The compounding chemotherapy market has witnessed significant growth over the past few years owing to the increasing prevalence of various types of cancers globally. Compounding chemotherapy is a customized chemotherapy specially prepared by a pharmacist for an individual patient’s needs based on the prescription provided by the physician. Compounding enhances treatment compliance and allows patients to receive the exact dose of medication according to their needs. It provides flexibility in dose adjustment and drug selection.
The global compounding chemotherapy market is estimated to be valued at US$ 11.76 Mn in 2024 and is expected to exhibit a CAGR of 2.8% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the compounding chemotherapy market are The Boeing Company,Airbus SE,Lockheed Martin Corporation,Textron Inc,Embraer S.A. Key opportunities in the market include expanding portfolio by introducing novel drugs, strategic partnerships with hospitals and oncology centers, new product launches to enhance patient compliance. The Compounding Chemotherapy Market Growth is witnessing high in North America owing to the rising prevalence of cancer. Asia Pacific region also presents lucrative growth opportunities with growing healthcare infrastructure and increasing awareness about cancer treatment options.
Market Drivers
Rising cancer prevalence has been a major growth driver for compounding chemotherapy market. According to World Health Organization (WHO), cancer accounted for nearly 10 million deaths in 2020 and is a leading cause of death worldwide. Advanced treatment options and growing focus on tailored therapies are further augmenting the market demand.
PEST Analysis
Political: The government policies and regulations towards cancer treatment will impact the compounding chemotherapy market. The regulations regarding drug development, quality standards and approval process have a significant impact on the market.
Economic: As the income levels rise globally, demand for advanced and effective cancer treatment options also increase. Availability of health insurance coverage also drives the market growth as patients can afford high treatment costs.
Social: Rising cancer incidence rates across countries due to lifestyle changes, growing awareness about effective treatment options and focus on healthcare positively influence the market. Better social support system helps patients opt for novel therapies.
Technological: Continuous research and development has led to development of novel drug delivery systems, smart techniques for compounding chemotherapy drugs which provide patients more effective and personalized treatment. Automated compounding devices are enhancing safety, quality and efficiency.
Geographical Regions with High Market Concentration:
North America holds the largest share in the compounding chemotherapy market due to presence of advanced healthcare infrastructure, widespread medical insurance coverage, high disposable income and increasing government funding for cancer research. According to market reports, the United States accounts for over 40% of the total regional market share.
Fastest Growing Region:
Asia Pacific region is expected to grow at the fastest rate during the forecast period owing to rising awareness, increasing healthcare expenditure, growing patient population and improving medical facilities. Countries like China and India with a huge population base offer immense growth opportunities. Prevalence of various types of cancer is also rising in Asia leading to high demand for innovative treatment therapies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile