North America Vet Compounding Pharmacies Market

North America Market Study on Vet Compounding Pharmacies: Increased Preference for Customized Medication Accelerating Market Growth

North America Vet Compounding Pharmacies Market Segmented By CNS Agents, Anti-Infective Agents, Hormones and Substitutes, Anti- Inflammatory Agents Product in Oral, Injectables Formulation

  • December-2021
  • PMRREP33001
  • 112 Pages
  • Healthcare
  • PPT, PDF, WORD, EXCEL

North America Vet Compounding Pharmacies Market Snapshot

The North America vet compounding pharmacies market is valued at US$ 1.1 Bn in 2020, and is expected to reach US$ 2.7 Bn by 2031, expanding at a CAGR of 8.5% over the forecast period (2021-2031). As per Persistence Market Research’s projections, CNS agents hold a substantial 36% market share, by product.

In 2020, demand for vet compounding pharmacies in North America accounted for approx. 18% of the overall compounding pharmacies market in the region.

North America Vet Compounding Pharmacies Market Size (2020)

US$ 1.1 Bn

Projected Market Value (2031)

US$ 2.7 Bn

Global Market Growth Rate (2021-2031)

8.5% CAGR

Market Share of Top 5 Companies

10%

Find Out More about the Report Coverage

Companies

  • Hoye’s Pharmacy
  • Vertisis Custom Pharmacy
  • Smith Caldwell Drug Store
  • Sixth Avenue Medical Pharmacy
  • Dougherty's Pharmacy
  • Triangle Compounding Pharmacy Inc.
  • Medisca Inc.
  • Wedgewood Pharmacy
  • Millers Pharmacy
  • Chiron Compounding Pharmacy
  • MEDS Canadian Compounding Pharmacy
  • Aurora Compounding
  • Pace Pharmacy
  • Victoria Compounding Pharmacy
  • Pratt’s Compounding Pharmacy
  • People’s Choice Pharmacy

Demand Analysis of Vet Compounding Pharmacies in North America from 2016 to 2020 Vs Market Outlook for 2021 to 2031

Market value of the North American vet compounding pharmacies market is currently US$ 1.2 Bn. Increased demand and preference of oral liquid drugs and consumer preference for flavoured compounded drugs for pets are some of the main factors anticipated to drive the sales of vet compounding pharmacies.

Customization of drug ingredients, or as commonly called, drug compounding, is performed by licensed veterinarians or pharmacists. Such customization includes combining or manipulating ingredients of the drug to cater to the needs of the particular animal requiring the drug.

Persistence Market Research’s expects the North America vet compounding pharmacies market to expand at a CAGR of 8.5% through 2031. Growth is attributed to increased awareness by pet owners regarding customized drugs, rising adoption of flavoured medicines, and increased preference for oral liquid drugs.

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What are the Key Opportunities for Vet Compounding Pharmacies?

There has been rapid emergence of vet pharmacies providing online services in the North American region, which leads to effective, yet affordable health diagnosis services for animals. This, together with government and private players’ involvement to promote education and awareness regarding animal welfare and veterinary care, is expected to augment the overall animal healthcare-based and animal drug compounding-based industry in the region.

The veterinary drug market is dominated by branded drugs for all diseases, including critical ones. Since compounded medications are far more easily available, cost effective, and do not require multiple prescriptions, this industry will grow positively in North America over the forecast period.

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What Factors are Restraining Demand for Vet Compounding Pharmacies in North America?

The market may experience slightly slower growth due to restraints such as unsafe compounding practices and lack of interdisciplinary training and resources unavailability.

The primary factor restraining usage of compounded drugs is unsafe compounding practices, which include compounding contaminations and non-adherence to GMP regulations. To avoid unsafe compounding practices, the U.S. Food and Drug Administration (FDA) has made it mandatory for all outsourcing facilities manufacturing bulk drugs to be inspected and secure cGMP certification.

Another very important factor that is restraining the growth of this practice in North America is absence or lack of trained and skilled medical professionals in the animal health space. Unavailability of skilled veterinary compounding medical professionals leads to wrong prescriptions, putting animals’ health at risk.

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Country-wise Insights

Will the U.S. Remain a Key Market for Vet Compounding Pharmacies in North America?

The U.S. vet compounding pharmacies market accounts for around 88.5% value share in North America.

Demand is increasing in the U.S due to the presence of major players, high spending on research & development activities, growing adoption of various flavoured vet medications, increased preference of oral liquid formulations, and cost-effectiveness of vet compounded drugs.

How is Vet Compounding Pharmacies Demand Shaping Up in Canada?

The Canada vet compounding pharmacies market accounts for 11.5% of the total market value share in North America.

