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| Global Veterinary Drugs Compounding Market Size |
The veterinary drugs compounding market comprises customized medications that
are compounded or reformulated from their original commercial form by
compounding pharmacists to meet specific needs of animals and their owners.
Veterinary pharmacists compound drugs for animal health issues such as pain,
anxiety, arthritis, wounds, urinary disorders, and other chronic illnesses. The
need for veterinary drug compounding has increased owing to rising instances of
adverse drug reactions and lack of proper dosage formulations for some animal
species. Global demand for compounded veterinary drugs is also driven by
growing pet adoption rates and increased pet owners' willingness to spend on
pet health.
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 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 players are
focused on expanding their production facilities and distribution networks to
cater to the increasing demand for compounded medications.
The rising pet adoption, increasing pet healthcare expenditures, and growing
prevalence of chronic diseases in animals are expected to offer significant
growth opportunities for players in the veterinary drugs compounding market.
Compounding pharmacists and veterinarians are also working collaboratively to
identify suitable alternatives and develop new formulations to address the
unmet needs of veterinary practices.
Key players are focusing on global expansion strategies by entering into new
markets. Companies are investing in research and development activities to
expand their product portfolios and undertake mergers & acquisitions to
strengthen their market position. Recent years have witnessed rising interest
of key players in developing nations for tapping into the business
opportunities especially in Asia Pacific region attributed to growing pet care
industry.
Market drivers: Growing pet adoption rates globally along with rising pet
healthcare spending is a major driver of veterinary drugs compounding market.
Increasing cases of adverse drug reactions in pets further necessitates the
need for compounded medications tailored as per specific pet's needs.
Market restrain: Higher costs associated with compounded medications and lack
of proper dosage guidelines by regulatory authorities are posing challenges to
the growth of veterinary drugs compounding market. Safety and efficacy concerns
regarding compounded drugs may also limit their adoption. Strict regulations
pertaining to manufacturing and distribution of customized drugs also act as a
key restrain.
Segment Analysis
The veterinary drugs compounding market can be segmented by animal type into
companion animals and livestock animals. The companion animals segment is
dominating currently as pet ownership is increasing globally. People are
showing more care and affection towards companion animals like dogs and cats.
They are willing to spend money for quality healthcare and medicines of their
pets. Subcutaneous and oral formulations deliver major share as they are
convenient for pet owners as well as animals.
Global Analysis
Regionally, North America has the largest share in the veterinary drugs
compounding market due to high pet ownership and expenditure on animal
healthcare in countries like United States and Canada. However, Asia Pacific is
expected to witness fastest growth during the forecast period. Rising pet
adoption in countries like China and India along with growing awareness about
animal welfare is driving the market in Asia Pacific region. Other developing
regions like Latin America and Middle East & Africa also offer lucrative
opportunities for market expansion due to increasing livestock population and
initiatives by governments and veterinary organizations.
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