Compounding pharmacies are specialized pharmacies that prepare customized medications for patients according to their specific needs. They prepare medications that are different from their standard commercial counterparts in dosage form, flavors, delivery system, or other attributes to meet unique medical needs. Compounding pharmacies also prepare medications for patients who are unable to use standard commercial products due to allergies or sensitivities to inactive ingredients. The demand for customized medications is rising steadily owing to growing prevalence of chronic diseases and genetic disorders where medications have to be specially tailored. The global Compounding Pharmacies Market is estimated to be valued at US$ 10705.19 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the compounding pharmacies market is the rising demand for customized medications. Increasing prevalence of chronic conditions like cancer and autoimmune diseases is driving the need for customized formulations prepared by compounding pharmacies. According to the American Cancer Society, there were an estimated 1.8 million new cancer cases diagnosed in 2020 in the US. Customized medications are often required in cancer treatment to meet patient-specific needs in terms of dosage, delivery method or inactive ingredients. Similarly, genetic disorders and allergies often require medications that are specially tailored to individual needs and compounding pharmacies are well-positioned to cater to such customized needs, thereby fueling market growth over the forecast period.
SWOT Analysis
Strength: The compounding pharmacies have the capability to customize medications as per individual patient’s medical needs. They can prepare medications in alternative forms like liquids, creams etc. for patients who are unable to swallow pills.
Weakness: Compounding pharmacies require specialized skills and equipment to prepare customized medications. This increases their operating costs compared to large pharmaceutical companies. Lack of standardized manufacturing processes can also compromise quality and consistency of compounded drugs.
Opportunity: Growing demand for customized medications especially for pediatric and geriatric patients is driving the market growth. Increasing prevalence of chronic diseases also provides scope for developing novel drug formulations.
Threats: Stringent regulations implemented on compounding pharmacies to ensure drug safety and quality. Recall of flawed medications prepared by some compounding pharmacies have damaged their reputation in the past.
Key Takeaways
The Global Compounding Pharmacies Market Size is expected to witness high growth. The global Compounding Pharmacies Market is estimated to be valued at US$ 10705.19 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023-2030.
North America currently dominates the market due to favorable reimbursement policies and regulations supporting compounded drug formulations. Growing geriatric population affected by multiple chronic conditions in the US and Canada is a major factor augmenting demand. The European market is growing at a steady pace. Countries like Germany, UK, and France have a significant number of compounding pharmacies catering to personalized medication needs. Regulations are being strengthened to boost patient safety.
Key players related content comprises- Key players operating in the compounding pharmacies market are Akzo Nobel N.V., Ashland Inc., CP Kelco, Daicel Corporation, The Dow Chemical Company, Lamberti S.p.A., Penn Carbose Inc., Sichem LLC, SINCOCMC Co. Ltd, Yixing Tongda Chemical Co. Ltd, and Nouryon. These major players are focusing on developing innovative drug delivery technologies and collaborative partnerships 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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