The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Animal Drug Compounding Global Market Report 2024, the animal drug compounding market is expected to show promising growth in the forecast period.

Striking Market Growth and Projections
The animal drug compounding market has demonstrated robust growth, with projections indicating an increase from $1.56 billion in 2023 to $1.69 billion in 2024, showcasing a compound annual growth rate (CAGR) of 8.1%. This expansion is primarily fueled by regulatory advancements, evolving veterinary practices, increased market awareness, limited commercial options, and collaborative efforts between veterinarians and compounding pharmacists.

Anticipated Expansion and Contributing Factors

1. Promising Growth: Forecasts predict a rise to $2.23 billion by 2028, maintaining a steady compound annual growth rate (CAGR) of 7.2%.
2. Driving Forces: Regulatory developments, pet ownership trends, specialized veterinary care, globalization of veterinary services, and advancements in veterinary medicine are key factors driving growth.
3. Emerging Trends: Focus on flavoring and palatability, demand for specialized dosage forms, collaboration between veterinarians and compounding pharmacists, emphasis on pain management solutions, and growing role in veterinary hospice care are prominent trends.

Pets’ Expenditure Fueling Growth
The escalating expenditure on pets serves as a pivotal driver propelling the growth of the animal drug compounding market. Rising pet expenditure encompasses various expenses related to pet care, including medications tailored to address individual animal needs. Notably, the American Pet Products Association reported a significant surge in total pet industry expenditures in the US, reaching $123.6 billion in 2023, indicating a growing demand for specialized veterinary medications.

Innovative Investments Advancing Compounding Technologies

1. Investment in Technologies: Major players are investing in innovative animal drug compounding technologies to drive market revenues.
2. Revolutionary Solutions: Evonik’s investment in Revivo BioSystems, a startup specializing in organ-on-a-chip technology, highlights a shift towards more sustainable and ethical research practices.
3. Alternative to Animal Testing: Organ-on-a-chip technology simulates human skin interaction, offering a quicker, more reliable, and cost-efficient alternative to traditional animal testing methods.

Strategic Acquisitions Expanding Market Reach

1. Partners Group’s Acquisition of Wedgewood Pharmacy: Partners Group’s strategic acquisition of Wedgewood Pharmacy for $700 million in April 2021 aimed to bolster the company’s presence and services in the animal health market.
2. Expansion Initiatives: Wedgewood Pharmacy, a leading US-based compounding pharmacy, offers an array of animal drug compounding services, contributing to market growth and diversification.

Market Segmentation and Regional Dynamics

1. By Animal Type: Companion Animals and Livestock Animals cater to diverse veterinary needs.
2. By Product: Anti-infective Agents, Anti-inflammatory Agents, Hormones and Substitutes, CNS Agents, and other products offer tailored solutions.
3. By Route of Administration: Oral, Injectable, Topical, and other routes of administration ensure flexible medication delivery.
4. By Application: Veterinary Hospitals, Veterinary Clinics, and Veterinary Diagnostic Centers address varied healthcare settings.

Regional Insights: North America Leading the Way

1. Dominance of North America: North America emerged as the largest region in the animal drug compounding market in 2023, underscoring its significant role in driving market growth and innovation.

Conclusion
The animal drug compounding market’s trajectory reflects a dynamic landscape driven by technological advancements, strategic investments, and evolving consumer preferences. As pet ownership trends continue to rise and regulatory frameworks evolve, there’s an increased demand for specialized veterinary medications tailored to individual animal needs. Collaborative efforts between veterinarians and compounding pharmacists are pivotal in addressing the diverse healthcare needs of companion and livestock animals. With a focus on innovation and expansion, the animal drug compounding market is poised for sustained growth and transformative developments in the years to come.

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