased pet ownership has boosted focus on pet health and wellness, driving demand for compounded veterinary drugs with improved efficacy and tolerability. Rising pet humanization trends and growing pet healthcare budgets also support industry expansion.

PEST Analysis
Political: Regulations for veterinary drug compounding are becoming more stringent to ensure drug safety and quality. Regulators are imposing new guidelines for facilities, personnel, and documentation practices.
Economic: Rising pet healthcare expenditures and growing pet ownership in developed nations are driving demand for customized medications and alternatives to commercially manufactured drugs. Competition remains moderate as regulations limit new market entrants.
Social: Pet humanization trends have increased spending on pet health and wellness. Owners seek personalized treatment plans tailored to their pets’ specific needs. Compounded drugs offer an alternative to ‘one-size-fits-all’ commercial products.
Technological: Advancements enable novel drug delivery formulations like transdermal gels, topical creams, and flavored suspensions. 3D printing technologies may facilitate on-demand compounding in future. Automated equipment reduces production time and error.

The North American region currently holds the major share of the veterinary drugs compounding market in terms of value, primarily led by the United States. This can be attributed to factors such as rising pet care spending, growing pet population, widespread acceptance of compounded drugs, and presence of major market players in the region. The Asia Pacific veterinary drugs compounding market is projected to witness the highest growth during the forecast period owing to increasing pet ownership, rising per capita animal healthcare expenditures, and growing number of veterinary practices in developing countries like India and China.

Brazil and key Western European countries like Germany, France, and the United Kingdom are also large geographical markets for compounded veterinary drugs due to high density of companion animals. Overall industry revenues continue rising globally as pet owners increasingly prioritize animal health and quality of life.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it