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Veterinary Drugs Compounding Market is Estimated to Witness High Growth

Veterinary Drugs Compounding Market

Veterinary drugs compounding refers to the process of combining, mixing, or altering ingredients to create a prescription drug tailored to an individual patient's needs. Veterinary drugs compounding provides customized formulations of FDA approved medications that are not commercially available for pets, livestock or other animals. This allows veterinarians to treat specialized medical conditions or administer medicines in an alternative form such as topical creams or flavored liquids that may be more suitable for animal patients.

The global Veterinary Drugs Compounding Market is estimated to be valued at US$ 1512.63 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity of rising pet ownership across the world is driving the veterinary drugs compounding market. People are increasingly adopting pets for companionship which is raising the demand for specialized veterinary care. According to the American Pet Products Association, the total number of pets in the US increased from 78.2 million households in 1998 to 90.5 million households in 2019. Growing bonding with pets is motivating owners to offer the best healthcare including customized medication for their animals. Veterinary drug compounding provides solutions for diseases and conditions that off-the-shelf drugs may not adequately address, fulfilling the rising need for individualized treatment of pets. This presents lucrative prospects for compounding pharmacies and drug manufacturers in the veterinary drugs compounding market.

Porter's Analysis

Threat of new entrants: The threat of new entrants is moderate. Developing new veterinary drugs involves huge capital investments and lengthy research and development procedures. There are stringent government approvals needed as well which acts as a barrier.

Bargaining power of buyers: The bargaining power of buyers is high. There is a presence of large retailers and institutional buyers who negotiate for competitive prices. Buyers can easily switch to alternative products.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. There are many suppliers for raw materials used in veterinary drugs compounding. However, suppliers of active pharmaceutical ingredients have some control over pricing.

Threat of new substitutes: The threat of new substitutes is low as veterinary drugs have few alternatives to treat animal health issues. New drug delivery technologies can pose a threat.

Competitive rivalry: The competition is high among existing players.

SWOT Analysis

Strengths: Growing pet ownership, rising animal healthcare expenditure, increasing veterinary services

Weaknesses: Stringent regulations, supply chain challenges, reliance on seasonality

Opportunities: Untapped rural markets, growth in developing nations, new product innovations

Threats: Patent expiries, pricing pressures, substitution threat

Key Takeaways

The Global Veterinary Drugs Compounding Market Demand is expected to witness high growth during the forecast period of 2024 to 2031. Rapid urbanization and rising disposable incomes in developing regions are driving pet ownership. The global Veterinary Drugs Compounding Market is estimated to be valued at US$ 1512.63 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.

The North American region currently dominates the market owing to high spending on animal health. Regional analysis shows that Asia Pacific is expected to grow at the fastest pace due to rising animal welfare standards and increasing meat consumption in China and India.

Key players operating in the Veterinary Drugs Compounding market are BASF SE, Huntsman Corporation, The Dow Chemical Company, 3M Company, DuPont, Aditya Birla Chemicals Ltd (Thailand), Momentive Specialty Chemicals Inc, Nan Ya Plastics Corporation, Kukdo Chemical Ltd., and NAMA Chemicals. These players are focused on product innovations and expanding to emerging markets.

Explore more information on this topic, Please visit -

https://www.ukwebwire.com/veterinary-drugs-compounding-market-growth-and-outlook-analysis/ 

Explore more trending article related this topic -

https://www.insightprobing.com/cancer-biomarkers-market-share-and-demand-analysis-2/ 

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