Compounding Pharmacies Market size to exceed $13.5bn by 2025

Compounding Pharmacies Market size is set to exceed USD 13.5 billion by 2025; according to a new research report by Global Market Insights, Inc.
 

Increasing geriatric population coupled with improved longevity will serve to be a high impact rendering factor for compounding pharmacies industry growth. According to UN statistics, population aged 60 years and above is anticipated to increase by approximately 56% from 900 million to 1.4 billion in 2050. Geriatric population is susceptible to chronic infections that increases the demand for compounded drugs positively influencing the market growth.

 

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Convenience of using compounded drugs is the foremost factor driving the industry growth

Convenience and benefits offered by compounded drugs will augment the market demand over the forecast timeframe. Ability of compounding pharmacies to formulate medications that do no cause adverse reactions will boost demand for compounded drugs. Compounding pharmacies can combine certain prescriptions into single dose permitting patients to take one pill instead of several medications. Moreover, lower costs of compounded drugs due to access of pharmacists to pure, high quality chemicals that often costs less will further propel its demand. However, stringent regulatory scenario may hamper the industry growth to certain extent.
 

Browse key industry insights spread across 250 pages with 427 market data tables & 15 figures & charts from the report, Compounding Pharmacies Market Share By Therapeutic Area (Hormone Replacement, Pain Management, Dermatology Applications, Specialty Drugs, Nutritional Supplements), By Product (Oral, Topical, Rectal, Parenteral, Nasal, Ophthalmic, Otic), By Application (Pediatric, Adult, Geriatric, Veterinary), By Compounding Type (Pharmaceutical Ingredient Alteration [PIA], Currently Unavailable Pharmaceutical Manufacturing [CUPM], Pharmaceutical Dosage Alteration [PDA]), By Sterility (Sterile, Non-sterile), By Distribution Channel (Hospital Pharmacy, Compounding Pharmacy), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, Spain, France, Poland, Ukraine, Greece, Sweden, Norway, Belgium, Czech Republic, Finland, Russia, China, India, Japan, Singapore, Australia, Argentina, Brazil, Mexico, South Africa, UAE, Saudi Arabia, Qatar, Kuwait), Price Trends, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/compounding-pharmacies-market
 

Growing drug failure rate will stimulate the industry growth in near future

Therapeutic area of compounding pharmacies market is categorized into hormone replacement, pain management, dermatology applications, specialty drugs, and nutritional supplements. Pain management segment of the market was valued over USD 3 billion in 2018 and will experience substantial growth throughout the analysis period. Several commercially available pain relief medicines can result in undesirable side effects like dizziness, drowsiness, or stomach irritation. Compounding pharmacy may find a better solution to patients as it offers personalized and customized pain relief medications. Above mentioned factors will stimulate the industry growth.
 

Based on product, compounding pharmacies market outlook is bifurcated into oral, topical, rectal, parenteral, nasal, ophthalmic, and otic. Topical segment of compounding pharmacies is anticipated to witness around 5.5% growth throughout the analysis timeframe. Topical compounded drugs are less expensive as compared to the oral products. Moreover, there are less chances of adverse reactions when compounded drugs are applied topically since, the drug does not come in direct contact with internal body fluids. Moreover, oral tablets that have low bioavailability are administered topically that should foster the market growth.
 

Application segment of compounding pharmacies market includes pediatric, adult, geriatric and veterinary. Pediatric segment was valued around USD 1.3 billion in 2018. Commercially manufactured pediatric drug forms may not always fulfil every requirement such as for respiratory disorders, pain, head lice, oral thrush, diabetes, skin disorders, diaper rash, fever blisters/cold sores and others. Furthermore, children refuse medication due to its color, texture or, taste. Compounding pharmacies transform several medications into flavored dosage, colorful forms, that are distributed in safe packaging. Various flavors are available with compounding pharmacists for enhancing the color and taste of a medication without changing its effectiveness. Furthermore, compounding pharmacists develop medications that are easy to swallow that stimulates the market growth.
 

Compounding type segment of the market is classified into Pharmaceutical ingredient alteration [PIA], currently unavailable pharmaceutical manufacturing [CUPM], pharmaceutical dosage alteration [PDA]. Currently unavailable pharmaceutical manufacturing [CUPM] segment will experience over 6% CAGR throughout the analysis timeframe. Shortage of drugs in the U.S. over past decade is one of the major factors surging the demand for currently unavailable pharmaceutical manufacturing. Additionally, complex manufacturing processes, long lead times as well as inadequate capacity of raw material facilities increases the drugs shortages. Delay in receiving raw materials and components from suppliers leads to production delays at manufacturer’s end resulting in drug shortage. Furthermore, discontinuation of previously manufactured drugs due to safety issues or high costs further increases dependence on compounding pharmacies. Also, increasing shortage of cancer medication as well as other drugs used for treating cardiac diseases and other emergency conditions will augment the demand for compounded drugs that are currently unavailable thereby driving the market trends.
 

By sterility, market can be segmented into sterile and non-sterile. Sterile segment is anticipated to have around 31% revenue share in 2018. Pharmacies that prepare individualized dosages of sterile drugs for patients must meet stringent requirements and standards to assure patient safety by maintaining control, consistency, and reducing risks. Moreover, various measures undertaken by government to ensure patient safety will serve to be another impact rendering factor in the market outlook.
 

By distribution channel, compounding pharmacies industry can be segmented into hospital pharmacy, compounding pharmacy and others. Compounding pharmacies segment will experience over 5% growth during the forecast years. Compounding pharmacies include outsourcing facilities that are involved in bulk compounding of drugs. The pharmacies provide compounded drugs as per patient requirements with or without prescription. Compounding pharmacies can sell sterile and non-sterile products to various healthcare facilities including hospitals and clinics. Additionally, large scale production of compounded drugs reduces the manufacturing costs thereby rendering the compounded drugs cost-effective that stimulates the segmental growth.
 

Increasing prevalence of lifestyle diseases will drive the demand for compounded drugs in UK

UK compounding pharmacies market accounted for around USD 260 million in 2018 and is projected to witness momentous growth during analysis timeframe. Rising adoption of compounded drugs owing to high purchasing power has boosted the market growth in the country. Furthermore, increasing prevalence of cancer and other lifestyle diseases such as diabetes has positively influenced the industry growth. According to a study, prevalence of diabetes in UK is expected to rise to 5 million by 2025 that will propel the demand for compounded drugs thereby, elevating the market growth.
 

Inorganic as well as organic growth strategies adopted by market players will create numerous growth opportunities

Some of the prominent market players operating in compounding pharmacies market include Fagron, PharmaMEDium, B. Braun Medical, Institutional Pharmacy solutions, Triangle Compounding Pharmacies, Fresenuis Kabi, Lorraine’s Pharmacy, Wedgewood Village Pharmacy, Doughtery’s Pharmacy, Village compounding Pharmacies, Mcguff compounding pharmacy services, Rx3 Compounding Pharmacy, Pencol Compounding Pharmacy, ITC Compounding Pharmacy. These industry players are implementing various strategic initiatives such as mergers, acquisitions, product launches, geographical expansions and collaborations. For instance, in May 2014, Fresenius Kabi expanded its IV drug business in Latin America through the acquisition of privately held Brazilian pharmaceutical company Novafarma Industria Farmaceutica Ltda. This acquisition aimed to expand Kabi’s market presence in Brazil.
 

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