by The compounding pharmacies market provides customized medication to meet patients’ specific clinical needs. Compounded medications are designed to fulfill exact requirements of patients who may not be able to use commercially available drugs due to allergies, delivery issues, or other factors. The customized compounding process involves manipulating drug ingredients’ strength, dosage form, delivery method or other properties to produce a formulation tailored to an individual. The growing need for personalized treatment and limited commercially available drug variants are key factors driving demand for compounded drugs.
The Global Compounding Pharmacies Market is estimated to be valued at US$ 12332.38 Bn in 2024 and is expected to exhibit a CAGR of 23. % over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in The Compounding Pharmacies Market are Infosys Limited, SAP, HCL, EXL, Atos SE, Accenture, Genpact, IBM Corporation, Oracle Corporation, Cognizant, Capgemini SE, and Tata Consultancy Services Limited and Others. The growing geriatric population suffering from multiple chronic conditions and rising adoption of personalized medicines provide opportunities for market players to expand in the compounded drugs space. Technological advancements like automated compounding robots, artificial intelligence aided compounding devices allow compounding facilities to improve production efficiency and lower operational costs.
Market drivers
The rising prevalence of conditions that require specialized drug formulations like cancer, neurological disorders is a key market driver. Growing awareness among healthcare practitioners and patients about benefits of customized medicines is propelling higher demand for compounded drugs. The limited commercial availability of certain drugs formulations like child-specific drugs, veterinary drugs also drives the need for compound pharmacies to provide specialized alternatives. Increasing healthcare costs and insufficient insurance coverage for expensive commercially available drugs prompt use of affordably priced compounded drugs.
Current Challenges in Compounding Pharmacies Market
The compounding pharmacies market is currently facing several challenges that are hindering its growth. One of the major challenges is maintaining stringent sterility and quality control during the compounding process. Any contamination during compounding can prove fatal for patients. Compounding pharmacies also face challenges in procuring high-quality ingredients and maintaining adequate inventory levels. Shortages of ingredients is a persistent problem. Finding and retaining skilled pharmacists and technicians is another hurdle, given the specialized skills required for compounding. Compounding pharmacies also have to navigate a complex regulatory environment. Ensuring compliance with various state and federal regulations increases operational costs.
SWOT Analysis
Strength: Compounding pharmacies can tailor medications to meet the unique needs of individual patients. This provides better treatment options.
Weakness: Compounding is a complex and time-consuming process requiring specialized skills and equipment. This increases costs.
Opportunity: Growing demand for customized medications due to increasing prevalence of chronic diseases presents major opportunities.
Threats: stringent regulatory oversight and threat of potential lawsuits in the event of errors or adverse events. Shortages of ingredients also threaten operations.
North America currently dominates the compounding pharmacies market, both in terms of value and volume. This is mainly due to the large patient population needing customized medications in the region. Asia Pacific is poised to be the fastest growing market during the forecast period. This is attributable to factors such as rising healthcare standards, growing medical tourism industry and increase in number of compounding pharmacies.
In terms of value, the U.S. accounts for the major share of the compounding pharmacies market in North America. This is due to the widespread acceptance and availability of compounded medications. Within Asia Pacific region, China and India are expected to witness highest growth rates due to rapidly increasing patient demand and improving healthcare infrastructure in these countries.
