The global veterinary compounding pharmacies market size is valued at USD 1.9 billion in 2021 and expected to reach a value of USD 3.36 billion by 2028, growing at a CAGR of 8.5% during forecast period 2022–2028. Veterinary compounding is a procedure in which drugs are prepared instantaneously described on the label of a drug in order to make it more accessible for the treatment of animals. Various forms of manipulation of drugs in a veterinary compounding practice include the change of drug’s original dosage form, the addition of different flavours to the drug in order to make it as more palatable to animals, changing the concentration and dilution of a drug, mixing of multiple drugs into the single-dose application. Contemporarily there are many drugs which are approved to treat animals. Unmet therapeutic needs to treat rare diseases in animals are expected to create demand for compounded drugs. As exemplary, many chemotherapeutic drugs which are approved by FDA are used for the cancer treatment of cats and dogs. The safest and effective therapy which is used for the treat cats with chronic constipation is banned from US stores, few such factors are reportedly increasing the trend and adoption of the veterinary compounding pharmacies globally.
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Rise in the adoption of companion animals, inclination towards customized or tailored dosage of drugs, in order to enhance compliance of animals with an alternate route of administration and flavours of the drugs are expected to boost the demand for animal compounding pharmacies. Increased focus of dispensing smooth, creamy and non-gritty drugs to the animals, rise in the availability of different flavours in the dosages of the drugs which are given by compounding pharmacists, growing awareness of generic medications in veterinary healthcare among the pet owners are the few factors which are expected to fuel the growth of veterinary compounding pharmacies market.
Veterinary compounding pharmacies market is segmented into North America, Asia-Pacific, Europe, and the Middle East & Africa, Latin America. Veterinary compounding pharmacies market is dominated by North America followed by Europe due to increasing practitioners in veterinary and well established veterinary healthcare. Asia Pacific market is expected to create new opportunities for the market players due to increase in the adoption of animals, growing health concerns about the pets in China and India.
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Key Features of the Report:
- The veterinary compounding pharmacies market report provides granular level information about the market size, regional market share, historic market (2017-2021) and forecast (2022-2028)
- The veterinary compounding pharmacies market report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
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