Vet Compounding Pharmacy Industry Analysis in North America

North America Vet Compounding Pharmacy Industry Outlook (2024 to 2034)

The vet compounding pharmacy industry size in North America is estimated to be US$ 1,521.0 million in 2024. The industry is projected to register a healthy CAGR of 8.8% to accumulate a total of US$ 3,536.4 million in revenue by 2034.

The vet compounding pharmacy industry in North America has undergone a massive shift. Multiple factors, such as surging demand for animal health insurance, rising animal welfare initiatives, and increasing understanding of therapeutic applications for different pharmaceuticals, support the sales of vet compounding medications.

Rising frequency of canine heartworm infection in dogs is decreasing the quality of life of this companion animal. Therefore, the surging burden of canine diseases is catalyzing the development of many compounded medications.

Top Drivers that are Influencing the North America Vet Compounding Pharmacy Industry

• Rising importance of animal health among people is increasing the sales of veterinary compounding medication. These medications are opted over officially licensed medications as the latter ones are not always available.
• Increasing owner acceptance of vet compounding medications propels sales from vet compounding pharmacies.
• Surging frequency of canine diseases among animals is projected to yield significant revenues for vet compounding pharmacies.
• Spike in pet ownership is contributing to the establishment of a pharmacy specialty of veterinary pharmacists who either collaborate with other pharmacists to develop compounded veterinary pharmaceuticals or produce them themselves.
• Increasing knowledge among pet owners due to ready access to information online is propelling the demand for high-quality veterinarian treatment.

Report Attributes	Details
Estimated Industry Value (2024E)	US$ 1,521.0 million
Forecasted Industry Value (2034F)	US$ 3,536.4 million
Projected Growth Rate (2024 to 2034)	8.8%CAGR
CNS Agents Segment Growth Rate (2024 to 2034)	9% CAGR
Companion Animals Segment Growth Rate (2024 to 2034)	8.5% CAGR
The United States Industry Share (2024)	85.5%
Canada Industry Share (2024)	8.7%
Key Companies Profiled in the North America Vet Compounding Pharmacy Industry Research Report	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

Which Trend Impacts the Vet Compounding Pharmacy Industry in North America?

“Growing Preference for Personalized Animal Medication Among Pet Owners”

Increasing concerns about pets’ health and well-being among pet owners are fueling the demand for personalized medications. Pet owners are seeking treatments for their pets that are tailored to their specific health conditions, often unfulfilled by mass-produced pharmaceuticals.

Pet healthcare is further driven by readily available information via different platforms, motivating pet owners to play an active role in their pets' healthcare decisions. Thus, veterinarians recommend compounded medications to better serve the individual pet needs.

Which Challenges Hamper the Growth of the North America Vet Compounding Pharmacy Industry?

“Unreliable Compounding Practices to Act as Challenge for Players”

The main hindrance affecting the sales of vet compounding medications include dubious compounding methods, like non-adherence to Current Good Manufacturing Practices (CGMP) and contamination during compounding. This is especially apparent in sterile compounding for intravenous solutions and injectable medications. Prospects for CPs are dimmed by contaminated sterile settings that are conducive to fungal and bacterial infection as well as other dangers and drug-related deaths.

“Lack of Focused Training and Resources”

The lack of an adequate count of trained and skilled medical professionals in the veterinary health field is impacting the industry growth. Moreover, the evidence suggests that several veterinarians offer veterinary compounding services despite not receiving any veterinary-focused training in pharmaceutical compounding. The lack of qualified veterinary compounding medical professionals increases the probability of false prescriptions, which puts animals’ health at risk.

Country-wise Insights

Which Country is Expected to Acquire Significant Industry Share?

“The United States is Projected to Acquire a Considerable Share”

The United States vet compounding pharmacy industry is expected to obtain a value share of 85.5% in 2024. The sector is estimated to be worth US$ 1,300 million in 2024 and is projected to expand at a CAGR of 8.7% thereon. The United States industry is forecast to reach US$ 3,006 million by 2034.

The country has dominated in the past and is projected to continue building upon this momentum in this decade. Sales from vet compounding pharmacies in the United States are expected to surge due to the flourishing pharmaceutical and manufacturing sectors. Additionally, the rising preference of pet owners for various animal medications is projected to propel industry growth.

The robust regulatory environment for the veterinary industry is a crucial component that fosters innovation in the domestic sector. Furthermore, continued pharmacy research and development activities and rising veterinary collaborations are expected to meet the high demand for different animal species.

Which Country is Expected to Exhibit Significant Performance Over the Next Decade?

