The global Pharmacy Compounding for Veterinary Medicine market size is expected to reach $1,242.9 Million by 2027 growing at the CAGR of 5.9% from 2020 to 2027. This growth is attributed to several macro and micro economic factors such as
- Increasing expenditure on pets
Owners consider their pets as family members and are highly concerned about their wellbeing. Pet owners have increased their spending on the health and wellness of their pets. The increasing income has influenced the pet adoption rate. The pet owners are also opting for pet insurance for the medical expenses of their companion animals with the increasing disposable income. According to the American Pet Products Association survey 2019 and 2020, a total of $95.70 billion was spent on pets in the year 2019 and it is expected to reach $99.0 billion in the year 2020. In 2019, $19.2 billion was spent on supplies and OTC medicines. The annual expenditure of an owner of dogs for a surgical vet visit and routine vet visits is $426 and $212 respectively and the annual expenditure on cats for the surgical vet and routine vet visits is $214 and $160 respectively. The pet insurance covers expenses including chronic conditions, diagnostic testing, accidents, medication coverage, and routine care coverage.
- Rising numbers of companion animals
There has been a sharp surge in the adoption of companion animals owing to the health benefits associated with the adoption of animals. The companion animals can provide health benefits such as reduced cardiac arrhythmias, normalization of blood pressure, decreased anxiety, greater psychological stability, and improved well-being. According to the American Pet Products Association (APPA), over 65% of American households own a pet and according to National Pet survey of American Pet Products Association 675 of household in the US has pets which accounts to 84.9 million homes. The rapid urbanization and increasing disposable income are also key factors for rising animal ownership. The growing pet adoption will fuel the demand for better animal healthcare facilities which in turn is anticipated to boost the pharmacy compounding for veterinary medicine market growth.
Further several factors restraining the market growth include
- Growing trend towards monitoring health through pet wearables
- Increasing Invasion of Counterfeit Drugs
Collaborations and Alliances in the Pharmacy Compounding for Veterinary Medicine market is expected to generate higher avenues during the forecast period.
The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the Pharmacy Compounding for Veterinary Medicine market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.
In terms of COVID 19 impact, the Pharmacy Compounding for Veterinary Medicine market report also includes following data points:
- Impact on Pharmacy Compounding for Veterinary Medicine market size
- End User Trend, Preferences and Budget Impact
- Regulatory Framework/Government Policies
- Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
- Opportunity in Pharmacy Compounding for Veterinary Medicine market
Key Insight in the report:
The global Pharmacy Compounding for Veterinary Medicine market report covers executive summary, market dynamics, COVID impact & post COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.
Our report covers extensive competitive intelligence which include following data points:
- Business Overview
- Business Segment Data
- Financial Data
- Product Segment Analysis and Specification
- Recent Development and Company Strategy Analysis
- SWOT Analysis
The report covers market sizing and forecasting at the country level as well as at the segment level. Pharmacy Compounding for Veterinary Medicine market is analyzed across below-mentioned different segments:
- Product Type
- CNS Agents
- Anti-Infective Agents
- Hormones and Substitutes
- Anti-inflammatory Agents
- Companion Animal
- Livestock Animal
Pharmacy Compounding for Veterinary Medicine market is also analyzed across below-mentioned regions/countries:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
- South America
- Middle East & Africa
Some of the key players in Pharmacy Compounding for Veterinary Medicine market include:
- Triangle Compounding Pharmacy Inc.
- Essential Wellness Pharmacy
- Lorraine’s Pharmacy
- Central Drugs Compounding Pharmacy
- Golden Gate Veterinary Compounding Pharmacy
- Wedgewood Pharmacy
- Slade Pharmacy
- Pace pharmacy
- Vertisis custom Pharmacy
REPORT CONTENT BRIEF:
- High level analysis of the current and future market trends and opportunities
- Detailed analysis on current market drivers, restraining factors, and opportunities in the future
- Pharmacy Compounding for Veterinary Medicine market estimates for 2019 and forecast from 2020 to 2027
- Vendor market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations and partnerships as well as funding taken and investment done, among others.
- Suppliers and traders
- Government, associations, and industrial bodies
- Investors and trade experts
- Consulting Firms or Individual Consultant
- Anyone interested in understanding industry dynamic of Pharmacy Compounding for Veterinary Medicine market