Animal Drug Compounding Market: Introduction
According to the report, the global animal drug compounding market was valued at US$ 1.1 Bn in 2019 and is projected to expand at a moderate CAGR from 2020 to 2030. Compounding drugs is the process of combining, mixing, and altering ingredients to fulfill the need of individual animal or group of animals. Compounding medications with flavors and colors makes them more palatable, a service which is especially useful for pets.
Animal drug compounding is a service provided by some specialty pharmacies. It is a process, wherein medications are prepared in unique formulations for specific animals. These formulations can sometimes be quite important in meeting a patient’s needs, especially when an animal is allergic to an inactive ingredient found in commercially available forms of the medication. These medications are tailored as per the needs of an individual group of animals and play a critical role in veterinary medicine. Compounded animal drugs are mostly prepared by pharmacists or veterinarians.
North America dominated the global animal drug compounding market in 2019, followed by Europe and Asia Pacific. North America’s dominance of the global market can be attributed to rise in pet ownership, increase in investments in animal healthcare, and presence of key players.
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Increase in Demand for Companion Animals to Drive Animal Drug Compounding Market
The number of companion animals has increased across the world. According to the American Veterinary Medical Association (2017–2018-U.S. Pet Ownership & Demographics Sourcebook), the percentage of households, owning dogs and cats stood at 38.4% and 25.4%, respectively. According to the Animal Health Institute, over 67% of households in the U.S. own pets, totaling nearly 400 million pets, including dogs, cats, horses, birds, and fish. People in the U.S. spent over US$ 75.5 Bn on their pets in 2016, with an average total household spend of US$ 892 on pet food, veterinary services, supplies, and other services. The median lifetime expenditure on medicines is US$ 5,154 for a dog and US$ 5,325 for a cat.
According to FEDIAF, an estimated 85 million households in the U.S. own, at least, one pet animal and spent US$ 23.9 Bn on pet-related services and products. Moreover, there is a large demand for companion animals globally in countries such as Brazil, India, China, and Singapore. The rise in the demand for exotic companion animals is likely to drive the demand sales of compounded drugs to meet their needs of personalized medical care. Animals cannot be always treated with the same medicines, which are used for humans. This is where compounded drugs are used for specific animals, as these drugs can be tailored according to every individual animal needs. Compounding medications with flavors and colors makes them more palatable, a service which is especially useful for pets.
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Animal Drug Compounding Market: Prominent Regions
In terms of region, the global animal drug compounding market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global animal drug compounding market in 2019, followed by Europe and Asia Pacific. High rate of pet ownership and rise in investment in veterinary care are expected to boost the growth of the animal drug compounding market in the region. According to the American Pet Product Association, people in the U.S. spend nearly US$ 16 Bn on veterinary care, which includes veterinary visits and medications. This can be attributed to the rapid growth of the market in North America.
Europe accounted for significant share of the global market in 2019. Increase in incidence of veterinary diseases in countries in Europe and rise in usage of antibiotic drugs for the treatment of veterinary disease are likely to fuel the growth of the animal drug compounding market growth in the region.
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Agreement & Merger Strategies Adopted by Key Players to Drive Global Market
The global animal drug compounding market is consolidated in terms of number of players. The market is dominated by key players focusing on the launch of innovative products, robust & strong geographic presence, innovative strategies for expansion of product portfolio, and adoption of drug compounding in the market. Key market players include Wedgewood Pharmacy, Triangle Compounding Pharmacy, Davis Islands Pharmacy, Custom Med Compounding Pharmacy, Central Compounding Center South, Wellness Pharmacy of Cary, Caringbah Compounding Pharmacy, Millers Pharmacy, and Smith’s Pharmacy.
In September 2020, Wedgewood Pharmacy signed a definitive purchase agreement with Partners Group on behalf of its clients, which is expected to replace New Harbor Capital as its majority shareholder after the transaction closes in 2021. In August 2020, Wedgewood Pharmacy acquired Wildlife Pharmaceuticals and ZooPharm, in Colorado and Wyoming, respectively.
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Mr. Rohit Bhisey
Transparency Market Research
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