New York City, NY -- (SBWIRE) -- 03/17/2017 -- The growth of veterinary drug compounding market is mainly driven by the increasing number of pets and growing adoption of compounded drugs to increase animal compliance with flavoring alternatives and route of administration. Currently, many drugs are approved for animal treatment. However, these are still many different species with different rare diseases conditions for which there are no FDA-approved drugs available. To overcome this issue many approved human drugs are used for the treatment of the animal with the help of drug compounding, for example, several approved chemotherapeutic drugs are used to treat cancer in dogs and cats. Moreover, the emergence of veterinary specialties such as oncology, cardiology, and neurology, and the growth of veterinary referral centers is expected to drive the need for compounded medications. The growing trend of pet adoption is expected to boost the veterinary drug compounding market. In Japan, the companion dog population has increased to approximately 12.5 million and cats have increased up to 11.6 million. Similarly, in Australia, the companion dog population has increased to 3.75 million, cats up to 2.43 million, and other animals such as birds, rodents, and fish has increased to 32.9 million other animals.

Based on product type, oral products are the most used product for the different animal due to the easy of drug administration, drug compounding process, and large scale adoption across the globe. Based on the end user segment, veterinary compounded drugs are widely used for companion animals owing to the growing animal sports industry and pet industry, and similarly, growing expenditure on pet animal healthcare is expected to drive the growth for the veterinary drugs compounding market during the forecast period.

Based on geographic region, veterinary drugs compounding market is segmented into five key regions: North America, Latin America, Europe, Asia-Pacific and Middle East & Africa. North America holds the largest revenue share in the veterinary drugs compounding market followed by Europe owing to well-established animal healthcare market and growing number of veterinary practitioners etc. Asia-Pacific is expected to grow at the fastest CAGR owing to the growing trend of pet animals especially in China and India. Moreover, increasing the focus of pet owners towards the animal health and safety have boosted the growth for veterinary drugs compounding market.

Some of the key players in veterinary drug compounding market are Sanofi-Aventis, Novartis, Fagron, Pfizer Inc., Essential Pharmacy Compounding, Triangle Compounding Pharmacies, and Lorraine's Pharmacy among others.

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