Pharmacy Compounding for Veterinary Medicine Market Overview
The Pharmacy Compounding for Veterinary Medicine Market Size is expected to reach USD 2.87 Billion by 2033. The Pharmacy Compounding for Veterinary Medicine Market industry size accounted for USD 1.14 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 7.41% from 2023 to 2033. Pharmacy compounding for veterinary medicine involves creating custom medications tailored to the specific needs of animals. This can include altering the form of a drug (e.g., turning a pill into a liquid), combining multiple medications, or adding flavoring to make it more palatable for the animal.
Overall, the pharmacy compounding for veterinary medicine market plays a crucial role in addressing the unique medication needs of various animals, ensuring they receive appropriate and effective treatments.
Global Pharmacy Compounding for Veterinary Medicine Market Synopsis
COVID-19 Impact Analysis
The COVID-19 pandemic had a significant impact on the pharmacy compounding market for veterinary medicine. The pandemic caused disruptions in the global supply chain, leading to shortages of raw materials and ingredients needed for compounding veterinary medications. Many veterinary clinics reduced their services to only essential and emergency cases, decreasing the demand for compounded medications. The rise of telemedicine in veterinary care changed how prescriptions were issued and filled, with some compounded medications being directly shipped to pet owners. Lockdowns and remote working led to a surge in pet adoptions, potentially increasing the long-term demand for veterinary services and medications, including compounded drugs. Economic uncertainty led to reduced spending on non-essential pet care, which could have temporarily decreased the demand for compounded medications. The need for social distancing and the impact of illness on the workforce led to staffing challenges, potentially affecting the production capacity of compounding pharmacies.
Pharmacy Compounding for Veterinary Medicine Market Dynamics
The major factors that have impacted the growth of Pharmacy Compounding for Veterinary Medicine Market are as follows:
Drivers:
Ø Increasing Pet Ownership
More people consider pets as part of the family, leading to higher spending on pet health and wellness, including customized medications. An increase in pet adoption, especially during the COVID-19 pandemic, has boosted the demand for veterinary services and medications. Pet owners are becoming more proactive about preventive healthcare, leading to increased demand for specialized and compounded medications. Advances in veterinary medicine have created a demand for novel and specific formulations that can be provided through compounding. The trend towards personalized veterinary care has increased the need for medications tailored to individual animals’ needs. Innovations in compounding technology and equipment improve the quality and consistency of compounded medications.
Restraint:
- Perception of High Costs
Investing in advanced compounding equipment and technology can be expensive, potentially limiting the entry of new players and the expansion of existing ones. Maintaining high standards of sterility, safety, and quality control involves significant ongoing operational expenses. There is often a lack of awareness among veterinarians and pet owners about the availability and benefits of compounded medications, limiting market growth. Educating veterinarians and pet owners about compounded medications requires resources and effort, which can be a barrier for smaller compounding pharmacies. Compounded medications can be more expensive than commercially available alternatives, which may deter cost-conscious pet owners and livestock farmers.
Opportunity:
⮚     Growing demand for Increasing Demand for Personalized Medicine
The growing trend toward personalized medicine in veterinary care creates opportunities for compounding pharmacies to offer tailored treatments specific to individual animal needs. Compounding pharmacies can create unique formulations that are not available commercially, addressing specific health issues and improving treatment outcomes. Ongoing research and development in veterinary medicine are continuously identifying new treatments and therapies that require custom compounding. Development of specialty compounds for complex or rare conditions can position compounding pharmacies as leaders in veterinary healthcare. Educating veterinarians about the benefits and possibilities of compounding can lead to increased prescriptions for compounded medications. Raising awareness among pet owners about the advantages of compounded medications can drive demand and market growth.
Pharmacy Compounding for Veterinary Medicine Market Segment Overview
By Product Type
Based on Product Type, the market is segmented based on CNS Agents, Anti-Infective Agents, Hormones and Substitutes and Anti-inflammatory Agents. The CNS Agents segment dominated the global market for animal drug compounding. CNS agents are the most frequently prescribed treatment for treating neurological problems such as a change in behaviour, blindness, seizures, etc., in pets. In veterinary medicine, a variety of pharmacological classes are employed as CNS or psychotropic drugs.
