According to Fact.MR, a market research and competitive intelligence provider, the global animal drug compounding market is estimated at over US$ 2 billion in 2022 and is expected to expand at a high-value CAGR of 8.2% throughout the forecast years of 2022-2032.
The outbreak of COVID-19 forced employees to work from home, besides the unemployment rate increasing. As a result, people got more time to spend at home, which drove pet adoption rates all over the world.
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- According to APPA (American Pet Product Association), 90.5 million (70% of households present in the U.S.) households in the U.S. have a pet.
This has played a crucial role in driving the growth of the animal drug compounding market. Moreover, new innovations and product development have also amplified animal drug compounding performance. Key manufacturers are increasing their efforts to maintain full-line chemical compounding to help veterinaries. Additionally, they are focusing on product improvements and ingredient additions.
According to Fact.MR analysis, the market for animal drug compounding will grow as a result of rising awareness about the value of animal health and the advantages of animal drug compounding. Manufacturers need to focus on clinical studies to enhance product safety and trust. Compounding drugs are available in several convenient forms. Also, animal compounding pharmacies can customize the flavours of pet medication, making it easier to manage.
Key Takeaways from Market Study
- The global animal drug compounding market is projected to expand at a CAGR of 8.2% and reach US$ 4,419.6 million by 2032.
- The market exhibited 6.3% CAGR from 2017 to 2021.
- Under product, CNS agents are valued at US$ 719 million in 2022.
- North America dominated the global market with 65.4% share in 2021.
- Revenue from animal drug compounding is expected to increase at CAGRs of 8.4% and 10.3%, respectively, in North America and Latin America.
Prominent animal drug compounding manufacturers are 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., and Tache Pharmacy.
We are expecting a very competitive environment in the global market for animal drug compounding. Key industry participants are launching several new products to survive the fierce competition.
- Wedgewood Pharmacy and Partners Group signed a binding takeover agreement in December 2020 to replace New Harbor Capital as the company’s primary owner.
- In March 2021, Osceola Capital announced the launch of Revelation Pharma Corp. in collaboration with veteran businessman Jacob Beckel, to explore investments and alliances in the pharmacy compounding market.
Animal drug compounding providers are concentrating on new product developments and are investing in flavor customization as well. Key players are also focusing on offering compounding drugs in various forms. Additionally, concentration on quality control and compliance by producers will boost market credibility over the coming years.
In the market for animal drug compounding, inorganic tactics such as mergers and acquisitions are becoming popular.
- As an illustration, Wedgewood Pharmacy successfully acquired Wildlife Pharmaceuticals and its affiliate zoo pharm.
Getting FDA compounding approval is a main tactic for all manufacturers. They are taking steps to obtain FDA permission for compounding medicines.
- For instance, Wedgewood pharmacy got a licence from the New York state regulatory authority to offer compounded medications.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global animal drug compounding market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product (anti-infectives, anti-inflammatory, CNS agents, GI drugs, others), route of administration (oral, injectable, topical, rectal, ocular), animal type (companion, livestock), and dosage form (capsules, suspension, solutions, powders, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania, and the Middle East & Africa).