Compounding pharmacies prepare customized medications specifically suited for individual patient needs for conditions that may not be commercially available or that require a special delivery method, dosage, preparation or mixture of ingredients. Compounded medications are prescribed by healthcare practitioners when an FDA-approved drug may not meet a patient’s unique clinical needs. They involve combining, mixing, or altering ingredients to create a medication tailored to the medical needs of an individual patient. Commonly prepared compound medications include creams, ointments, gels, transdermal patches, oral liquids, capsules, and suppositories. The rise in specialty medicines demand for conditions ranging from cancer to pediatric diseases is expected to drive growth of Netherlands compounding pharmacies market.
The Netherlands Compounding Pharmacies Market is estimated to be valued at US$ 599.62 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rise in specialty medicines demand as mentioned in the heading is one of the key drivers propelling growth of Netherlands compounding pharmacies market. Specialty medications have improved outcomes for patients; however, their high cost requires the demand for more affordable customized alternatives available through compounding pharmacies. The variety of treatments compounded by pharmacies benefits patients with medical conditions not sufficiently addressed by commercially available medications. Further, shortage of essential drugs is also fueling the need for compounded formulations, thereby positively impacting the market growth. Additionally, growing geriatric population prone to chronic diseases and increasing awareness about personalized medicines will continue supplementing the Netherlands compounding pharmacies market expansion through the forecast period.
Segment Analysis
Netherlands Compounding Pharmacies market size is dominated by compounding of topical agents which holds around 30% market share. Topical pharmaceuticals in the form of ointments, creams and gels are mostly compounded by pharmacies for dermatological conditions. This is the dominant sub-segment as dermatological issues are very common and topical formulations provide direct application to targeted areas without systemic absorption and side effects.
PEST Analysis
Political: The Netherlands government invests significantly in healthcare and has set up regulatory authorities like Healthcare Inspectorate to monitor pharmaceutical compounding practices and ensure safety standards.
Economic: Rising healthcare spending in Netherlands has increased demand for specialized medications through compounding. Higher disposable incomes also drive demand for customized medicines.
Social: An aging population and growing prevalence of chronic diseases like cancer, diabetes etc. have increased the need for compounded medications not readily available commercially. Patients prefer customized doses and formulations.
Technological: Advancements in pharmaceutical technologies allow compounders to produce more complex formulations. 3D printing, robotics aid production of specialized drugs. Traceability software ensures safety and quality.
Key Takeaways
The Netherlands Compounding Pharmacies market is expected to witness high growth in the forecast period of 2024 to 2031 supported by an expanding elderly demographic, increasing prevalence of chronic diseases and preference for customized medications. The Netherlands Compounding Pharmacies Market is estimated to be valued at US$ 599.62 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.
Regional analysis composition The Asia Pacific region is expected to witness the fastest growth in the compounding pharmacies market led by China and India due to growing health awareness, increasing incomes and expanding medical infrastructure in these countries. Large patient pool and rising healthcare spending will boost market opportunities.
Key players composition
Key players operating in the Netherlands Compounding Pharmacies market are GE Healthcare, Invacare Corporation, Inogen, IUC Medical (Smiths Medical),HERSILL S.L., Fisher & Paykel Healthcare Limited, Philips Respironics, Inc., DeVilbiss Healthcare, Tecno-Gaz Industries, Allied Healthcare Products, Inc., Teleflex Incorporated, Chart Industries, ResMedDrägerwerk AG & Co. KGaALinde, CAIRE. Increasing demand for customized medications will intensify competition among these players to widen their product portfolios and presence across the country.