The market is expected to project a CAGR of 10.3% owing to rising costs of veterinary branded drugs, scarce availability of medications, and easily available compounded drug formulations.

Category-wise Insights

Why is Demand for CNS Agents Rising Rapidly?

In terms of product, CNS agents hold over 1/3 of the market share, and the segment is projected to expand at 8.6% CAGR over the forecast period.

Since cats and dogs most commonly suffer from seizure disorders, CNS agents are used to prevent and control these disorders. Hence, the segment holds a dominating position in this industry.

Companion Animals to Account for Bulk of Market Share

In terms of animal, the companion animals segment accounts for nearly 60% of market share. Increasing number of pet owners indicate growing demand for vet compounding pharmacies in North America.

How Did the COVID-19 Pandemic Affect the Vet Compounding Pharmacies Industry in North America?

The effect of COVID-19 on this market was moderate. However, with increased demand for CNS agents and anti-infective agents during the pandemic, compounded pharmacies have shown a moderately steady growth during the same period. This can be majorly attributed to increased adoption of alternative flavoured drugs used for companion animals by pet owners.

Other factors such as increased awareness amongst pet owners regarding the medical needs of the pets, rising availability of oral vet formulations, and lower market share of generic veterinary medicines & products will create a constructive influence on the growth of the market in North America.

Competitive Landscape

Top vet compounding pharmacies operating in the North American region are consistently making efforts to enhance their customer base, increase their market presence, and stay ahead of the competitors by developing and launching new and improved drugs.

For instance,

  • In January 2021, FDA released a proposal named GFI #256, in which, they listed out conditions under which they would not enforce rules against bulk compounding of drugs. These conditions included situations where antidotes are to be created against toxins in animal food, or when there is a significant difference between the drugs compounded from bulk and ay FDA-approved drugs that have the same active ingredients.
  • In January 2018, Wedgewood Pharmacy announced the launch of the omeprazole IM injection of dosage 100mg/ml in a 20ml vial in their compounded drugs portfolio. Manufactured under the licence of Luoda Pharma Pty LTD, this drug was made especially to cater to the requests from veterinarians

Similarly, recent developments related to vet compounding pharmacies manufacturing in North America have been tracked by the team at Persistence Market Research, which are available in the full report.

North America Vet Compounding Pharmacies Industry Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value

Key Region Covered

North America

Key Countries Covered

  • U.S.
  • Canada

Key Market Segments Covered

  • Product
  • Formulation
  • Animal
  • Country

Key Companies Profiled

  • Hoye’s Pharmacy
  • Vertisis Custom Pharmacy
  • Smith Caldwell Drug Store
  • Sixth Avenue Medical Pharmacy
  • Dougherty Pharmacy
  • Triangle Compounding Pharmacy Inc.,
  • Wedgewood Pharmacy
  • Millers Pharmacy
  • Chiron Compounding Pharmacy
  • MEDS Canadian Compounding Pharmacy
  • Aurora Compounding
  • Pace Pharmacy
  • Victoria Compounding Pharmacy
  • Pratt’s Compounding Pharmacy
  • People’s Choice Pharmacy

Pricing

Available upon Request

Key Segments Covered in North America Vet Compounding Pharmacies Industry Research

Vet Compounding Pharmacies Market by Product

  • CNS Agents
  • Anti-Infective Agents
  • Hormones and Substitutes
  • Anti- Inflammatory Agents
  • Others

Vet Compounding Pharmacies Market by Formulation

  • Oral
  • Injectables
  • Others

Vet Compounding Pharmacies Market by Animal

  • Vet Compounding Pharmacies for Companion Animals
    • Dogs
    • Cats
    • Equine
    • Others
  • Vet Compounding Pharmacies for Livestock Animals

Vet Compounding Pharmacies Market by Country

  • U.S. Vet Compounding Pharmacies Market
  • Canada Vet Compounding Pharmacies Market

- FAQs -

Market value for North America vet compounding pharmacies is US$ 1.2 Bn at present.

Increase in demand for compounded drugs, rising preference for oral liquid formulations, growing demand for flavored vet medications, and lower availability of generic veterinary medications are driving market growth.

From 2016-2020, the market for vet compounding pharmacies in the region expanded at 4.1% CAGR.

High expectations of veterinary care due to increased awareness amongst pet owners, humanization of pets, increased adoption of companion animals, and growing influence of the internet amongst pet owners for medical guidance are some of the trends seen in the market.

The market is expected to top US$ 2.7 Bn by 2031, expanding at a high CAGR of 8.5%.

CNS agents and anti-infective agents are the top 2 products driving market growth.

Oral medication consumption is expected to grow three-fold during the forecast period at a projected CAGR of 9.2%.

The U.S. market is set to exhibit a CAGR of 8.3% over the next 10 years.

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