The Compounding Pharmacies Market is estimated to be valued at US$ 10,705.19 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Compounding pharmacies mix or alter ingredients to create customized medications tailored to individual patient needs. They prepare medications for patients who may be allergic to inactive ingredients in mass-produced drugs or who need an alternative dosage or delivery method, such as a topical cream or special syrup for pediatric patients. Compounding pharmacies also produce medications that are not commercially available.
Market Dynamics:
Growth in geriatric population: The rise in geriatric population is expected to boost the market growth. According to WHO, the global geriatric population is expected to reach 2 billion by 2050 from 900 million in 2015. This demographic shift will fuel the need for customized medications as elderly people often require specialized drugs to treat multiple chronic conditions.
Rising prevalence of chronic diseases: Increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders globally is driving the need for individualized formulations. According to WHO, chronic diseases accounted for 71% of global deaths in 2016. Compounded drugs offer disease-specific tailor-made solutions.
Segment Analysis
The Global Compounding Pharmacies Market can be segmented based on product type, end user, and therapeutic area. Based on product type, the market is dominated by oral medications which accounts for over 50% share as oral route of administration is favored for most medications. Oral medications are easy to administer and have better patient compliance as compared to other formulations.
PEST Analysis
Political: Regulations regarding drug compounding are expected to ease in many countries which is anticipated to boost the market growth. For instance, in the US, the 2018 FDA modernization act eased some restrictions on compounding pharmacies.
Economic: High healthcare spending and rising incidence of chronic diseases are fueling the market growth. Shortage of off-the-shelf drugs is another factor driving customers towards compounding pharmacies.
Social: Increasing geriatric population susceptible to multiple ailments is driving demand for customizable medications prepared by compounding pharmacies.
Technological: Adoption of advanced technologies like 3D printing for compound drug manufacturing is allowing pharmacists to prepare drugs in various dosage forms with high precision.
Key Takeaways
The global compounding pharmacies market is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing prevalence of chronic diseases requiring customized medication therapies. The market size for 2023 is estimated to be US$ 10,705.19 Mn.
Regional analysis - North America is expected to dominate the market during the forecast period owing to the presence of large number of compounding pharmacies and favorable regulations in the US. Asia Pacific is anticipated to exhibit the fastest growth rate due to growing healthcare infrastructure and increasing spending on specialty drugs in the region.
Key players operating in the compounding pharmacies market include Avella Specialty Pharmacy, Central Admixture Pharmacy Services, Fagron, Fresenius Kabi AG, PharMEDium Services, Institutional Pharmacy Solutions, Cantrell Drug Company,Triangle Compounding Pharmacies, Lorraine’s Pharmacy, Rx3 Compounding Pharmacy ,B Braun Melsungen AG, Clinigen Group PLC, QuVa Pharma, ITC Compounding Pharmacy, and Advanced Pharmacy. These players are focusing on expanding their service portfolios and geographical presence through strategic partnerships and acquisitions.
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