North America Vet Compounding Pharmacy Market to Hit $3.54 Billion by 2034, Fueled by Custom Medications & Pet Ownership Rise

Growing Demand for Personalized Medical Care for Pets Drives the Sales in Vet Compounding Pharmacy Industry in North America: Fact.MR Report

The North America vet compounding pharmacy market is estimated to capture US$ 1,521.0 million in 2024 and expand at a promising 8.8% CAGR through 2034. The market is forecast to attain a valuation of US$ 3,536.4 million by 2034.

The vet compounding pharmacy industry in North America is increasing in size, thanks to escalating pet ownership in Canada and the United States. Recent purchasing patterns indicate that pet owners are inclined toward specialized veterinary medications to meet the precise health needs of their animal companions.

Key players in the region are working toward constant innovations in treatment methodologies and veterinary diagnostics, which is expanding the portfolio of personalized and effective medications. Further, in contrast to commercially available drugs, compounded medications can be customized in formulation, dosage, and administration. Thus increasing its appeal among pet owners residing in North America.

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Key Takeaways from the North America Vet Compounding Pharmacy Market Study:

• The North America vet compounding pharmacy market generated sales worth US$ 1,073.0 million in 2019.
• The United States market is estimated to acquire a value share of 85.5% in 2024. In terms of value, the market is estimated to have attained US$ 1,300 million in the same year and register a CAGR of 8.7% thereon.
• The Canada market is assessed to obtain a portion size of 8.7% in 2024. The market valuation is estimated to reach US$ 132 million in 2024. By 2034, the market is forecast to gain US$ 331 million, recording a CAGR of 9.6%.
• The Mexico vet compounding pharmacy industry is estimated to be a mere 5.8% of North America in 2024. The market is projected to expand at a CAGR of 8.5%, to reach US$ 199 million by 2034.
• The CNS agents’ segment is expected to obtain a market share of 36.7% in 2024. The segment is estimated to be worth US$ 558.3 million in 2024.
• Companion animals are predicted to lead the animal type category, with a value share of 58.6% in 2024.

” The vet compounding pharmacy industry players are expected to find robust opportunities in Canada. Therefore, players are set to increase their visibility in Canada after finding success in the United States market" says a Fact.MR analyst.

Leading Players Driving Innovation in the Vet Compounding Pharmacy Industry Analysis in North America:

Hoye’s Pharmacy; Vertisis Custom Pharmacy; Smith Caldwell Drug Store; Sixth Avenue Medical Pharmacy; Dougherty Pharmacy; Triangle Compounding Pharmacy Inc.; People’s Choice Pharmacy; Pratt’s Compounding Pharmacy; Victoria Compounding Pharmacy; Pace Pharmacy; Aurora Compounding; MEDS Canadian Compounding Pharmacy; Chiron Compounding Pharmacy; Millers Pharmacy; Wedgewood Pharmacy; Others

Competitive Landscape:

Key players are defaulting to strategies like mergers and acquisitions, geographic expansions, diversification in product portfolios, and joint research and development initiatives. Further, market leaders are strategizing for a larger share by focusing on strengthening their distribution network by capturing smaller firms and entering collaborative agreements with domestic players to introduce new products.

Recent Developments in the North America Vet Compounding Pharmacy Market:

• In August 2022, Wedgewood Pharmacy, an industry-leading compounding pharmacy, joins the network of preferred business providers of the American Animal Hospital Association (AAHA). AAHA is the only organization that authorizes veterinary practices in Canada and the United States.
• The revised compounding guidelines from the United States Pharmacopeia (USP) came into effect on November 1, 2023. The revised guidelines reflect the stakeholder input, scientific advancements, and a more risk-based and practical approach to allot beyond-use dates.

Vet Compounding Pharmacy Industry Analysis in North America News:

1. In October of 2022, Medisca formally announced that it was leasing a stand-alone 60,000-square-foot facility in Plattsburgh, New York, in an effort to consolidate its business of distribution and packaging.
2. In January of 2021, the US FDA released a recommendation called GFI #256, in which it outlined the conditions under which it is not going to regulate laws to prohibit the bulk production of drugs.
3. Virbac received FDA approval for Stelfonta in October 2020. Stelfonta is a new injectable medication for the treatment of canine mast cell tumors, a type of skin cancer found in dogs.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the vet compounding pharmacy industry size in North America, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study reveals essential insights based on various factors. By product type, the market includes CNS agents, anti-infective agents, hormones and substitutes, anti-inflammatory agents, and other specialized formulations. Based on animal type, the industry caters to both companion animals and livestock animals, addressing their specific medical needs. In terms of formulation, veterinary compounded medications are available in oral, injectable, and other forms to ensure effective administration and compliance. Geographically, while the primary focus is on North America, the industry operates within a broader global landscape that includes regions such as Europe, Latin America, East Asia, South Asia and Oceania, and the Middle East and Africa, reflecting the growing demand for customized veterinary pharmaceuticals worldwide.

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