Animal Drug Compounding Market - Global Industry Trends and Forecast 2021-2030
According to latest report, the global animal drug compounding market reached valuation at US$ 1.2 Bn in 2020 and predicted to hit around US$ 1.8 billion by 2030.
The global animal drug compounding market growth is anticipated to expand at a moderate CAGR of 8% from 2021 to 2030. Compounding drugs is the process of combining, mixing, and altering ingredients to fulfill the need of individual animal or group of animals. Compounding medications with flavors and colors makes them more palatable, a service which is especially useful for pets. Animal drug compounding is a service provided by some specialty pharmacies. It is a process, wherein medications are prepared in unique formulations for specific animals. These formulations can sometimes be quite important in meeting a patient's needs, especially when an animal is allergic to an inactive ingredient found in commercially available forms of the medication. These medications are tailored as per the needs of an individual group of animals and play a critical role in veterinary medicine. Compounded animal drugs are mostly prepared by pharmacists or veterinarians.
Increase in demand for companion animals, rise in the number of licensed veterinarians or pharmacists, and limited number of FDA-approved drug products for several species and conditions are anticipated to boost the global animal drug compounding market during the forecast period.
Innovations in Veterinary-Anesthesia, Pain-Management Medications Boost Market Growth
Inorganic strategies, such as mergers and acquisitions are gaining prominence in the animal drug compounding market. Wedgewood Pharmacy - a PCAB®-accredited compounding pharmacy has announced the acquisition of Wildlife Pharmaceuticals, Inc. and its subsidiary ZooPharm to leverage incremental opportunities with innovations in veterinary-anesthesia and pain-management medications.
Manufacturers in the animal drug compounding market are extending their care for resident wildlife, non-domestic species, companion animals, and captive exotic breeds. They are increasing efforts to develop teams, co-ordinate resources, and expand customer relationships to boost company credentials. Companies are focusing on research and development to advance in specialized medications for managing aquariums, wildlife management organizations, conservation facilities, and private ranches.
Flavored Suspensions, Custom Medications Aid in Easy Administration of Pets
Custom-compounded medications have become a fast-growing phenomenon in the animal drug compounding market. Erie Pharmacy is gaining popularity for its comprehensive product portfolio in custom oral capsules, flavored suspensions, and compounded tablets. Since compounded drugs can be a life-saving option for difficult to medicate pets, owners are seeking consultation from veterinarians for compounding and customizing the strength of medication doses.
Factory made medication in many cases do not suit cats and dogs. Hence, companies in the animal drug compounding market are offering custom services in drug development to alter the medications as per specific doses and formulations that are easier to administer in pets. The combination of several ingredients has led to innovations in easy to swallow oral capsules. Flavored suspensions are serving as palatable options for pets that involve flavor enhancers such as fish, beef, peanut butter, and banana, among others.
Report Highlights
In terms of type, the global animal drug compounding market has been classified into anti-infectives, anti-inflammatory, CNS agents, GI drugs, and others. The CNS agents segment held the largest market share in 2020. The CNS agents segment has been segregated into potassium bromide, gabapentin, and other agents. CNS agents are highly prescribed medications in animals. Potassium bromide was among the most commonly prescribed drug, accounting for 48.5% market share, followed by diazepam, gabapentin, and fluoxetine. This is expected to fuel the growth of the segment during the forecast period.
Based on animal type, the global market has been bifurcated into companion animal and livestock. The companion animal segment accounted for the largest market share in 2020, which is ascribed to rise in pet ownership, easy availability of caring facilities, and rapid global urbanization. The global urban population has increased significantly from 0.75 billion in 1950 to 4.22 billion in 2018. This, in turn, is projected to drive the companion animal segment in the upcoming years.
In terms of dosage form, the global animal drug compounding market has been categorized into capsule, solution, powders, suspension, and others. The suspension segment held the largest market share in 2020. Oral suspension is a widely adopted drug administration method for animals. The taste of most drugs is less noticeable in suspension compared to solution, as the drug is less soluble in suspension. For instance, itraconazole is a common drug administered in oral suspension form.
Based on route of administration, the global animal drug compounding market has been divided into oral, injectable, topical, rectal, and ocular. The oral segment accounted for the largest market share in 2020, attributed to rise in number of pet ownerships and incidence of diseases in animals.
North America dominated the global animal drug compounding market in 2020. This is ascribed to well-established market, large number of pharmacists and focus on addressing drug shortages. Moreover, ideal regulation by the FDA is likely to augment the animal drug compounding market in North America. Favorable regulatory policies and rise in demand for customized compounded medication to meet the needs of small animals drive the market in the region.
The market in Asia Pacific is projected to grow at a rapid pace during the forecast period. Well-established healthcare infrastructure and rise in acceptance of compounded veterinary preparations are the key factors anticipated to propel the market in the region. Rise in pet ownership is expected to drive the animal drug compounding market in the region.
Key Players
Key market players include 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, and Smith’s Pharmacy.
Market Segmentation
By Product
By Animal Type
By Dosage Form
By Route of Administration
By Region
This report focuses on animal drug compounding market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall animal drug compounding market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global animal drug compounding market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Regional Analysis
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global animal drug compounding market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the animal drug compounding market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
In this study, the years considered to estimate the market size of animal drug compounding are as follows:
Competitive Landscape
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global animal drug compounding market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
Research Methodology
The research methodology adopted by analysts for compiling the global animal drug compounding market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global animal drug compounding market.
The study objectives of this report are:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers