- Demand for compounding medication for personalized medical care of exotic companion animal's fuels growth in animal drug compounding market
- Rapid adoption of newer therapies to propel North America market, Asia Pacific to record high growth rate over the forecast period
WILMINGTON, Del., Dec. 13, 2022/PRNewswire/ -- According to a recent market intelligence report by TMR, the global animal drug compounding market is estimated to register a CAGR of 7.4% over the forecast period of 2022 to 2031. Increase in the global population of companion, as well as exotic pet animals is driving the market growth. Furthermore, rising demand for personalized and at times customizable medications for these companion animals is creating worthwhile opportunities for the players operating in the animal drug compounding market. Rising approval for these new and innovative drug compounding practices by animal owners is also boosting demand within the market.
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Animal Drug Compounding Market - Key Findings of the Report
- Growing Number of Companion Animals: Increase in the number of companion animals is one of the most prominent drivers for the market growth. Cats and dogs being two of the most common types of companion animals found in households across the world, manufacturers in the market are focusing on increasing their research and development efforts to facilitate new and innovative product launches.
- Rising Demand for Anti-Infective Drugs: Anti-infective drugs, consisting of anti-bacterial drugs, anti-fungal drugs, antiphrastic drugs, and anti-viral drugs, account for the largest demand in the market. Most commonly used to treat or prevent animals from minor infections, these drugs are also useful in treating serious infectious diseases, such as tuberculosis or pneumonia.
Animal Drug Compounding Market - Growth Drivers
- Surge in the number of licensed pharmacists and veterinarians propel growth within the global animal drug compounding market
- Rising number of pet owners trigger an increase in the number of animal drug compounding pharmacies
- Animal drug compounding industry size grows on the back of rising demand for companion and support animals
Animal Drug Compounding Market - Key Players
Owing to a small number of prominent players and manufacturers operational in the industry, the competitive landscape of this market is consolidated in nature. Some of the leading companies functioning in the global animal drug compounding market include Triangle Compounding Pharmacy, Custom Med Compounding Pharmacy, Wellness Pharmacy of Cary, Millers Pharmacy, Specialist Compounding Pharmacy Pte Ltd., Wedgewood Pharmacy, Davis Islands Pharmacy, Caringbah Compounding Pharmacy, Smith's Pharmacy, Tache Pharmacy, and Central Compounding Center South. To gain an advantage over their competitors, various players operating animal compounding pharmacy facilities employ strategic tactics, such as alliances with other players, mergers and acquisitions, and product innovation as well as inventory expansion. Furthermore, certain leading industry players are also undertaking collaborations and partnerships to enhance their presence and attract a larger customer base.
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Animal Drug Compounding Market: Regional Growth Assessment
In 2021, North America dominated the global animal drug compounding market. Growth in the number of animal medicine compounding pharmacy facilities in the North America region is one of the most significant drivers for the expansion of this regional market. Some other salient drivers for growth of the North America market include the presence of robust healthcare infrastructure for both humans and animals, as well as the early adoption of new and innovative therapeutic procedures and strategies by veterinarians and animal healthcare specialists in the region.
On the other hand, the Asia Pacific region is anticipated to record the highest growth in the global market in coming years. This trend can be attributed to increasing consumer acceptance of different types of compounded veterinary preparation and planning, as well as growth in the number of pet owners. Rising availability and consumer preference for customized preparations of compounded drugs is also anticipated to bolster growth in both Asia Pacific and North America regional markets over the forecast period.
Animal Drug Compounding Market: Segmentation
Animal Drug Compounding Market, by Product
- Anti-infectives
- Metranidazole
- Ketaconazole
- Others
- Anti-inflammatory
- Prednisolone
- Tramadol
- Others
- CNS Agents
- Potassium Bromide
- Gabapentin
- Other CNS Agents
- GI Drugs
- Apomorphine
- Ursodiol
- Cisapride
- Other GI Drugs
- Others
- Methimazole
- Others
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Animal Drug Compounding Market, by Animal Type
- Companion Animal
- Dogs
- Cats
- Others
- Livestock
Animal Drug Compounding Market, by Dosage Form
- Capsules
- Solutions
- Powders
- Suspension
- Others
Animal Drug Compounding Market, by Route of Administration
- Oral
- Injectable
- Topical
- Rectal
- Ocular
Animal Drug Compounding Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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