Animal Drug Compounding Market Research 2024 - Industry Analysis, Size, Share, Future Trends, Growth Opportunities And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Animal Drug Compounding Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The animal drug compounding market size 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 in the historic period can be attributed to regulatory landscape, veterinary practices, market awareness, limited commercial options, veterinary collaboration..

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 growth in the forecast period can be attributed to regulatory developments, pet ownership trends, specialized veterinary care, globalization of veterinary services, advancements in veterinary medicine.. Major trends in the forecast period include focus on flavoring and palatability, demand for specialized dosage forms, collaboration between veterinarians and compounding pharmacists, focus on pain management solutions, growing role in veterinary hospice care..

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Market Drivers and Trends:

A rise in the rate of animal adoption is expected to propel the growth of the animal drug compounding market going forward. Animal adoption is defined as acquiring animals through rescue groups instead of purchasing them from pet shops or breeders. Adopted animals may have pre-existing health conditions or may require medications that are not available in standard formulations, which create a demand for customized animal medications. As more pet owners may seek customized medications for their adopted animals, the need for animal drug compounding increases. For instance, in 2021, according to Chewy, Inc., a US-based online retailer of pet food and other products, there were around 977,202 pets adopted in the US in 2021, which resulted in the highest adoption rate of 61% in the past six years. Moreover, in November 2022, according to a national survey of pets and people published by Animal Medicines Australia (AMA), an Australia-based industry body representing the leaders of the animal health industry in Australia, in 2022, 48% of Australian households had dogs, up from 40% in 2019. Therefore, the rise in the rate of animal adoption is driving the growth of the animal drug compounding market.

Major companies operating in the animal drug compounding market are investing in animal drug compounding technologies to drive revenues in the market. The organ-on-a-chip technology developed by Revivo BioSystems simulates the interaction of human skin with the substance being tested, providing a quicker, more reliable, and cost-efficient alternative to animal testing. For instance, in December 2021, Evonik, a Germany-based specialty chemicals company, made a significant investment in Revivo BioSystems, a Singapore-based startup that has developed a technology using a realistic 4D model of human skin for the testing of chemical, cosmetic, and pharmaceutical compounds. This investment is part of Evonik's commitment to supporting emerging technologies that offer alternatives to traditional research methods and accelerate more sustainable and ethical practices.

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Major Key Players of the Market:

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

Animal Drug Compounding Market 2024 Key Insights:

• The animal drug compounding market will grow to $2.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Adoption Surge Fostering Growth In The Animal Drug Compounding Market
• Innovative Investments Advancing Animal Drug Compounding Technologies
• North America was the largest region in the animal drug compounding market in 2023

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