North America market research on veterinary compounding pharmacies: Greater preference for custom medication accelerates market growth
New York, Aug. 4, 2022 (GLOBE NEWSWIRE) — According to Persistence Market Research’s latest revised sector analysis, the North American Vet compounding pharmacy market is expected to show strong growth over the decade. The market is expected to grow from $1.1 billion in 2020 to more than $2.7 billion in 2031, at a CAGR of approximately 8.5%.
A compound drug is a modification of its original form. The United States Food and Drug Administration (FDA) considers complex drugs to be “Extra Label Drugs”. This means that a combination drug is a modified form of an FDA-approved veterinary drug. The vet composition should be done by the vet or pharmacist who got the prescription from the vet. Complex drugs are made on a case-by-case basis for specific patients or animals, and not in large quantities.
The demand for veterinary compounding pharmacies in North America is expected to be driven by greater pet adoption, increasing awareness among pet owners, high cost of branded veterinary products and a growing preference for oral liquid formulations.
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Availability of alternative dosage forms other than the commercially available veterinary drugs is an important factor for the growing market in North America. For example, antiparasitic drugs for livestock and anti-flea drugs for dogs and cats are the most successful transdermal drugs used by compounding pharmacies. The availability of dosage forms such as transdermal drug delivery, flavored gels, flavored treats or cookies, and others, will help the market to experience high growth in the future.
Expanding their product portfolios and entering into strategic partnerships and mergers are some of the strategies adopted by key players in the North American compounding pharmacy market. Making the products and services offered by them more personalized and adapted to the needs of each pet is another key strategy adopted by the key players in the region.
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For example, on August 17, 2018, Wedgewood Pharmacy merged with the animal health pharmacies of Diamondback Drugs. The two pharmacies have a reputation for being the most trusted pharmacies in the country, and this merger was made with the aim of expanding the product portfolio, improving and developing rapid delivery of veterinary medicines and their services to gain a larger market share. to conquer.
Key points from market research
CNS agents and anti-infectives are expected to present a lucrative market opportunity to market players.
While companion animals have a nearly 60% market share, pet revenue is expected to be a major contributor.
Oral formulations will account for nearly 2/3 of the market share.
The US dominates the North American market for veterinary compounding pharmacies, thanks to the presence of key players and increased R&D activity in this area.
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“Increased demand for flavored drugs that are readily available from compose pharmacies will drive market expansion,” says an analyst of Persistence Market Research.
The increasing need for animal compounding medicines has prompted leading players in the veterinary compounding pharmacy market in North America to take initiatives such as providing home delivery services through local channel partners.
Wedgewood Pharmacy partnered with Vetsource Company to leverage the Vetsource platform to ensure that Vetsource’s Home-Delivery catalog would include thousands of routinely prescribed compound drugs made by Wedgewood Pharmacy.
The pharmacy Golden Gate Veterinary Compounding launched a new initiative, the Text-to-Refill System, which made refilling prescriptions easy for pet owners.
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What does the report include?
Persistence Market Research provides a unique perspective and actionable insights into the North American veterinary compounding pharmacy market in its latest study, with a historical demand assessment from 2016 – 2020 and projections for 2021 – 2031.
The research study is based on product (CNS agents, anti-infectives, hormones and substitutes, anti-inflammatory agents, and others), formulation (oral, injectable, and others), animal species (companion animals and livestock), across countries in North America.
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