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In terms of product, the compounding pharmacies market is categorized into oral, rectal, topical, parenteral, ophthalmic, nasal, and otic. The oral segment is expected to exhibit strong CAGR of over 6% CAGR through the analysis timeframe. Surging demand for oral compounded medicines can be attributed to several benefits of the oral dosage form viz., convenience, self-administration, and being pain-free. Better accessibility to certain medications in oral forms, such as solid preparations (tablets, powder, capsules, and so on) and liquid preparations (suspensions, syrups, and others), as compared to other dosage forms will fuel segmental growth.
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In terms of therapeutic area, the compounding pharmacies market is categorized into pain management, dermatology, hormone replacement, nutritional supplements, specialty drugs, and others. The pain management segment held over 33% market share in 2021 and is expected to register substantial gains by 2030. Growing instances of chronic pain in elderly as well as adult population will propel the segmental growth. For instance, according to the CDC 2019 report, 20.4% U.S. adults had chronic pain. Such scenarios are expected to create massive growth potential for the pain management segment.
Based on application, the compounding pharmacies market is divided into pediatric, adult, geriatric, and veterinary. The geriatric segment is poised to depict more than 6% CAGR over the analysis timeframe. The rising geriatric population and increased life longevity play a crucial role in the expansion of the compounding pharmacy market. Compounding medications to custom fit patient requirements, dosages, and drug modulation help in targeting specific needs of the patients, which is vital for geriatric patients owing to the benefits offered by compounded medications, thereby aiding segmental demand.
With respect to compounding type, the compounding pharmacies market is segregated into pharmaceutical dosage alteration (PDA), currently unavailable pharmaceutical manufacturing (CUPM), pharmaceutical ingredient alteration (PIA), and others. Drug shortages globally caused by discontinuations & delays and quality & manufacturing problems will augment segmental outlook. Many manufacturers provide FDA drug shortage information to prevent drug shortages. In such scenarios, compounding pharmacies play an essential role to provide medications to patients in absolute need of these medications. The currently unavailable pharmaceutical manufacturing segment was valued at over USD 2.5 billion in 2021 and is set to grow massively in the coming years.
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North America compounding pharmacies market was valued at more than USD 6 billion in 2021. High regional awareness regarding compounding medications, increasing number of healthcare facilities, and higher healthcare spending power, coupled with the presence of various market participants, will prove advantageous for the market expansion. Another region that may emerge as a prominent revenue hub is Latin America. Driven by the rising awareness about the benefits of compounded medications and the growing number of compounding pharmacies, the LATAM compounding pharmacies market is foreseen to showcase steady CAGR of over 6% through the forecast time period. U.S. Compounding Pharmacies industry is expected to witness a 5.9% CAGR from 2022 to 2030.