Veterinary drugs compounding offers custom medications for companion animals since one size does not fit all. Veterinary pharmacists compound specialized medications for conditions like arthritis, behavioral issues, cancer, and skin or ear infections in dogs and cats. Given the rising pet adoption rates and humanization of pets, demand is increasing for tailored medications to keep pets healthy and comfortable.
Market key trends:
The rapid growth of the customized veterinary drugs compounding market can be attributed to rising pet adoption rates globally. According to the American Pet Products Association, U.S. pet ownership reached a new high of 70.6 million homes with dogs and 42.7 million homes with cats in 2020. As the humanization of pets continues, demand for specialized medications tailored to individual pets' needs is growing. This has accelerated the adoption of compounded drugs for pets rather than off-the-shelf formulations, giving a boost to this market.
Segment Analysis
The global veterinary drugs compounding market is segmented by product type, animal type, route of administration and end user. Based on product type, the anti-infective segment is expected to dominate owing to high prevalence of bacterial, viral and fungal infections in animals. The anti-infective drugs help treat various infections affecting respiratory, gastrointestinal and urinary tracts of animals.
Key Takeaways
The Global Veterinary Drugs Compounding Market Size is expected to witness high growth over the forecast period. 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.
Regional analysis:
North America is expected to dominate the global market over the forecast period. This is attributed to rising pet expenditure, growing animal health awareness and presence of major market players in the region. The US accounts for the largest share in the North American region due to strong economic conditions and continuous product innovations.
Key players related content:
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. These players are focusing on new product launches and expansion strategies to gain higher market share.
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