July 12, 2024
Compounding Pharmacies Market

Compounding Pharmacies Market Is Estimated To Witness High Growth Owing To Rising Demand for Personalized Medications and Increasing Adoption of Compounded Drugs

The Compounding Pharmacies Market is estimated to be valued at US$ 10,127.9 million in 2022 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Compounding pharmacies are specialized pharmacies that prepare customized medications based on individual patient needs. These pharmacies play a crucial role in the healthcare industry by providing personalized medications that are not available commercially. The market caters to patients who require specific doses, ingredients, or formulations of medications. Compounded drugs can be formulated for a wide range of therapeutic areas, including hormone replacement therapy, pain management, dermatology, and ophthalmology, among others. The increasing prevalence of chronic diseases, growing geriatric population, and rising demand for personalized medications are driving the growth of the compounding pharmacies market.

Market Dynamics:

The growth of the compounding pharmacies market is primarily driven by two key factors. Firstly, the rising demand for personalized medications is fueling the market growth. Compounded drugs are tailored to meet the specific needs of individual patients, thus improving treatment outcomes and patient adherence. Additionally, compounding pharmacies provide access to drugs that are discontinued or in short supply, ensuring continuity of therapy for patients.

Secondly, the increasing adoption of compounded drugs by healthcare providers is further propelling the market growth. Compounded medications offer several advantages over commercially available drugs, such as customized dosing, alternative dosage forms, and elimination of ingredients that may cause allergies or sensitivities. Moreover, compounding pharmacies offer flexibility in drug combinations, allowing for the creation of novel formulations that can address complex medical conditions.

Overall, the compounding pharmacies market is poised for significant growth in the forecast period, driven by the rising demand for personalized medications.

Segment Analysis:

The compounding pharmacies market can be segmented based on product type, therapeutic area, and geography. Based on product type, the market can be divided into oral medications, topical medications, and others. Among these segments, oral medications dominate the market due to their higher demand and wider applicability across various therapeutic areas. Oral medications are preferred by patients as they are convenient to use and have a higher patient compliance rate. Moreover, the increasing prevalence of chronic diseases such as cardiovascular disorders, diabetes, and cancer, which require long-term medication, further drives the demand for oral medications from compounding pharmacies.

PEST Analysis:

Political:

The compounding pharmacies market is influenced by the political regulations and policies related to drug manufacturing and distribution. Stringent government regulations regarding the quality and safety of compounded drugs may impact the growth of the market.

Economic:

The economic factors impacting the compounding pharmacies market include healthcare expenditure, insurance coverage, and affordability of compounded medications. Rising healthcare expenditure and increasing insurance coverage are expected to drive the demand for compounding pharmacies.

Social:

The social factors influencing the market include changes in patient preferences and increasing awareness about personalized medicine. Patients are now seeking customized medications based on their individual needs, which is driving the growth of the compounding pharmacies market.

Technological:

Technological advancements in compounding processes and equipment are enhancing the efficiency and accuracy of compounding pharmacies. Automation in compounding processes and the adoption of electronic prescriptions are some of the technological advancements driving the market growth.

Key Takeaways:

The global compounding pharmacies market is expected to witness high growth, exhibiting a CAGR of 5.7% over the forecast period (2023-2030), due to the increasing demand for personalized medicine and rising prevalence of chronic diseases. This market is driven by factors such as the convenience and patient compliance offered by oral medications, stringent government regulations, rising healthcare expenditure, increasing insurance coverage, changing patient preferences, and technological advancements in compounding processes.

Regionally, North America is the fastest-growing and dominating region in the compounding pharmacies market. The region’s growth can be attributed to the presence of a well-established healthcare infrastructure, increasing adoption of personalized medicine, and the high prevalence of chronic diseases. Furthermore, favorable reimbursement policies and government initiatives supporting compounding pharmacies further contribute to the region’s market dominance.

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 strategic initiatives such as mergers and acquisitions, collaborations, and product launches to strengthen their market position and expand their product portfolio.