Compounding Pharmacies Market size to exceed USD 14 Bn by 2026

Compounding Pharmacies Market size is set to reach USD 14 billion by 2026; according to a new research report by Global Market Insights, Inc.
 

Increasing shortage of drugs including emergency drugs and cancer medicines will boost the demand for compounding pharmacies across the globe. According to the German Federal Institute for Drugs and Medical Devices, there is a shortage of more than 70 drugs in the country. Compounding pharmacies can serve to fill the gap by producing drugs that are currently unavailable that will augment the market growth.

 

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Rising adoption for customized medicine will act as a foremost growth driver

Rising adoption for customized medicine in developed economies in North America and Europe will drive the compounding pharmacies market expansion. Personalized medicine is an emerging approach for disease prevention and treatment that accounts for genetic variation, differences of lifestyle and environment. Similarly, customized medicines can offer better health outcomes to patients, majorly infants, senior citizens and individuals allergic to certain ingredients in commercial medicine. Moreover, compounding allows provider to request for drugs to be prepared according to patient' specific needs for effective care. Also, it provides an altered route of administration based on a patient’s needs and preferences that will expand the industry growth.
 

Compounding Pharmacies Market

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Increasing prevalence of patients with chronic pain will favor the segmental growth

The pain management segment will witness around 5.5% CAGR over 2020 to 2026. Surging incidences of chronic pain among adults due to sedentary lifestyle or trauma will boost the demand for pain management medication. As per Centers for Disease Control and Prevention (CDC), in 2016, about 50 million adults in the U.S. had chronic pain, that eventually drives the segmental expansion. Additionally, growing geriatric population base in the U.S. with increased susceptibility to chronic diseases will favor the segmental growth.
 

Surging patient compliance for oral compounded drugs will foster the compounding pharmacies market growth

The oral segment held around USD 3 billion in 2019 and is further bifurcated into solid and liquid preparations. Growing number of medications for pain management in oral forms, such as capsules and tablets will propel the segmental progression. Various benefits associated with oral medications include ease of ingestion, patient compliance as well as pain avoidance will boost the market growth.
 

Increasing adoption of parenteral medications will escalate the overall market growth

The sterile segment will witness 6.5% CAGR up to 2026. Increasing incidence of chronic diseases including cardiac aliments and cancer will surge the need for sterile medications, thereby, propelling compounding pharmacies market expansion. In addition, rising demand of sterile compounding pharmacies due to adoption of parenteral and ophthalmic medications for various treatments will boost the segmental growth.
 

Browse key industry insights spread across 348 pages with 479 market data tables & 20 figures & charts from the report, “Compounding Pharmacies Market Size By Therapeutic Area (Hormone Replacement, Pain Management, Dermatology Applications, Specialty Drugs, Nutritional Supplements), By Product (Oral {Solid Preparations [Tablets, Capsules, Granules, Powder], Liquid Preparations [Solutions, Suspension, Emulsion, Syrup], Topical [Ointments, Creams, Gels, Pastes], Rectal [Suppositories, Enema], Parenteral [LVP, SVP]}, 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, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/compounding-pharmacies-market
 

Ease of administration of compounded medications among pediatric patients will enhance the market demand

Children segment held around 7% CAGR. Ability of compounding pharmacies to enhance the ease of administration, among children by adding flavor will bolster the demand for compounding pharmacies. Additionally, availability of medication in different forms including emulsions, gummies, and lollipop among others to pediatric population escalates the industry growth.
 

Pharmaceutical dosage alteration will provide lucrative growth opportunity

On the basis of compounding type, the compounding pharmacies market is fragmented into pharmaceutical dosage alteration, pharmaceutical ingredient alteration as well as currently unavailable pharmaceutical manufacturing (CUPM) and others. Pharmaceutical dosage alteration segment witness around 18% revenue share owing to rising need for altering dosage form according to patient’s need. Additionally, allopathic drugs may cause adverse reactions in elderly population suffering from chronic conditions that will propel the compounding pharmacies demand over the forecast period.
 

Increasing number of hospital admissions will favor the market progression

The hospital pharmacy segment was valued over USD 5 billion in 2019. The hospital-based pharmacies provide customized medication for patients whose clinical needs cannot be met by an FDA-approved drug product. Similarly, surging prevalence of chronic disorders will augment the number for hospital admissions that will ultimately drive the compounding pharmacies market growth.
 

Favorable regulatory scenario in the Asia Pacific region, will augment the market expansion

Asia Pacific is expected to show a lucrative CAGR of more than 6.5% through 2026. The rise is majorly due to increasing elderly population base in India, China and other Asia Pacific countries. For instance, according to United Nations Population Fund, elderly population in the Asia Pacific region will reach about 1.3 billion by 2050. Furthermore, rising prevalence of chronic disorders such as cancer and other diseases will accelerate the market demand for compounded medications. Additionally, developing hospital infrastructure and facilities along with large patient pool will augment the market growth.
 

Adoption of organic and in-organic growth strategies by prominent market players will foster the business growth

Few of the prominent players operating in compounding pharmacies market share are B. Braun Medical, Dougherty’s Pharmacy, Fagron, Frensius Kabi, Institutional Pharmacy Solutions, Clinigen Group, Lorraine’s Pharmacy, Pencol Compounding Pharmacy, Athenex Pharma Solutions, Triangle Compounding Pharmacies, Rx3 Compounding Pharmacy, Nephron Pharmaceuticals, McGuff Company, Wedgewood Village Pharmacy among other compounding pharmacies.
 

Market players are involved into several strategic alliances such as acquisitions and collaboration to gain significant revenue shares in compounding pharmacies business. Additionally, market players are also focusing on expanding their product portfolio to strengthen their position in the market. For instance, in August 2018, Athenex Pharma Solutions launched compounded vasopressin injection in ready-to-use premix IV bags. This new product launch helped the firm enhance their product portfolio.
 

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