Dublin, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The "Animal Drug Compounding Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global animal drug compounding market has grown strongly in recent years. It will grow from $1.56 billion in 2023 to $1.69 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth observed during the historical period can be attributed to several factors, including the regulatory landscape governing animal drug compounding, the evolving practices within the veterinary field, increased market awareness of the benefits of compounding, limited commercial options available for certain animal health needs, and enhanced collaboration within the veterinary community. These factors collectively contributed to the historical growth and adoption of animal drug compounding in the veterinary industry.
The animal drug compounding market size is expected to see strong growth in the next few years. It will grow to $2.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth in the forecast period can be attributed to various factors, including regulatory developments affecting animal drug compounding, evolving trends in pet ownership, the increasing demand for specialized veterinary care, the globalization of veterinary services, and advancements in veterinary medicine. Key trends expected in the forecast period encompass a heightened focus on flavoring and palatability of compounded medications, increased demand for specialized dosage forms, collaboration initiatives between veterinarians and compounding pharmacists, a focus on pain management solutions, and a growing role for animal drug compounding in veterinary hospice care. These trends collectively contribute to the continued expansion and importance of animal drug compounding in the field of veterinary medicine.
The upward trend in animal adoption rates is anticipated to drive the growth trajectory of the animal drug compounding market. For instance, Chewy, Inc. reported approximately 977,202 pets were adopted in the US in 2021, marking the highest adoption rate in six years. Additionally, a national survey by Animal Medicines Australia indicated a rise in Australian households owning dogs, increasing from 40% in 2019 to 48% in 2022. This surge in animal adoption rates signifies a significant driver behind the growth of the animal drug compounding market.
The surge in pet-related spending is poised to bolster the expansion of the animal drug compounding market. For instance, the American Pet Products Association reported total pet industry expenditures in the US reached $123.6 billion in 2023, witnessing a 19% increase from $103.6 billion in 2020. This surge in pet expenditure significantly contributes to the growth of the animal drug compounding market.
Key players within the animal drug compounding market are channeling investments into innovative technologies to drive market revenues. Evonik, a Germany-based specialty chemicals company, made a substantial investment in Revivo BioSystems in December 2021. Revivo BioSystems has developed organ-on-a-chip technology, utilizing a realistic 4D model of human skin for testing chemical, cosmetic, and pharmaceutical compounds. This investment aligns with Evonik's commitment to supporting advanced technologies that offer alternatives to conventional research methods, accelerating more sustainable and ethical practices. The innovative organ-on-a-chip technology provides a quicker, more reliable, and cost-efficient alternative to animal testing, signifying a significant advancement in the field.
Leading entities within the animal drug compounding market are actively engaging in partnerships to bolster their revenues and market positioning. Brava, a tech-driven network of compounding pharmacies, collaborates with veterinarians, offering innovative tools, expert pharmacy support, and exceptional customer care. In October 2022, Veterinary Growth Partners, a prominent US-based veterinary services organization representing over 6,000 veterinary practices, designated Brava as its preferred veterinary compounding pharmacy provider. This partnership strives to enhance personalized care in veterinary compounding, streamline processes to ensure regulatory compliance, and deliver top-notch compounding pharmacy solutions.
In April 2021, Partners Group, a Swiss-based private equity firm, completed the acquisition of Wedgewood Pharmacy for $700 million. This strategic acquisition was intended to augment the company's reach and service offerings within the animal health market. Wedgewood Pharmacy, a US-based company specializing in animal drug compounding, is a key player in delivering tailored pharmaceutical solutions for veterinary care. The acquisition aligns with Partners Group's objectives to broaden its presence and influence in the animal drug compounding sector, tapping into Wedgewood Pharmacy's expertise and market standing.
North America was the largest region in the animal drug compounding market in 2023. The regions covered in the animal drug compounding market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the animal drug compounding market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Markets Covered:
1) By Animal Type: Companion Animals; Livestock Animals
2) By Product: Anti-infective Agents; Anti-inflammatory Agents; Hormones and Substitutes; CNS Agents; Other Products
3) By Route of Administration: Oral; Injectable; Topical; Other Routes of Administration
4) By Application: Veterinary Hospitals; Veterinary Clinics; Veterinary Diagnostic Centers
Key Companies: Wedgewood Pharmacy LLC; Triangle Compounding Pharmacy Inc.; Davis Islands Pharmacy & Compounding Lab; Custom Med Compounding Pharmacy; Central Compounding Center South LLC
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Wedgewood Pharmacy LLC
- Triangle Compounding Pharmacy Inc.
- Davis Islands Pharmacy & Compounding Lab
- Custom Med Compounding Pharmacy
- Central Compounding Center South LLC
- Wellness Compounding Pharmacy of Cary LLC
- Miller's Pharmacy
- Caringbah Compounding Pharmacy Pty. Ltd.
- Smith Drug and Compounding Inc.
- Specialist Compounding Pharmacy Pte Ltd.
- Tache Pharmacy & Medical Supplies
- Hoye's Pharmacy
- Vertisis Custom Pharmacy LLC
- Smith-Caldwell Drug Store Inc.
- Sixth Avenue Medical Pharmacy
- Pharmaca Integrative Pharmacy Inc.
- Akina Animal Health
- Letco Medical LLC
- The Pet Apothecary LLC
- Vetsource Inc.
- Roadrunner Pharmacy
- Medisca Inc.
- BCP Veterinary Pharmacy
- VetRxDirect LLC
- Diamondback Drugs
- Vetcentric Pty. Ltd.
- Pet Health Pharmacy
- PetMed Express Inc.
- PetRx2Go
- South Wellness Pharmacy
For more information about this report visit https://www.researchandmarkets.com/r/kvexxm
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