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Description
veterinary compounding pharmacies market size is valued at USD 1.9 billion in 2021 and is poised to grow at a significant CAGR of 8.5% over 2022–2028. The range of therapeutic demands in veterinary medicine is rather broad, and the number of licensed pharmacological items for all veterinary species and indications is comparably restricted. As a result, animal medication compounding is critical for filling treatment gaps in these non-human species. When appropriate government-approved medications are unavailable, compounded pharmaceuticals give alternative therapies for animals. Commercially approved drugs in specific dosage forms are suggested for use in particular species, such as chewable pills that are not acceptable in cats or exotic animals. Similarly, due to their taste, several commercially authorized items are hated by some animals. Compounding is favored in this situation, especially for difficult-to-medicate medications. As a result, regulatory-accredited institutions with appealing products should benefit. Result in; producers are having the opportunity to partner with such organizations and seize market opportunities. For animal treatment, the majority of branded medications are available. In these situations, most pet owners opt for compounded drugs, which are less expensive than branded alternatives, are readily available, and do not require a prescription. More significant revenue can be gained in the veterinary compounding pharmacies market by developing uniform criteria for compounded preparations. In the animal medicine compounding sector, inorganic techniques such as mergers and acquisitions are gaining traction. For instance, Wildlife Pharmaceuticals, Inc. and its subsidiary ZooPharm have been acquired by Wedgewood Pharmacy, a PCAB-accredited compounding pharmacy, to capitalize on incremental potential with advancements in veterinary anesthesia and pain-management drugs. Animal medication compounding companies are expanding their services to include treating local wildlife, non-domestic species, companion animals, and captive exotic breeds. Companies are researching and developing specialized drugs for aquariums, wildlife management groups, conservation sites, and private ranches. Compounded pharmaceuticals are significantly more accessible, cost-effective, and do not require repeated prescriptions; thus, the veterinary compounding pharmacy market globally thrives.
Recent Market Developments:
In December 2020, Wedgewood Pharmacy and Partners Group signed a definitive purchase agreement to replace New Harbor Capital as its majority shareholder.
