May 18th, 2022 Coherent Market Insights Releases

Veterinary Drugs Compounding is the preparation of customized medications for animals. The process should only be performed on approved prescriptions by veterinarians. Common examples of compounded preparations in veterinary practice include mixing two injectable drugs, preparing an oral paste from crushed tablets, and adding flavor to a drug. All medications must be FDA-approved drugs. Veterinary drugs cannot be prepared with bulk chemicals or raw pharmaceutical ingredients.

Global Veterinary Drugs Compounding Market – Impact of the Coronavirus (COVID-19) Pandemic

Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 256 million cases and 5.15 million deaths due to coronavirus (COVID-19) were reported till November 22, 2021, across the globe.

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Impact of COVID-19 on Demand and Supply of Veterinary Drugs Compounding

The COVID-19 pandemic and lockdown in various countries across the globe has impacted the financial status of businesses across all sectors including private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. The COVID-19 pandemic has affected the economy of various regions across the globe in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Several countries such as Thailand, Indonesia, and Singapore are facing problems with regards to transportation and distribution of healthcare products.

The impact of COVID-19 was sudden and varied across the veterinary drug industry. Considering the enforcement of lockdown in various regions the veterinary practices were hindered to a certain extent. For instance, according to the American Veterinary Medical Association, in April 2020, globally, around 60% of the veterinary practices were cancelled owing to the pandemic and in July 2020, the number of veterinary practices dropped to around 30%. Thus, the COVID-19 impact is expected to hamper the growth of global veterinary drugs compounding market.

The global veterinary drugs compounding market is estimated to be valued at US$ 1,179.7 Mn in 2021, and is expected to exhibit a CAGR of 5.5 % over the forecast period (2021-2028).

The rising risk of canine diseases is driving growth of the market over the forecast period.

The growing prevalence of canine diseases in animals is projected to spur the growth of the global veterinary drugs compounding market over the forecast period. For instance, according to the 2019 AHS Heartworm Incidence Survey, five states of the U.S. including Arkansas, Mississippi, Louisiana, South Carolina, and Alabama reported the highest incidence of heartworm infection in dogs in 2019. Hence, such rising burden of canine disease will promote the development of new compounded drugs over the forecast period.

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Rising awareness regarding the advantages of veterinary compounding for delivery of medication in animals. 

Veterinary drug compounding is allowed when a veterinarian has an established client-patient relationship and a suitable bulk drug substance. Moreover, veterinary compounding is legal if the compounded drug contains ingredients that are safe for the animal. In the U.S., compounding of animal drugs is prohibited from using drugs from unapproved bulk substances. There are several benefits of compounding animal drugs such as:

Restraint- Global Veterinary Drugs Compounding Market

Risk factors associated with adulterated compounded veterinary drugs is hampering the growth of the global veterinary drugs compounding market. For instance, in June 2020, the U.S. Food and Drug Administration warned veterinary doctors that adulterated and misbranded compounded combination drug product containing pyrimethamine and toltrazuril caused adverse events in at least three horses. The testing revealed that the products contained approximately 18 to 21 times higher pyrimethamine than indicated on the labeling.

Global Veterinary Drugs Compounding Market – Regional Analysis

On the basis of region, the global veterinary drugs compounding market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

North America is expected to be the most lucrative region in the veterinary drugs compounding market, due to growing product launches by companies based in this region. For instance, in 2018, Wedgewood Pharmacy, a U.S.-based compounding pharmacy, launched compounding Omeprazole IM Injection Suspension, 100mg/ml in a 20ml vial. The medication is compounded under license from Luoda Pharma Pty Ltd, an Australian biopharmaceutical company that focuses on development of animal health products to meet the clinical needs of animals.

Growing humanization of pets and rising expenditure on pet health and wellness are expected to drive the growth of the market in the Asia Pacific region. For instance, in 2019, in Australia, more than US$ 2.6 billion was spent on animal health services as per Animal Medicines Australia. This trend is estimated to continue in the near future. The top reasons cited for veterinary visits were general health checkups, pathology & lab tests, vaccinations, illness or injury, X-ray & imaging, hospitalization, and others.

Global Veterinary Drugs Compounding Market – Competitive Landscape

Key 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

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