“Canada is Predicted to Strongly Perform Over the Next Decade”

The Canada vet compounding pharmacy industry is assessed to acquire a share of 8.7% in 2024. The sector is estimated to generate revenue worth US$ 132 million in 2024 and is projected to expand at a CAGR of 9.6% over the assessment period. By 2034, the industry is forecast to reach US$ 331 million.

The industry is expected to be driven by the increasing popularity of pets. Surging adoption rates and rising public awareness about animal healthcare are expected to raise the value of vet compounding pharmacies in Canada. Additionally, accelerating launches of new products by leading players in the animal health industry is spurring the industry expansion.

What is the Sales Prospect of the Mexico Vet Compounding Pharmacy Industry?

“Mexico is Estimated to Generate Sales Worth US$ 88 million in 2024”

The Mexico vet compounding pharmacy industry is forecast to reach US$ 199 million by 2034, registering a CAGR of 8.5%. Based on value share, the country acquired 5.8% in 2024. Veterinarians are realizing the value of compounded medications to address certain health issues that commercially available drugs cannot sufficiently address. Increasing advancements in treatment methodologies and veterinary diagnostics are expected to raise the demand for effective medications.

Segment-wise Insights

Which Product Type is Highly Sought in the North America Industry?

“CNS Agents are High in Demand in North America”

CNS agents are expected to remain the leading product type in the North America vet compounding pharmacy industry. The segment is expected to cut a share of 36.7% in 2024. Value-wise, the segment is estimated to gain industry revenue worth US$ 558.3 million in 2024 and register a CAGR of 9% from 2024 onwards.

CNS medications are gaining traction to treat Attention Deficit Hyperactivity Disorder (ADHD) or Attention Deficit Disorder (ADD) in companion animals, especially dogs. Animals with or without ADHD, who usually exhibit many adverse symptoms, can be effectively treated by CNS dosages.

Which Animal Type Leads the North America Vet Compounding Pharmacy Industry?

“Sales for Vet Compounding Medications in North America are Comparatively Higher for Companion Animals”

Companion animals segment is anticipated to gain a industry share of 58.6% in 2024. The segment is estimated to generate revenue worth US$ 891.0 million in 2024. By 2034, the revenue is forecast to account for US$ 2,020.6 million, recording a CAGR of 8.5%.

The segment is projected to be driven by increasing pet adoption rates and a robust surge in animal protection. Moreover, the increasing availability and use of pet health insurance are expected to contribute to this segment’s growth.

Which Formulation Segment Acquires a Massive Share in North America?

“Oral Formulation is a Preferable Form for Vet Compounding Medications”

The oral formulation segment is anticipated to acquire share of 76% in 2024. In the same year, the segment is forecast to jump from US$ 1,155.6 million in 2024 to US$ 2,850.3 million by 2034. Throughout this time period, the oral formulation segment is projected to expand at a CAGR of 9.4%.

Oral formulations are high in demand as they facilitate easy drug administration. Its preference is rising due to its many advantages, including patient compliance, non-invasiveness, and easy distribution of medicine. Due to the easy absorption of oral formulations in the body and their efficacy, sales of oral formulations are predicted to rise.

Competitive Landscape

Key players in the North America vet compounding pharmacy industry include 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.

Leading providers of vet compounding medications are increasing their access by offering home delivery services via local channel partners. Additionally, leading players are providing refills for prescriptions to increase the convenience associated with vet compounding medications. Additionally, players are employing growth strategies like quality control measures, regulatory compliance, product differentiation, and the capacity of a diversified range of compounded medications serving several animal species.

Recent Developments in Vet Compounding Pharmacy in North America :

• In October 2022, Medisca officially announced its decision to lease a separate 60,000-square-foot structure in Plattsburgh, New York, to streamline its distribution and packaging business.
• In January 2021, the United States FDA issued a suggestion titled GFI #256, in which it sketched the circumstances in which it is not going to enforce laws to hinder the bulk manufacturing of medications.
• Virbac, in October 2020, gained FDA approval for Stelfonta, which is a novel injectable treatment for canine mast cell tumors, a form of skin cancer that commonly occurs in dogs.

Segmentation of North America Vet Compounding Pharmacy Industry Research

• By Product Type :

  • CNS Agents
  • Anti-infective Agents
  • Hormones and Substitutes
  • Anti-inflammatory Agents
  • Others

• By Animal Type :

  • Companion Animals
  • Livestock Animals

• By Formulation :

  • Oral
  • Injectable
  • Others

• By Region :

  • North America
  • Europe
  • Latin America
  • East Asia
  • South Asia and Oceania
  • Middle East and Africa