May 22, 2024
Veterinary Drugs Compounding Market

Veterinary Drugs Compounding Market is Expected to be Flourished by Increasing Prevalence of Pet Diseases and Conditions

Veterinary drugs compounding involves customizing medications according to the medical needs of animals. This includes altering dosage forms, changing strengths or mixing together multiple ingredients. Common compounds include creams, capsules, gels and suspensions. Veterinarians compound formulations for pets that have allergies, chronic disease conditions or difficulty swallowing pills. It allows for flexibility in design of treatments for pets with complex medical needs. Products under this market include antibiotics, anti-inflammatory, hormones, analgesics and organ system drugs. For instance, Acepromazine is commonly prescribed sedative for dogs and cats which is available as tablets and injectable but can also be compounded into a transdermal gel or flavored liquid.

The global Veterinary Drugs Compounding Market 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 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Increasing prevalence of pet diseases and conditions: As cited earlier in the report, rising prevalence of conditions like osteoarthritis, allergies and dermatological diseases in pets is a major driver for this market. In the US alone, it is estimated that more than 80% of dogs will experience osteoarthritis by the age of one. Compounded medications allow customizing treatments according to the disease stage and severity in pets.

Growing pet population worldwide: Rising pet adoption especially in developing countries has led to growth in companion animal healthcare market. As pet owners are increasingly treating their animals like family members, the demand for specialized and customized drugs is on the rise. This acts as an opportunity for veterinary drugs compounding market players.

Segment Analysis

The global veterinary drugs compounding market is dominated by the dogs segment which accounts for around 35% share. Dogs are one of the most common pets worldwide and require regular healthcare and medication. This drives the demand for compounded drugs which are customized as per the medical needs and sizes of individual dogs. The cats segment is another major segment and holds a share of around 25%.

PEST Analysis

Political: Government regulations regarding veterinary compounding vary across countries. Stringent rules in developed nations aim to ensure safety and efficacy of compounded drugs.

Economic: Rising pet ownership and increasing spending on pet healthcare are fueling market growth. Individualized therapies reduce wastage of unused drugs and lower treatment costs in the long run.

Social: People spend significant resources to ensure the health and wellbeing of companion animals. Customized medicines help address pets’ unique medical conditions more effectively.

Technological: Advancements in compounding equipment and formulations have enabled creation of novel dosage forms like transdermal gels and sustained-release implants. This improves treatment effectiveness.

Key Takeaways

The Global Veterinary Drugs Compounding Market Demand is expected to witness high growth over the forecast period owing to rising pet care expenditure and growing pet population. The global Veterinary Drugs Compounding Market 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 2031.

Regionally, North America dominates currently due to regulatory approvals and demand for customized medicines. However, Asia Pacific is likely to emerge as the fastest growing regional market with increasing pet adoption in nations such as India and China.

Key players operating in the veterinary drugs compounding market are BASF SE, Huntsman Corporation, The Dow Chemical Company, 3M Company, and DuPont. These firms produce excipients for compounding various dosage forms. BASF supplies antifoaming agents, thickening agents, and stabilizers. DuPont provides emollients, antioxidants, and preservatives.

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