Opportunity for pharmacists to interact with their target audience is driving Demand for Compounding Pharmacies; Global Sales are expected to grow at a CAGR of 5.2% by 2032 | insightSLICE
According to estimates, the market for Compounding Pharmacies worldwide was worth $9.9 billion in 2021 and is projected to increase at a CAGR of 5.2% through 2032.
Compounding pharmacists are licensed to create specialized medications to meet each patient’s unique needs.
Such compounding pharmacies cater to a specialized group of customers who are either allergic to particular substances, such as lactose, alcohol, gluten, etc., or who need to switch up their therapy since they cannot adapt to the recommended medications.
All medicines were formerly compounded; however, as mass drug production processes became more common, demand for compounding began to decline.
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Global Compounding Pharmacies Market Key Segments:
By Dosage Forms
- Solid oral preparations
- Liquid preparations
- Topical
- Ophthalmic
- Nasal
- Others
By Therapeutic Area
- Hormone replacement
- Pain management
- Dermatology applications
- Specialty drugs
- Nutritional supplements
- Others
By Compounding Type
- Pharmaceutical Ingredient Alteration (PIA)
- Pharmaceutical Application Alteration (PAA)
- Currently Unavailable Pharmaceutical Manufacturing (CUPM)
- Pharmaceutical Dosage Alteration (PDA)
- Specialised Animal Pharmaceutical Manufacturing (SAPM)
By Sterility
- Sterile dosage form
- Non-sterile dosage form
By End User
- Adult
- Geriatric
- Paediatric
- Veterinary
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Belgium
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
The key players of the Global Compounding Pharmacies Market are:
Major biggest players involved in the Global Compounding Pharmacies include corporations like B. Braun Medical, Clinigen Group PLC, Cantrell Drug Company, Institutional Pharmacy Solutions, Fagron, Dougherty’s Pharmacy, Fresenius Kabi, Lorraine’s Pharmacy, McKesson Corporation, McGuff Compounding Pharmacy Services, Nephron Pharmaceuticals, Pencol Compounding Pharmacy, Pentec Health, Triangle Compounding Pharmacies, PharMEDium, Premier Pharmacy Labs, RXQ Compounding Pharmacy, Rx3 Compounding Pharmacy, Wells Pharmacy Network, Wedgewood Village Pharmacy.
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Advantages of Compounding Pharmacies Market
However, compounding pharmacies are now more common. The advantages of compounding pharmacies have inspired pharmacists to interact with their target audience.
There have been occasions where Tier I medicine manufacturers have stopped making specific medications that patients have been prescribed. By creating the necessary medications, compounding pharmacies have filled this void.
In addition to serving patients who want medication in a particular flavor or shape, compounding pharmacies also provide patients with access to discontinued treatments.
The COVID-19 medication compounding regulation was expanded by the FDA to cover smaller compounders. In order to better assist patients battling the unique coronavirus condition, this inclusion was announced.
Automation attempts are being made in the medicine production process. There are two major types of compounding pharmacies in the United States. 503A pharmacies can create medications for specific patients on their prescriptions and are subject to state regulation.
The FDA and the state both control outsourcing operations, which are equipped to deliver medications directly to hospitals and clinics. Office stock refers to the compounded medications generated in large numbers by clinics and hospitals.
The convenience of serving a certain market segment of customers appeals to pharmacists and outsourcing companies, while a few obstacles prevent expansion.
Specific medications’ high manufacturing costs may deter compounders from investing in their production. The outsourcing facilities’ decisions regarding compounding may be delayed by a weak regulatory environment.
Compounded hormones are effective in treating hormonal imbalance and therefore hold a large market share:
Hormonal imbalance is a result of a shift in lifestyle or food habits. Treatment for patients includes hormone replacement treatment. In order to satisfy the patient’s needs, customized doses of two or more drugs are used.
Sometimes, the medications that are custom-made to address hormonal imbalances are bioidentical to the hormones that are being treated. Women who are experiencing the symptoms of menopause have tried the compounded hormones and are pleased with the results.
It is currently a typical course of treatment for women. The number of patients experiencing hormonal imbalance has increased as a result of the aging population and longer life expectancies. a higher likelihood of using hormone replacement therapy.
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Patient’s preference for oral compound drugs contributes to their significant market share:
Compared to their equivalent’s, oral compounded medications are simpler to give. Because they cause less discomfort during consumption, they are more well-liked by patients.
In 2019, this market segment generated more than 30% of the total market revenue. Other factors contributing to an increase in demand for oral compound medications include higher efficiency and shelf life.
The dominance of the North American region is supported by the existence of major corporations:
Due to the existence of organized players and medical awareness, the United States is considered to be a relatively mature country. The nationwide medicine scarcity has prompted compounding pharmacists to fill the void.
China, Japan, and India, on the other hand, are experiencing growth as a result of the community of compounding pharmacists’ persistent efforts.
Compounding Nutritional Supplements are gaining traction:
The general public is now concentrating on living a balanced lifestyle. There is a greater understanding of essential elements. Chronic dietary issues are a result of an active lifestyle. A food component known as a nutraceutical promotes wellness and prevents or treats disease.
Numerous accredited compounding laboratories create dietary supplements. The market for compounding pharmacies would soon be considerably impacted by dietary supplements.
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