The veterinary drugs compounding market is estimated to be valued at US$ 1313.04 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Veterinary drugs compounding involves customizing medication for animals by mixing ingredients according to patient needs. It helps in formulating medicines for various pet-care diseases which are not available commercially. The growing bond between humans and pets has boosted the demand for compounding pharmacies to treat diseases like allergies, arthritis, urinary issues, parasitic infections etc. in animals.

Market Dynamics:
Increasing prevalence of pet-care diseases: The rise in pet population worldwide has led to a parallel surge in pet-care diseases. As per American Veterinary Medical Association, around 60 million households in the U.S. own at least one pet. With growing medical needs of companion animals, demand for tailored drugs is on the rise.
Changing medication preferences: Pet owners increasingly prefer customized and natural medicines for their pets over commercial drugs, due to risks of side effects and drug interactions. This drives growth of compounding pharmacies that prepare treatment options based on individual needs of animals. Further, compounded drugs help in dose adjustments and preparations in suitable administration forms like liquids, gels etc.

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SWOT Analysis

Strength: VCD market provides customized drugs as per the medical needs of pets which improves treatment effectiveness. It also offers drugs at affordable prices. They have skilled compounding pharmacists to prepare specialized medications as per veterinary prescriptions.

Weakness: Compounded drugs lack rigorous clinical testing for safety and efficacy. They also have shorter shelf life as compared to FDA approved drugs. Dependence on small number of suppliers increases input costs.

Opportunity: Rising adoption of pets across regions and growing pet healthcare expenditure present huge market potential. Increasing prevalence of chronic diseases in pets further drives the demand for customized medications.

Threats: Stringent regulations pertaining to preparation and labeling of compounded drugs poses compliance challenges. Entry of new players increases competition affecting prices and margins.

Key Takeaways

Global Veterinary Drugs Compounding Market Size is expected to witness high growth, exhibiting a CAGR of 5.5% over the forecast period, due to increasing pet adoption worldwide. Pet owners are more aware about their pets' health and medicines which is a major driver.

Regional analysis
North America dominates the global market holding over 35% share due to growing pet health expenditure and high awareness about customized medications. Asia Pacific exhibits fastest growth owing to rising trend of nuclear families adopting companion animals coupled with increasing per capita healthcare spending.

Key players
Key players operating in the Veterinary Drugs Compounding market are Wedgewood Pharmacy, Pace Pharmacy, Tache Pharmacy, The Pet Apothecary, Pet Script, Golden Gate Veterinary Compounding Pharmacy, CareFirst Specialty Pharmacy, Triangle Compounding Pharmacy, and Davis Islands Pharmacy. 

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