North America Veterinary Compounding Pharmacies Market Set to Reach USD 3.3 Billion by 2033 | Persistence Market Research Insights

The North America veterinary compounding pharmacies market is experiencing rapid growth, driven by the increasing demand for customized and specialized medication for animals. With a market size of USD 1.3 billion in 2022, the sector is expected to expand at a compound annual growth rate (CAGR) of 8.7%, reaching USD 3.3 billion by 2033. This upward trajectory is fueled by the growing recognition of the importance of animal healthcare, the rising number of pet owners, and the increasing need for tailored treatment options for various animal species.

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The market is primarily driven by the need for compounded medications due to the limited availability of commercial veterinary drugs in certain formulations, doses, and forms. Compounded medications allow for more flexible and personalized treatments, catering to specific animal health needs. Among the different segments within the market, CNS agents are expected to capture the largest share, driven by their effectiveness in treating conditions such as ADHD and hyperkinesis in pets. Geographically, the United States is anticipated to maintain its dominance in the North American market, holding an estimated 87.9% market share in 2023, owing to the high pet ownership rates and robust regulatory environment for veterinary drugs.

Key Highlights from the Report

✦ North America veterinary compounding pharmacies market was valued at USD 1.3 billion in 2022.
✦ The market is projected to grow at a CAGR of 8.7%, reaching USD 3.3 billion by 2033.
✦ CNS agents are expected to hold the largest market value of USD 517.6 million by 2023.
✦ The companion animal segment is anticipated to dominate the market with a 58.7% share by the end of 2023.
✦ The U.S. holds a significant share of approximately 87.9% of the North America market.
✦ Oral formulations are the leading segment, accounting for 75.3% of the market share in 2023.

Market Segmentation

The North America veterinary compounding pharmacies market is segmented into various categories based on product type, animal type, and formulation type.

Product Type: The market includes various product types, with the most prominent being Central Nervous System (CNS) agents, which are widely used for treating attention deficit hyperactivity disorder (ADHD) and other behavioral conditions in pets. These medications are particularly significant in companion animals like dogs. The CNS segment is expected to contribute the largest share of the market, driven by the increasing need for treatments targeting conditions such as hyperkinesis.

Animal Type: The market is segmented into companion animals, livestock, and other categories. The companion animal segment is anticipated to dominate the market due to the rising trend of pet adoption and the growing humanization of pets. With pet health insurance becoming more common, the demand for veterinary compounding pharmacies for companion animals is surging.

Formulation Type: Compounded medications are available in different formulations, including oral, topical, and injectable forms. The oral formulation segment holds the largest share of the market, as it is the most preferred method of administering medication due to its non-invasiveness, ease of use, and high patient compliance. Oral formulations are expected to remain the dominant segment over the forecast period.

Regional Insights

The North America veterinary compounding pharmacies market is primarily driven by the United States, which holds a significant share of the market. The U.S. is home to a large number of pet owners, with an estimated 84.9 million households owning pets as of 2020. This high pet ownership rate, coupled with increasing access to veterinary care, contributes to the growing demand for compounded medications. Furthermore, the U.S. benefits from a strong regulatory framework, supporting innovation in veterinary pharmaceutical development.

Canada, while smaller in comparison, is also experiencing growth in the veterinary compounding pharmacy sector. The country is seeing increased pet ownership rates and growing awareness about animal healthcare, further driving demand for compounded veterinary medicines. By 2023, Canada is expected to hold approximately 12.1% of the North American market share.

Market Drivers

Several factors are driving the growth of the North American veterinary compounding pharmacies market. The most significant driver is the increasing humanization of pets, where pet owners view their animals as family members and are willing to invest in high-quality, customized healthcare. With an increasing awareness of animal health, pet owners are increasingly opting for compounded medications to address specific medical needs that off-the-shelf veterinary drugs cannot fulfill.

Additionally, the growing pet population in North America is a key factor in market expansion. The rising pet adoption rates, particularly dogs and cats, are contributing to the increased demand for veterinary care and customized medications. According to the American Veterinary Medical Association (AVMA), nearly 50% of U.S. households own dogs, while 34% own cats, underscoring the vast potential market for veterinary compounding pharmacies.

Another major driver is the high cost and limited availability of generic veterinary drugs. Compounded medications offer a more affordable and accessible alternative, particularly for pet owners in low-income households. This makes compounded medications an attractive choice, especially for owners seeking treatments that are not commercially available or are prohibitively expensive.

Market Restraints

Despite the promising growth prospects, there are several restraints hindering the market's expansion. One of the key challenges is the risk associated with unsafe compounding practices. Contamination during the compounding process, non-compliance with current good manufacturing practices (cGMP), and poor sterile techniques can lead to severe health risks, including infections and even death. Such practices can tarnish the reputation of compounding pharmacies and deter pet owners from using these services.

Additionally, the lack of properly trained professionals in the veterinary compounding field is another significant restraint. Many veterinarians who offer compounding services may not have formal training in pharmaceutical compounding, which increases the risk of errors and misprescriptions. Without adequate education and certification in veterinary compounding, there is a possibility of suboptimal medication dosages, which could harm animal health.

Market Opportunities

The North American veterinary compounding pharmacies market presents numerous opportunities for growth, especially with the rising demand for personalized pet care and the increasing number of pet owners. Companies that specialize in offering high-quality, safe compounded medications are poised to benefit from the growing market. There is also a strong opportunity for market players to expand their service offerings to include a broader range of medications tailored to specific animal species, such as exotic pets and livestock.

Moreover, the increasing availability of pet health insurance and the rising awareness of animal health issues are creating more opportunities for veterinary compounding pharmacies to cater to a wider customer base. The growing acceptance of compounded medications among veterinarians and pet owners further enhances market opportunities, providing a fertile environment for new entrants to establish themselves in the market.

Reasons to Buy the Report

✔ Comprehensive Market Overview - Gain detailed insights into market size, growth trends, and key statistics.
✔ Key Growth Drivers - Understand the factors propelling the market forward.
✔ Strategic Insights - Learn about current market dynamics, including challenges and opportunities.
✔ In-depth Segmentation Analysis - Explore different product types, formulations, and geographical trends.
✔ Competitive Landscape - Stay informed about the top players and their market strategies.

Company Insights

• VCA Animal Hospitals
• CVS Health Corporation
• Patterson Companies, Inc.
• Boehringer Ingelheim
• Zoetis, Inc.

Recent Developments:

Zoetis, Inc. recently launched a new line of compounded medications specifically targeting canine diseases, further expanding their portfolio in the veterinary compounding space.

Patterson Companies, Inc. announced the opening of a new veterinary pharmacy in North America, enhancing access to compounded veterinary medications.

Conclusion

The North America veterinary compounding pharmacies market is poised for significant growth due to the increasing demand for personalized veterinary medications, rising pet adoption rates, and the expanding awareness about animal health. With key segments like CNS agents and companion animals leading the way, and strong regional dynamics in the U.S. and Canada, the market offers ample opportunities for innovation and growth. However, challenges such as unsafe compounding practices and the need for specialized veterinary compounding training must be addressed to ensure sustainable market expansion.

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