Rockville , Dec. 06, 2023 (GLOBE NEWSWIRE) -- The global animal drug compounding market size is set to be valued at US$ 2.32 billion in 2024 and is forecasted to expand at 8% CAGR from 2024 to 2034, as per a new industry analysis by skilled analysts at Fact.MR.
Animal drug compounding has evolved as an essential component of veterinary medicine, providing improved treatment choices and personalized attention for pets and animals. As the veterinary pharmaceutical environment evolves, the emphasis on personalized drugs for animals is gaining traction, sparking a paradigm shift in the business. Animal drug compounding involves the creation of customized medications to suit the unique needs of individual animals. This approach allows veterinarians to tailor dosages, formulations, and flavors, ensuring optimal treatment adherence and effectiveness.
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With a rise in pet ownership globally, there is a corresponding surge in the demand for specialized veterinary medications. More pet parents are seeking personalized treatment options for their furry companions, propelling demand growth for animal drug compounding solutions.
| Report Attribute | Details |
| Value Projection (2034) | US$ 5.03 Billion |
| Growth Rate (2024-2034) | 8 % CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 84 Tables |
| No. of Figures | 112 Figures |
Key Takeaways from Market Study
- The global animal drug compounding market is pegged at US$ 2.32 billion in 2024.
- The market is forecasted to reach US$ 5.03 billion by 2034-end.
- Demand for animal drug compounding solutions is projected to rise at a CAGR of 8% from 2024 to 2034.
- The market in East Asia is predicted to expand at 8% CAGR over the next 10 years.
- The oral route of administration segment is projected to hold 78.9% market share in 2024.
- North America is forecasted to account for 65.7% share of the global market in 2024.
- The companion animal type segment is estimated to account for 54.5% of the market share in 2024.
“As demand for personalized healthcare surges, animal drug compounding serves as a beacon of innovation in veterinary medicine. The ability to create tailored medications offers a new dimension of care, aligning treatment precisely with the needs of individual animals, thereby revolutionizing their well-being,” says a Fact.MR analyst.
Top Fortune Companies Profiled in This Report
- Hoye's Pharmacy
- Vertisis Custom Pharmacy
- Smith Caldwell Drug Store
- Sixth Avenue Medical Pharmacy
- Dougherty's Pharmacy
- Medisca Inc.
- 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
- Chiron Compounding Pharmacy
- MEDS Canadian Compounding Pharmacy
- Aurora Compounding
- Pace Pharmacy
- Victoria Compounding Pharmacy
- Pratt’s Compounding Pharmacy
- People’s Choice Pharmacy
Technological Advancements Driving Production of Customized Medications for Individual Animal Needs
Integration of innovative technologies, such as 3D printing and advanced formulation techniques, has significantly enhanced the precision and efficiency of compounding practices. 3D printing, specifically, has emerged as a game-changer, allowing for the creation of complex dosage forms with unparalleled accuracy. This technology allows compounding pharmacists to create personalized tablets, capsules, and even transdermal patches that suit an animal's individual needs, whether it is altering dosage strengths or combining several treatments into a single dose.
Nanotechnology and microencapsulation technologies have allowed for the encapsulation of active medicinal components, resulting in controlled release and increased medicine bioavailability. These innovations are beneficial in veterinary medicine, where dosing flexibility and palatability are crucial factors in ensuring treatment adherence among animals.
Integration of data-driven technologies has streamlined the compounding process. Advanced software systems aid in dose calculations, inventory management, and quality control, reducing human error and enhancing the overall safety and accuracy of compounded medications. Real-time monitoring and tracking systems also contribute to quality assurance, ensuring that each compounded medication meets stringent regulatory standards.
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Country-wise Insights
Why are Animal Drug Compounding Providers Thriving in the United States?
“Combination of Strong Pet Ownership Culture and Advancements in Veterinary Medicine”
The size of the worldwide market for animal medication compounding is significantly influenced by and mostly driven by the United States. The pet ownership culture in the United States is strong, with a significant percentage of households owning companion animals. This enduring bond with pets fuels a sizable market for compounded drugs by driving demand for specialised veterinary medications that perfectly meet each animal's demands.
The nation's veterinary sector demonstrates notable developments in medical technology and therapeutic approaches. This forward-thinking approach to veterinary medicine encourages a rising awareness of the advantages of customised drugs among doctors and pet owners alike. Consumers and veterinarians alike are confident in the effectiveness and dependability of compounded pharmaceuticals because of the United States' strict yet flexible regulatory framework, which guarantees quality control and safety precautions.
Explore More Related Studies Published by Fact.MR Research:
Animal Antibiotics Market: The market is further expected to surpass a valuation of USD 6.92 Billion by end of 2032.
Animal Feed Probiotics Market: The global animal feed probiotics market is anticipated to expand at a CAGR of 9.1%, increasing from its current value of US$ 5 billion to US$ 12 billion by the end of 2032.
Animal Genetics Market: The global animal genetics market is set to enjoy a valuation of US$ 6.3 Billion in 2022 and further expand at a CAGR of 6.2% to reach US$ 11.5 Billion by the end of 2032.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the animal drug compounding market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (CNS agents, anti-infective agents, hormones & substitutes, anti-inflammatory agents, others), animal type (companion animals, livestock animals), and route of administration (oral, injectable, topical, others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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