Animal Drug Compounding Market is Predicted to Reach USD 2.4 billion by 2031, Registering a 7.4% CAGR: TMR Report
Animal drug compounding addresses a range of veterinary requirements, from exotic pet treatments to specialized medications.
Wilmington, Delaware, United States, Oct. 04, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The animal drug compounding market acquired US$ 1.1 billion in 2021. The market is likely to secure a market valuation of US$ 2.4 billion by 2031 and is anticipated to experience a 7.4% CAGR from 2022 to 2031.
The equine industry’s growth brings opportunities for compounded medications tailored for racehorses, addressing specific performance-related ailments and enhancing regulatory compliance. The booming aquaculture sector requires specialized compounded drugs for fish and aquatic animals, targeting unique health challenges in this significantly expanding industry.
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Compounded medications play a role in wildlife rehabilitation and conservation efforts, as tailored treatments for injured or endangered species are essential. The emergence of veterinary hospice care opens avenues for palliative care compounded medications, ensuring optimal comfort and quality of life for terminally ill pets. Zoos and wildlife sanctuaries demand customized pharmaceutical solutions for the diverse species under their care, fueling growth in this niche segment.
Global Animal Drug Compounding Market: Key Players
A competitive mix of established compounding pharmacies and innovative startups characterizes the animal drug compounding market. Key factors advancing market competition include compliance with stringent regulations and quality assurance. The ability to provide customized, safe, and effective medications for diverse animal species is another factor fueling market competition.
Established players invest in research and development to expand their product portfolios, focusing on specialty compounds and exotic animal medications. Additionally, collaborations with veterinarians and animal care institutions enhance market reach.
Companies that prioritize quality, regulatory adherence, and specialization maintain a competitive edge in this evolving market with the growing demand for personalized veterinary treatments. A few leading industry players in the global animal drug compounding market are:
- Wedgewood Pharmacy
- Triangle Compounding Pharmacy
- Davis Islands Pharmacy
- Custom Med Compounding Pharmacy
- Central Compounding Center South
- Wellness Pharmacy of Cary
- Caringbah Compounding Pharmacy
- Millers Pharmacy
- Smith’s Pharmacy
- Specialist Compounding Pharmacy Pte Ltd.
- Tache Pharmacy
- Wedgewood Pharmacy offers a comprehensive product portfolio of compounded medications, specializing in customized formulations, dosage forms, and delivery methods, catering to the unique healthcare needs of patients and practitioners.
- Triangle Compounding Pharmacy provides a diverse product portfolio of compounded medications, including bio-identical hormone therapies, dermatological formulations, and specialty compounds. These focus on tailored solutions for patient-specific requirements.
- Davis Islands Pharmacy presents a product portfolio featuring a range of pharmaceuticals, over-the-counter medications, and wellness products. These emphasize personalized service and quality healthcare solutions for the local community.
- Custom Med Compounding Pharmacy offers a diverse product portfolio, specializing in customized medications, hormone therapy, and veterinary compounds, providing tailored pharmaceutical solutions for patients, practitioners, and pets.
- Central Compounding Center South provides a comprehensive product portfolio, including compounded medications, specialty dermatological preparations, and pain management solutions. These address unique healthcare needs with precision and innovation.
- Wellness Pharmacy of Cary offers a diverse product portfolio, featuring a wide range of pharmaceuticals, compounded medications, over-the-counter products, and wellness solutions. Committed to quality healthcare, they provide personalized services to cater to the unique needs of their valued customers in surrounding areas.
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Key Findings of the Market Report
- Anti-infectives dominate the animal drug compounding market, ensuring the well-being of animals by addressing various infectious diseases and promoting overall health.
- Companion animals dominate the animal drug compounding market, encompassing dogs and cats, reflecting the substantial demand for specialized medications for pets.
- Solutions dominate the animal drug compounding market, offering precise dosing and ease of administration for various veterinary medications.
- Oral administration dominates the animal drug compounding market due to ease of use and wide acceptance in various animal species.
Market Trends for Animal Drug Compounding
- Growing demand for customized medications tailored to individual pet needs, optimizing treatment effectiveness and safety.
- Strict regulations and quality standards in animal drug compounding to ensure product safety and efficacy.
- Rising interest in specialized compounds like dermatological, ophthalmic, and pain management medications for pets.
- Increasing use of compounding for exotic and non-traditional pets, addressing unique veterinary requirements.
- Integration of telemedicine platforms to facilitate remote consultations and prescription of compounded medications for pets, enhancing accessibility and convenience.
Market for Animal Drug Compounding: Regional Outlook
- North America leads with advanced veterinary pharmaceutical regulations and a well-established compounding sector. It emphasizes quality, safety, and innovation in animal drug compounding.
- Europe showcases a growing demand for compounded veterinary drugs, driven by pet ownership trends and an increased focus on animal health. Regulatory harmonization is fostering market expansion.
- Asia Pacific demonstrates significant growth potential, spurred by the increasing pet population and rising awareness of specialized compounded drugs. The region’s emerging markets offer opportunities for leading players to meet evolving veterinary needs.
Global Animal Drug Compounding Market Segmentation
- CNS Agents
- Potassium Bromide
- Other CNS Agents
- GI Drugs
- Other GI Drugs
By Animal Type
- Companion Animal
By Dosage Form
By Route of Administration
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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