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Global Animal Drug Compounding market Size, Share And Growth Analysis For 2024-2033
Global Animal Drug Compounding Size, Share, Revenue , Trends, And Forecast 2024-2033
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LONDON , GREATER LONDON , UNITED KINGDOM, October 1, 2024 /EINPresswire / -- The animal drug compounding market has experienced robust growth in recent years, expanding from $1.56 billion in 2023 to $1.69 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to regulatory landscape, veterinary practices, market awareness, limited commercial options, veterinary collaboration.
What Is TheEstimated Market Size Of The Global Animal Drug Compounding Market And Its Annual Growth Rate?
The animal drug compounding market is projected to continue its strong growth, reaching $2.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to regulatory developments, pet ownership trends, specialized veterinary care, globalization of veterinary services, advancements in veterinary medicine.
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Growth Driver OfThe Animal Drug Compounding Market
A rise in the rate of animal adoption is expected to propel the growth of the animal drug compounding market going forward. Animal adoption is defined as acquiring animals through rescue groups instead of purchasing them from pet shops or breeders. Adopted animals may have pre-existing health conditions or may require medications that are not available in standard formulations, which create a demand for customized animal medications. As more pet owners may seek customized medications for their adopted animals, the need for animal drug compounding increases.
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Which Market Players Are Driving TheAnimal Drug Compounding Market Growth?
Key players in the market include Wedgewood Pharmacy LLC, Triangle Compounding Pharmacy Inc., Davis Islands Pharmacy & Compounding Lab, Custom Med Compounding Pharmacy, Central Compounding Center South LLC, Wellness Compounding Pharmacy of Cary LLC, Miller's Pharmacy, Caringbah Compounding Pharmacy Pty. Ltd., Smith Drug and Compounding Inc., Specialist Compounding Pharmacy Pte Ltd., Tache Pharmacy & Medical Supplies, Hoye's Pharmacy, Vertisis Custom Pharmacy LLC, Smith-Caldwell Drug Store Inc., Sixth Avenue Medical Pharmacy, PharmacaIntegrative Pharmacy Inc., Akina Animal Health, Letco Medical LLC, The Pet Apothecary LLC, Vetsource Inc., Roadrunner Pharmacy, Medisca Inc., BCP Veterinary Pharmacy, VetRxDirect LLC, Diamondback Drugs, Vetcentric Pty. Ltd., Pet Health Pharmacy, PetMed Express Inc., PetRx2Go, South Wellness Pharmacy.
What Are TheEmerging Trends Shaping The Animal Drug Compounding Market Size?
Major companies operating in the animal drug compounding market are undergoing partnerships to drive revenues in the animal compounding market. Brava is a tech-enabled network of compounding pharmacies that provides veterinarians with innovative tools to expert pharmacy support and elite customer care.
How Is TheGlobal Animal Drug CompoundingMarket Segmented?
1) By Animal Type: Companion Animals, Livestock Animals
2) By Product: Anti-infective Agents, Anti-inflammatory Agents, Hormones And Substitutes, CNS Agents, Other Products
3) By Route of Administration: Oral, Injectable, Topical, Other Routes Of Administration
4) By Application: Veterinary Hospitals, Veterinary Clinics, Veterinary Diagnostic Centers
Geographical Insights: North AmericaLeading TheAnimal Drug CompoundingMarket
North America was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Animal Drug Compounding Market Definition
Animal drug compounding is defined as the process of mixing and altering the ingredients of multiple medicines to create a customized medicine to treat the specific needs of a single animal or multiple animals. It is used for providing medical treatment for animals and is a process that plays an important role in veterinary medicine.
Animal Drug Compounding Global Market Report 2024 from TBRC covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global animal drug compoundingmarket report covering trends, opportunities, strategies, and more
The Animal Drug Compounding Global Market Report 2024by The Business Research Company is the most comprehensive report that provides insights on animal drug compounding market size, animal drug compounding market driversand trendsand animal drug compoundingmarket growth across geographies. Thisreport helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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The Business Research Company
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