By Application
Based on Application, the market has been divided into the Companion Animal and Livestock Animal. The Companion Animal segment dominant the market. Compounding pharmacies can add flavors to make medications more palatable for pets, increasing compliance with treatment regimens. Medications can be compounded into various forms such as liquids, gels, transdermal creams, and chews, making administration easier for pet owners.
Global Pharmacy Compounding for Veterinary Medicine Market Regional Analysis
Based on region, the global Pharmacy Compounding for Veterinary Medicine Market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the Pharmacy Compounding for Veterinary Medicine Market followed by the Asia-Pacific and Europe regions.
Pharmacy Compounding for Veterinary Medicine North America Market
North America holds a dominant position in the Pharmacy Compounding for Veterinary Medicine Market. In North America region, countries like United States have the FDA regulates veterinary compounding, with specific guidelines and oversight ensuring the quality and safety of compounded medications. High demand driven by a large pet population and a strong culture of pet ownership. Livestock farming also contributes to the market. Advanced veterinary healthcare infrastructure supports the growth of the compounding market. Adoption of new technologies and telemedicine enhances market opportunities.
Pharmacy Compounding for Veterinary Medicine Asia-Pacific Market
The Asia-Pacific region has indeed emerged as the fastest-growing market for the Pharmacy Compounding for Veterinary Medicine Market industry. China Expanding middle class and rising pet ownership fuel demand for veterinary services and compounded medications. Regulatory frameworks are evolving, with increasing focus on quality and safety. Significant opportunities for market growth due to the large population and increasing disposable income.
Competitive Landscape
The global Pharmacy Compounding for Veterinary Medicine Market is highly competitive, with numerous players offering a wide range of software solutions. The competitive landscape is characterized by the presence of established companies, as well as emerging startups and niche players. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as product launches, and strategic alliances.
Prominent Players:
- Triangle Compounding Pharmacy Inc.
- Essential Wellness Pharmacy
- Lorraine’s Pharmacy
- MEDISCA
- Central Drugs Compounding Pharmacy
- Golden Gate Veterinary Compounding Pharmacy
- Wedgewood Pharmacy
- Slade Pharmacy
- Pace pharmacy
- Vertisis custom Pharmacy
Key Development
In March 2023, Wedgewood Pharmacy recently acquired the full-service testing facilities front range laboratories (FRL) in Loveland, Colorado. FRL perform analytical and microbiological testing, product stability testing, and other services to serve the testing needs of pharmacies national wide. Wedgewood pharmacy intends to preserve the FRL brand, Which is reserved across the compounding pharmacy industry as a source of superior services.
Scope of the Report
Global Pharmacy Compounding for Veterinary Medicine Market, by Product Type
- CNS Agents
- Anti-Infective Agents
- Hormones and Substitutes
- Anti-inflammatory Agents
Global Pharmacy Compounding for Veterinary Medicine Market, by Application
- Companion Animal
- Livestock Animal
Global Pharmacy Compounding for Veterinary Medicine Market, by Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Benelux
- Nordic
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Indonesia
- Austalia
- Malaysia
- India
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of Middle East & Africa
| Parameters | Indicators |
|---|---|
| Market Size | 2033: $2.87 Billion |
| CAGR | 7.41% CAGR (2023-2033) |
| Base year | 2022 |
| Forecast Period | 2023-2033 |
| Historical Data | 2021 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Segmentations | Product Type, Application |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, Middle East, Africa |
| Key Vendors | Triangle Compounding Pharmacy Inc., Essential Wellness Pharmacy, Lorraine’s Pharmacy, MEDISCA, Central Drugs Compounding Pharmacy, Golden Gate Veterinary Compounding Pharmacy, Wedgewood Pharmacy, Slade Pharmacy, Pace pharmacy and Vertisis custom Pharmacy |
| Key Market Opportunities | • The growing demand for Increasing Demand for Personalized Medicine • Education and Awareness |
| Key Market Drivers | • Increasing Pet Ownership • Advancements in Veterinary Healthcare |
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Pharmacy Compounding for Veterinary Medicine Market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities in the future
- Pharmacy Compounding for Veterinary Medicine Market historical market size for the year 2021, and forecast from 2023 to 2033
- Pharmacy Compounding for Veterinary Medicine Market share analysis at each product level
- Competitor analysis with detailed insight into its product segment, Government & Defense 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.
- To identify and understand the various factors involved in the global Pharmacy Compounding for Veterinary Medicine Market affected by the pandemic
- To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
