Veterinary Drugs Compounding Market, By Drug Class (CNS Agents, Anti-infective Agents, Hormones and Substitutes, Anti-inflammatory Agents, Others), By Animal Type (Companion Animals and Livestock Animals), By Formulation (Oral, Injectable, Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Jun 2024

Code : CMI4796

Pages :224

Formats :

Excel and PDF

Industry : Pharmaceutical

Veterinary Drugs Compounding Market Size and Trends

Global veterinary drugs compounding market is estimated to be valued at USD 2.1 Bn in 2024 and is expected to reach USD 3.81 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.9% from 2024 to 2031.

Veterinary Drugs Compounding Market Key Factors

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Rising pet adoption and growing awareness about animal health can drive the market growth. Increasing prevalence of zoonotic diseases and growing importance of preventive healthcare for companion animals can drive the market growth during the forecast period. Moreover, favorable regulations supporting compounding practices and innovations in delivery systems for compounded medications are expected to provide new growth opportunities in the near future. However, lack of standardization and quality control requirements associated with compounded drugs can hamper the market growth.

Market Driver: Rising pet ownership and humanization of pets

With increasing urbanization and smaller family sizes, pets are becoming important family members for many households. People are spending more time and money on taking care of their pets. This includes spending on pet food, accessories, grooming, and most importantly healthcare. As people get attached emotionally to their pets, these people want the best medical care for pets. Customized medical care for pets is gaining popularity and this boosts demand for compounded medications that can be specially tailored for an individual pet based on its needs. Vets also prefer such compounded drugs as these allow developing solutions for pets with unique medical conditions or allergies. With growing humanization of pets, people no more consider them as mere animals but as valuable companions, even as substitute for children members in smaller families. This leads to high expenditure on advanced veterinary healthcare including compounded drugs.

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Increase in lifestyle diseases in pets

Increasing lifestyle driven diseases like obesity, diabetes and joint problems in pets can drive the market growth. This is mainly due to factors like excessive feeding of homemade or packaged snacks, lack of physical activity for indoor pets and genetic predispositions in some breeds. Growing prevalence of such non-communicable diseases among pets requires customized medical solutions. Compounded drugs serve this need as these allow modifications based on individual pet's medical history, symptoms and tolerance levels. Vets find them useful as these medications can be precisely formulated with specific dosage, flavors and delivery methods. This tailor-made approach of compounded drugs boosts their demand for management of lifestyle illnesses in pets. Moreover, as age of pets is rising owing to better healthcare, geriatric conditions are emerging as a new challenge. This can boost the need for compounded medications, especially for multi-drug therapies prescribed to aged pets.