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Compounding Pharmacies Market Size

  • Report ID: GMI749
  • Published Date: Aug 2022
  • Report Format: PDF

Compounding Pharmacies Market Size

Compounding Pharmacies Market size was valued at more than USD 11 billion in 2021. Driven by the rising rate of drug failure and shortages of drugs, the industry is expected to grow at a CAGR of over 5.5% from 2022 to 2030.

 

Compounding Pharmacies Market

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Drug discovery & development is a costly and high-risk process that takes a long time. A new proposed drug needs to go through several clinical trials to be finally approved for sale and used for treatment. As per Biotechnology Innovation Organization statistics, about 63% of drugs are successful in the Phase I transition. Phase II has the lowest transition success rate of about 30% owing to failure during clinical trials while Phase III has the second lowest transition success rate of nearly 58%. Even after several efforts by researchers, drugs fail clinical test approvals. High occurrences of drug failure favor the compounding pharmacies industry expansion.

 

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global market for compounding pharmacies was valued at over USD 11 billion in 2021 and is set to expand at a CAGR of over 5.5% through the forecast period.

The geriatric application segment is expected to progress at a CAGR of more than 6% through 2030 as customized drug formulations are highly accepted by geriatric patients.

The oral segment is slated to expand at more than 6% CAGR over the analysis timeframe as a result of several benefits associated with oral dosage form such as self-administration, convenience, and being pain-free.

North American market for compounding pharmacies accounted for over USD 6 billion in revenue in 2021 due to high awareness regarding compounding medications, increasing number of healthcare facilities, and higher healthcare spending power in the region.

Compounding Pharmacies Market Scope

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 14
  • Tables & Figures: 963
  • Countries covered: 29
  • Pages: 530
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