Global Veterinary Drugs Compounding Market, by Drug Class (CNS Agents, Anti-infective Agents, Hormones and Substitutes, Anti-inflammatory Agents, and Others), by Animal Type (Companion Animals (Dogs, Cats, and Others), and Livestock Animals) by Formulation (Oral, Injectable, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 1,179.7 million in 2021, and is expected to exhibit a CAGR of 5.5% during the forecast period (2021-2028).
Increasing number of product launches or approvals is expected to help in boosting growth of the global veterinary drugs compounding market. For instance, in November 2020, Chewy, Inc., a pet e-commerce products offering company, launched compounding medications for pet parents and veterinarians. Hence, this expanded the company’s offering to include pharmaceutical grade, compounded prescription medications for customized needs of pets.
Increase in number of acquisitions, partnerships, and collaborations between market players is expected to propel the growth of the global veterinary drugs compounding market during the forecast period. For instance, in October 2019, Covetrus, a provider of animal-health technology and services, entered into a strategic partnership with Veterinary Study Groups, Inc. The partnership enabled Covetrus to provide its prescription management platform and specialty pharmacy products in its current supply chain agreement with Veterinary Study Groups, Inc.
Global Veterinary Drugs Compounding Market- Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has affected several markets such as veterinary medicines across the globe. The COVID-19 pandemic has affected the demand and supply of healthcare products in three main ways; by directly affecting the production and demand; by creating disruptions in distribution channels; and due to its financial impact on firms and financial markets. Due to this, governments in various countries adopted social distancing measures, cancellation of routine and non-urgent appointments, which affected the companion animal veterinary care in a negative way i.e., lockdown resulted in the closure of the pet clinics.
Browse 37 Market Data Tables and 32 Figures spread through 224 Pages and in-depth TOC on Global Veterinary Drugs Compounding Market, by Drug Class (CNS Agents, Anti-infective Agents, Hormones and Substitutes, Anti-inflammatory Agents, and Others), by Animal Type (Companion Animals (Dogs, Cats, and Others), and Livestock Animals) by Formulation (Oral, Injectable, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa),
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Key Takeaways of the Global Veterinary Drugs Compounding Market:
- The global veterinary drugs compounding market is expected to exhibit a CAGR of 5.5% over the forecast period (2021-2028). North America is expected to account for major market share over the forecast period (2021-2028), owing to the increasing launches by market players. For instance, in November 2020, Chewy, Inc., a pet e-commerce company, launched a telehealth service, ‘Connect with a Vet’ in order to connect both, pet parents and veterinarians, to discuss regarding their pet health issues.
- Some of the major players operating in the global veterinary drugs compounding market include Wedgewood Pharmacy, Pace Pharmacy, Tache Pharmacy, The Pet Apothecary, Pet Script, Golden Gate Veterinary Compounding Pharmacy, CareFirst Specialty Pharmacy, Triangle Compounding Pharmacy, Miller’s Pharmacy, and Davis Islands Pharmacy