PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1496072
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1496072
North America Vet Compounding Pharmacies Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America)
The North American veterinary compounding pharmacies market has experienced robust growth in recent years. This expansion is largely driven by the increasing awareness among pet owners about animal health and the critical role of compounded medications in treating various conditions in animals. The market is expected to continue its upward trajectory, with a projected size of US$ 1.48 billion in 2024 and US$ 2.7 billion by 2031.
Key Drivers of Market Growth
Increasing Awareness and Pet Ownership
A primary factor propelling market growth is the heightened awareness of pet health among owners. Reports from the American Pet Product Association and the American Veterinary Medical Association (AVMA) indicate that nearly 84.9 million households in the U.S. own pets. This rise in pet ownership has led to a greater demand for veterinary care and compounded medications tailored to specific needs.
Cost and Availability of Generic Veterinary Drugs
The high cost and limited availability of generic veterinary drugs have also contributed to market expansion. Authorized compounding pharmacies provide more affordable and accessible options for pet owners, who often find these medications preferable to expensive branded drugs. This trend is especially notable in low-income households where the cost of animal care can be prohibitive.
Market Segmentation
CNS Agents Leading the Market
The CNS agents segment is anticipated to hold the largest market value, reaching approximately US$ 517.6 million in 2023. CNS medications are crucial for treating conditions such as attention deficit hyperactivity disorder (ADHD) in companion animals, particularly dogs, significantly contributing to market growth.
Companion Animals Dominate the Market
The companion animal segment, driven by the growing humanization of pets and increasing adoption rates, is expected to dominate the market. This segment is projected to hold around 58.7% of the market share.
Oral Formulations Preferred
Oral formulations are the most preferred method of drug administration in the veterinary sector due to their non-invasive nature, ease of administration, and patient compliance. This segment is expected to capture approximately 75.3% of the market share.
Regional Insights
U.S. Market Holds Significant Share
The U.S. is projected to maintain its dominance in the North American vet compounding pharmacies market, holding around 87.9% of the regional market share. The country's robust regulatory environment, expanding pharmaceutical sector, and increasing demand for diverse animal medications are key factors contributing to its leading position.
Canada's Growing Market Share
Canada is expected to hold a market share of around 12.1%. The increasing popularity of pet ownership and heightened awareness of animal healthcare are driving market growth in the country. Additionally, the introduction of new products by major players is bolstering the market.
Competitive Analysis
Leading companies in the North American vet compounding pharmacies market are focusing on expanding their customer base and enhancing their market presence through the development and launch of new and improved medications. The top four companies account for approximately 35.8% of the market share.
Key Developments
In January 2021, the FDA issued a recommendation titled GFI #256, outlining the conditions under which it would not enforce laws against the bulk manufacturing of medications. This recommendation supports the development of necessary antidotes for poisons found in animal food and significant differences between compounded medications and FDA-approved drugs with the same active ingredients.
In October 2020, Virbac introduced STELFONTA, a novel injectable treatment for canine mast cell tumors, the most common form of skin cancer in dogs. This treatment demonstrated a high rate of tumor eradication and marked a significant advancement in veterinary oncology.
Key Market Players Include:
Hoye's Pharmacy
Vertisis Custom Pharmacy
Smith Caldwell Drug Store
Sixth Avenue Medical Pharmacy
Dougherty Pharmacy
Triangle Compounding Pharmacy Inc.
Wedgewood Pharmacy
Millers Pharmacy
Chiron Compounding Pharmacy
MEDS Canadian Compounding Pharmacy
Aurora Compounding
Pace Pharmacy
Victoria Compounding Pharmacy
Pratt's Compounding Pharmacy
People's Choice Pharmacy
Global North America Vet Compounding Pharmacies Market Segmentation:
By Product:
CNS Agents
Anti-Infective Agents
Hormones and Substitutes
Anti-inflammatory Agents
Others
By Animal Type:
Companion Animals
Dogs
Cats
Equine
Others
Livestock Animals
By End User:
Oral
Injectable
Others
By Country:
U.S.
Canada
Table of Contents
1. Executive Summary
- 1.1. North America Vet Compounding Pharmacies Market Snapshot
- 1.2. Future Projections
- 1.3. Key Market Trends
- 1.4. Regional Snapshot, by Value, 2023
- 1.5. Analyst Recommendations
2. Market Overview
- 2.1. Market Definitions and Segmentations
- 2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
- 2.3. Adoption Rate/Usage Analysis - Key Statistics
- 2.4. Value Chain Analysis
- 2.5. Regulatory Scenario
- 2.6. Product USP Analysis
- 2.7. Porter's Five Forces Analysis
- 2.8. COVID-19 Impact Analysis
- 2.8.1. Supply
- 2.8.2. Demand
- 2.9. Economic Overview
- 2.9.1. World Economic Projections
- 2.10. PESTLE Analysis
3. North America Vet Compounding Pharmacies Market Outlook, 2019 - 2031
- 3.1. North America Vet Compounding Pharmacies Market Outlook, by Product, Value (US$ Bn), 2019 - 2031
- 3.1.1. Key Highlights
- 3.1.1.1. CNS Agents
- 3.1.1.2. Anti-Infective Agents
- 3.1.1.3. Hormones and Substitutes
- 3.1.1.4. Anti-inflammatory Agents
- 3.1.1.5. Others
- 3.1.1. Key Highlights
- 3.2. North America Vet Compounding Pharmacies Market Outlook, by Animal Type, Value (US$ Bn), 2019 - 2031
- 3.2.1. Key Highlights
- 3.2.1.1. Companion Animals
- 3.2.1.1.1. Dogs
- 3.2.1.1.2. Cats
- 3.2.1.1.3. Equine
- 3.2.1.1.4. Others
- 3.2.1.2. Livestock Animals
- 3.2.1.1. Companion Animals
- 3.2.1. Key Highlights
- 3.3. North America Vet Compounding Pharmacies Market Outlook, by End User, Value (US$ Bn), 2019 - 2031
- 3.3.1. Key Highlights
- 3.3.1.1. Oral
- 3.3.1.2. Injectable
- 3.3.1.3. Others
- 3.3.1. Key Highlights
- 3.4. North America Vet Compounding Pharmacies Market Outlook, by Country, Value (US$ Bn), 2019 - 2031
- 3.4.1. Key Highlights
- 3.4.1.1. U.S.
- 3.4.1.2. Canada
- 3.4.1. Key Highlights
4. U.S. Vet Compounding Pharmacies Market Outlook, 2019 - 2031
- 4.1. U.S. Vet Compounding Pharmacies Market Outlook, by Product, Value (US$ Bn), 2019 - 2031
- 4.1.1. Key Highlights
- 4.1.1.1. CNS Agents
- 4.1.1.2. Anti-Infective Agents
- 4.1.1.3. Hormones and Substitutes
- 4.1.1.4. Anti-inflammatory Agents
- 4.1.1.5. Others
- 4.1.1. Key Highlights
- 4.2. U.S. Vet Compounding Pharmacies Market Outlook, by Animal Type, Value (US$ Bn), 2019 - 2031
- 4.2.1. Key Highlights
- 4.2.1.1. Companion Animals
- 4.2.1.1.1. Dogs
- 4.2.1.1.2. Cats
- 4.2.1.1.3. Equine
- 4.2.1.1.4. Others
- 4.2.1.2. Livestock Animals
- 4.2.1.1. Companion Animals
- 4.2.1. Key Highlights
- 4.3. U.S. Vet Compounding Pharmacies Market Outlook, by End User, Value (US$ Bn), 2019 - 2031
- 4.3.1. Key Highlights
- 4.3.1.1. Oral
- 4.3.1.2. Injectable
- 4.3.1.3. Others
- 4.3.2. BPS Analysis/Market Attractiveness Analysis
- 4.3.1. Key Highlights
5. Canada Vet Compounding Pharmacies Market Outlook, 2019 - 2031
- 5.1. Canada Vet Compounding Pharmacies Market Outlook, by Product, Value (US$ Bn), 2019 - 2031
- 5.1.1. Key Highlights
- 5.1.1.1. CNS Agents
- 5.1.1.2. Anti-Infective Agents
- 5.1.1.3. Hormones and Substitutes
