The compounding pharmacies market is estimated to be valued at US$ 10705.19 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 combines or alters ingredients to create a customized medication based on a doctor’s prescription for an individual patient’s need. This includes preparing medications tailored for patients with specific needs such as changing dose, dosage form like changing liquids to capsules, removing specific ingredient from medicines for patients with allergies. Compounding helps treat conditions that cannot be treated by conventional FDA approved medications.
Market Dynamics:
The growth of the compounding pharmacies market is primarily driven by the increasing usage of customized medications and rise in shortage of FDA-approved drugs. Customized medications help provide alternative treatment options for patients who cannot use FDA approved drugs or for conditions that don’t have FDA-approved treatment options. For example, pharmacists compound medications for pediatric patients who need a lower dosage or for geriatric patients who have difficulty in swallowing tablets. Additionally, there is a rise in shortage of FDA-approved drugs leading to increased demand for alternative treatment options in the form compounded medications. Another driver is the growing adoption of compounded topical pain relief medications and veterinary compounding. Topical pain compounds like creams, gels or lotions are seeing increasing demand over oral pills owing to direct application and lesser side effects. Similarly, compounded veterinary medicines are gaining traction due to need for species, size and condition specific formulations for pets.
SWOT Analysis
Strength: Compounding pharmacies offer customized medication solutions which increase patient satisfaction. They provide specialty medications which are otherwise unavailable. Compounding also helps reduce wastage of unused medication portions.
Weakness: Compounding is a complex process which requires specialized skills and equipment. Any errors during compounding can lead to quality issues. Many small compounding pharmacies also have limited manufacturing capabilities.
Opportunity: Growing geriatric population suffering from chronic illnesses drive the demand for compounded medications. Compounding pharmacies can also fulfill unmet needs of various hospitals and healthcare facilities.
Threats: Stringent pharmaceutical compounding regulations increase operational costs. Receiving raw materials and equipment in a timely manner also poses challenges.
Key Takeaways
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. Customized medications help improve treatment outcomes of complex conditions.
Regional analysis
North America dominates the global compounding pharmacies market, with the United States accounting for the major share. This is attributed to factors such as increasing healthcare spending, growing elderly population, and presence of major players. Europe is expected to exhibit 5.2% CAGR during the forecast period. Asia Pacific shows promising growth prospects due to rising medical tourism and need for customized drugs.
Key players
Key players operating in the compounding pharmacies market are Avella Specialty Pharmacy, Central Admixture Pharmacy Services, Fagron, Fresenius Kabi AG, PharMEDium Services, Institutional Pharmacy Solutions, Cantrell Drug Company,Triangle Compounding Pharmacies, Lorraineâ€TMs Pharmacy, Rx3 Compounding Pharmacy ,B Braun Melsungen AG, Clinigen Group PLC, QuVa Pharma, ITC Compounding Pharmacy, and Advanced Pharmacy. These players are focusing on new product launches and strategic collaborations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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