North America Vet Compounding Pharmacies Market

North America Vet Compounding Pharmacies Market Outlook (2023-2033)

North American revenue from the North America vet compounding pharmacies market stands at US$ 1.3 Bn in 2022, with the global market estimated to surge ahead at a CAGR of 8.7% to reach a valuation of US$ 3.3 Bn by the end of 2033.

As assessed by Persistence Market Research, CNS agents segment is expected to hold a largest market value of US$ 517.6 Mn by 2023. Overall, North America vet compounding pharmacies market sales account for approximately 11.8% revenue share in the global compounding pharmacies market, which was valued at around US$ 11.0 Bn at the end of 2022.

Sales Analysis of the North America Vet Compounding Pharmacies Market from 2014 to 2022 Vs Market Outlook for 2023 to 2033

The North America market for North America vet compounding pharmacies recorded a historic CAGR of 4.2% in the last 8 years from 2014 to 2022.

The need for veterinary medication compounding has grown as a result of people's growing awareness of how important improving animal health is. Compounding medicine is a better choice for treating a variety of disorders because officially licenced medications are not always available. For instance, chewable pills are medications with specific dose forms that have received commercial approval and are advised for use in particular animal species. Due to the rise in owner acceptance of the process over the last few years, the market for vet compounding pharmacies has grown.

The rise in pet ownership has contributed to the development of the pharmacy specialty of veterinary pharmacists who either produce compounded veterinary pharmaceuticals themselves or work with pharmacists for this purpose. To eliminate animal allergens including lactose, gluten, colours, preservatives, and sweeteners, customised drugs are employed. Consequently, leading the market to prosper.

Over the course of the forecast period, the market for vet compounding pharmacies is expected to grow due to the rising prevalence of canine diseases in animals.

• For instance, five U.S. states, including Arkansas, Mississippi, Louisiana, South Carolina, and Alabama, reported the highest prevalence of canine heartworm infection in dogs in 2019, according to the 2019 AHS heartworm incidence survey. As a result, the development of new compounded medications will be aided by the increased burden of canine disease during the forecast period.

The North America market is thus likely to show high growth over the coming years at a CAGR of 8.7% and reach a market size of US$ 3.3 Bn by 2033.

What Factors Will Drive the North America Vet Compounding Pharmacies Market to Grow Over Forecast Period?

“Higher Level of Veterinary Care Due to Increased Owner Awareness”

Factors encouraging vet compounding pharmacies include the increasing humanization of pets, the expanding adoption of animals in the region, and the increased influx of medical information online.

• In 2020, almost 84.9 million households had pets, according to the American Pet Product Association and the American Veterinary Medical Association (AVMA). About 34% of households have cats as pets, compared to 50% of U.S. families who own dogs.

Due to the ready access to information, pet owners are more aware than ever before, which increases the demand for high-quality veterinarian treatment. As a result, it is anticipated that rising adoption of pets will drive the demand for vet compounding pharmacies in the future.

“Low Availability & Higher Cost of Generic Veterinary Drugs”

The cost of taking care of animals is generally expensive for low-income households. Since authorised compounding pharmacies offer better services at affordable prices, pet owners often opt for these medications. Generic veterinary drugs are also less readily available due to the unfavourable reimbursement for veterinary therapy. Most of the branded drugs used to treat animals that are available on the market cost a lot of money. Given these facts, pet owners are more inclined to select compounded pet pharmaceuticals over branded ones due to their price, accessibility, and lack of a prescription requirement.

More veterinary-specific courses are now being included into courses, despite many pharmacy schools were not generally including it in the past. However, the majority of veterinary pharmacy-specific training, including compounding, is provided to pharmacists through independent continuing education. Additionally, because to an increase in owner approval of the procedure in recent years, the compounding industry has completely changed. Improved animal welfare initiatives, increased availability and use of animal health insurance, and a better understanding of the therapeutic applications for various pharmaceuticals are a few factors that favourably impact the market.

Is there Any Impact on the Growth of the North America Vet Compounding Pharmacies Market?

“Unsafe compounding practices”

Unsafe compounding methods, such as contamination during compounding and non-compliance with CGMP (current good manufacturing practises) rules, are the main barrier preventing the widespread use of compounded medications. This is particularly evident in sterile compounding for injectable medications and intravenous solutions. The prospects for CPs are harmed by contaminated sterile settings that promote the spread of bacterial and fungal infections as well as other dangers and drug-related deaths.

• The U.S. FDA has mandated that all outsourcing facilities producing bulk pharmaceuticals undergo inspections and obtain cGMP certification in order to prevent dangerous compounding activities.

“Lack of Interdisciplinary Training and Resources”

The absence or lack of trained and skilled medical experts in the veterinary health field is the main barrier preventing the practise of vet compounding pharmacies from spreading throughout the world. Evidence suggests that many veterinarians provide veterinary compounding services despite not having had veterinary-specific training in pharmaceutical compounding. False prescriptions caused by a lack of qualified veterinary compounding medical experts risk the health of the animals.

Country-wise Insights

Why is the U.S. Market Booming?

“Growing Demand for Numerous Medication for Vet Care”

The U.S. is expected to hold around 87.9% market share in the regional North America vet compounding pharmacies market at the end of 2023.

The U.S. has dominated the North American market for many years and is expected to do so in the future as well. Expanding manufacturing and pharmaceutical sectors, as well as a rise in pet owners' desire for diverse animal medications, are all contributing to the country's sales. The nation's robust regulatory culture for the veterinary industry is a critical component fostering innovation in the local market. The long-term revenue prospects of the local market have also been strengthened by continued pharmacy R&D and an increase in veterinary collaborations to bridge the therapeutic requirement of various animal species.

Will the Canada Be a Lucrative Market for the Manufacturers?

“Growing Popularity of Pet Animals”

Canada is expected to hold a market share of around 12.1% by the end of 2023 in the regional market.

Due to the growing popularity of pets, Canada has a fair amount of market share. The industry is expanding due to high adoption rates as well as supporting factors including growing public awareness of animal healthcare. Moreover, the launch of new products by major players has increased due to the well-established basis of the animal health industries.

Category-wise Insights

Which Product is Driving Growth of the North America Market?

“Better Efficacy in treating ADHD in Pet Animals”

CNC agents segment is expected to hold highest share of around 36.4% of the total North America vet compounding pharmacies market by the end of 2023.

Attention deficit disorder (ADD), also known as attention deficit hyperactivity disorder (ADHD) or hyperkinesis, is treated with CNS medications in companion animals, mainly dogs. Animals with and without hyperkinesis might experience a wide range of negative effects, although CNS medications can effectively treat such conditions.

Which Segment under Animal type is Expected to Drive the North America Vet Compounding Pharmacies Market?

“Growing Humanization with Pet Animals”

Companion animal segment is expected to dominate the regional market by the end of 2023 with around 58.7%.

The companion animal segment is being driven by rising pet adoption rates and an exponential rise in animal protection. Pet health insurance is becoming more widely available and used, which is another factor contributing in the dominance of the segment.

Which Formulation Segment is Expected to Emerge as a Market Leader in the Future?

“Wide Availability of Products and Easy Access”

Oral formulations segment is expected to hold the larger share of about 75.3% by the end of 2023.

Oral formulations are the preferred and easy method of drug administration. It is the most preferred method because of its advantages, such as non-invasiveness, patient compliance, and simplicity of medicine distribution. Some of the factors that influence how efficiently oral formulations are absorbed include better drug absorbance, mucosal permeability.

Competition Landscape

Top vet compounding pharmacies in the North American region are constantly working to grow their clientele, expand their market presence, and grow over competitors by creating and releasing new and improved medications.

Key instances include:

• In Jan 2021, the FDA issued a recommendation titled GFI #256 in which it outlined the circumstances in which it would not enforce laws against the bulk manufacturing of medications. These circumstances included those in which it is necessary to develop antidotes for poisons found in animal food or where there is a notable difference between medications made from scratch and any FDA-approved medications with the same active components.
• In Oct 2020, STELFONTA, a novel injectable treatment for canine mast cell tumours, the most common form of skin cancer in dogs, was introduced by Virbac. It had a high incidence of tumour eradication and a silanol tailgate.

North America Vet Compounding Pharmacies Industry Report Scope

Key Segments Covered in North America Vet Compounding Pharmacies Industry Research

Product:

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

Animal Type:

• Companion Animals
  • Dogs
  • Cats
  • Equine
  • Others
• Livestock Animals

End User:

• Oral
• Injectable
• Others

Country:

• U.S.
• Canada

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