- 5.1.1.4. Anti-inflammatory Agents
- 5.1.1.5. Others
- 5.1.1. Key Highlights
- 5.2. Canada Vet Compounding Pharmacies Market Outlook, by Animal Type, Value (US$ Bn), 2019 - 2031
- 5.2.1. Key Highlights
- 5.2.1.1. Companion Animals
- 5.2.1.1.1. Dogs
- 5.2.1.1.2. Cats
- 5.2.1.1.3. Equine
- 5.2.1.1.4. Others
- 5.2.1.2. Livestock Animals
- 5.2.1.1. Companion Animals
- 5.2.1. Key Highlights
- 5.3. Canada Vet Compounding Pharmacies Market Outlook, by End User, Value (US$ Bn), 2019 - 2031
- 5.3.1. Key Highlights
- 5.3.1.1. Oral
- 5.3.1.2. Injectable
- 5.3.1.3. Others
- 5.3.2. BPS Analysis/Market Attractiveness Analysis
- 5.3.1. Key Highlights
6. Competitive Landscape
- 6.1. Company Market Share Analysis, 2023
- 6.2. Competitive Dashboard
- 6.3. Company Profiles
- 6.3.1. Hoye's Pharmacy
- 6.3.1.1. Company Overview
- 6.3.1.2. Product Portfolio
- 6.3.1.3. Financial Overview
- 6.3.1.4. Business Strategies and Development
- 6.3.2. Vertisis Custom Pharmacy
- 6.3.2.1. Company Overview
- 6.3.2.2. Product Portfolio
- 6.3.2.3. Financial Overview
- 6.3.2.4. Business Strategies and Development
- 6.3.3. Smith Caldwell Drug Store
- 6.3.3.1. Company Overview
- 6.3.3.2. Product Portfolio
- 6.3.3.3. Financial Overview
- 6.3.3.4. Business Strategies and Development
- 6.3.4. Sixth Avenue Medical Pharmacy
- 6.3.4.1. Company Overview
- 6.3.4.2. Product Portfolio
- 6.3.4.3. Financial Overview
- 6.3.4.4. Business Strategies and Development
- 6.3.5. Dougherty Pharmacy
- 6.3.5.1. Company Overview
- 6.3.5.2. Product Portfolio
- 6.3.5.3. Financial Overview
- 6.3.5.4. Business Strategies and Development
- 6.3.6. Triangle Compounding Pharmacy Inc.,
- 6.3.6.1. Company Overview
- 6.3.6.2. Product Portfolio
- 6.3.6.3. Financial Overview
- 6.3.6.4. Business Strategies and Development
- 6.3.7. Wedgewood Pharmacy
- 6.3.7.1. Company Overview
- 6.3.7.2. Product Portfolio
- 6.3.7.3. Financial Overview
- 6.3.7.4. Business Strategies and Development
- 6.3.8. Millers Pharmacy
- 6.3.8.1. Company Overview
- 6.3.8.2. Product Portfolio
- 6.3.8.3. Financial Overview
- 6.3.8.4. Business Strategies and Development
- 6.3.9. Chiron Compounding Pharmacy
- 6.3.9.1. Company Overview
- 6.3.9.2. Product Portfolio
- 6.3.9.3. Financial Overview
- 6.3.9.4. Business Strategies and Development
- 6.3.10. MEDS Canadian Compounding Pharmacy
- 6.3.10.1. Company Overview
- 6.3.10.2. Product Portfolio
- 6.3.10.3. Financial Overview
- 6.3.10.4. Business Strategies and Development
- 6.3.11. Aurora Compounding
- 6.3.11.1. Company Overview
- 6.3.11.2. Product Portfolio
- 6.3.11.3. Financial Overview
- 6.3.11.4. Business Strategies and Development
- 6.3.12. Pace Pharmacy
- 6.3.12.1. Company Overview
- 6.3.12.2. Product Portfolio
- 6.3.12.3. Financial Overview
- 6.3.12.4. Business Strategies and Development
- 6.3.1. Hoye's Pharmacy
7. Appendix
- 7.1. Research Methodology
- 7.2. Report Assumptions
- 7.3. Acronyms and Abbreviations
List of Region/Countries
- North America
- U.S.
- Canada
