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What is the Expected Growth Rate of the Animal Drug Compounding Market for the Period 2024 to 2033?
There’s been notable growth in the animal drug compounding market in recent times. The market, which is projected to increase from $1.56 billion in 2023 to $1.69 billion in 2024, is anticipated to have a compound annual growth rate (CAGR) of 8.1%. The past growth can be ascribed to regulatory landscape alterations, established veterinary practices, heightened market awareness, scarcity of commercial choices, and veterinary cooperation.
The market size for animal drug compounding is predicted to experience significant expansion in the upcoming years, with projections indicating growth to $2.23 billion by 2028, with a compound annual growth rate (CAGR) of 7.2%. Anticipated growth within the predicted period can be linked to numerous factors including changes in regulatory landscape, trends in pet ownership, advancements in specialized veterinary care, the expansion of global veterinary services, and progress in veterinary medicine. The forecast period is also expected to witness trends like emphasis on flavor and palatability, demand surge for specialized dosage forms, collaboration between vets and compounding pharmacists, focus on pain management solutions, and an increasing role in veterinary hospice care.
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What Factors Are Responsible for the Growth of the animal drug compounding Market?
The animal drug compounding market stands to benefit from the trend of increased animal adoption rates. Adopting animals typically involves sourcing them from rescue centers instead of traditional venues such as pet shops or breeders. It is not uncommon for these adopted pets to have pre-existing health issues or a need for medication unavailable in mass-produced forms, hence fuelling the demand for tailored pet medication. Thus, as pet owners lean towards personalized medication for their adopted pets, the demand for animal drug compounding grows. Illustratively, Chewy, Inc., an online retailer of pet products based in the US, noted that about 977,202 pets were adopted in the US in 2021, pushing the adoption rate to a six-year high of 61%. Additionally, a November 2022 national survey of pets and people from Animal Medicines Australia (AMA), unveiled that 48% of Australian homes had dogs in 2022, a growth from 40% in 2019. This higher rate of animal adoption is stimulating the growth of the animal drug compounding market.
Which Segments Are Important for Insight into the Animal Drug Compounding Market?
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
What Are the Significant Trends Reshaping the Animal Drug Compounding Sector?
Key players in the animal drug compounding market, such as Evonik and Revivo BioSystems, are directing their efforts into animal drug compounding technology development to augment their market revenues. The organ-on-a-chip technology, pioneered by Revivo BioSystems, enables simulation of human skin interaction with the material under test – a process that promises to be faster, more reliable, and cost-effective compared to traditional animal testing. For example, Evonik, a specialty chemicals firm based in Germany, made a significant monetary contribution to Revivo BioSystems, a Singapore-based startup that has innovated a realistic 4D model of human skin for the analysis of chemical, cosmetic, and pharmaceutical compounds in December 2021. This move aligns with Evonik’s pledge to back new technologies that are alternatives to conventional research methods and champion practices that are more sustainable and ethically responsible.
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Which Regions Are Essential for the Growth of the Animal Drug Compounding Market?
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 Animal Drug Compounding Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the animal drug compounding market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Animal Drug Compounding Market Include
1. Animal Drug Compounding Market Executive Summary
2. Animal Drug Compounding Market Segments
3. Animal Drug Compounding Market Size And Template Market Growth Rate
4. Key Animal Drug Compounding Market Trends
5. Major Animal Drug Compounding Market Drivers
……
25. Key Mergers And Acquisitions In The Animal Drug Compounding Market
26. Top Animal Drug Compounding Companies
27. Animal Drug Compounding Market Opportunities And Strategies
28. Animal Drug Compounding Market, Conclusions And Recommendations
29. Appendix
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