A11920 | Pages: NA | Jul 2022 | 1206 Views | ||
Author(s) : Onkar Sumant | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
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The role of compounding pharmacies is to make drugs prescribed by doctors for specific patients with needs that can't be met by commercially available drugs in the market. Compounded drugs are the amalgamation of two or more drug ingredients in different proportions, i.e., combining or altering the active pharmaceutical ingredients of drugs to meet the unmet medical need of an individual patient. The major driver of compounding pharmacies market is worldwide increasing geriatric population. The population aged 60 or above is growing rapidly thus the demand for anti-aging products which use custom compounded drugs are increasing. Moreover, the ease of administering compounded drugs is particularly distinguished in critical illnesses such as cancer, where a patient is incapable to swallow a pain-reducing drug. The drug is either administered as a transdermal application, lollipop, or sterile preparation.
Report Metric | Details |
Market size available for years | 2020-2030 |
Base year considered | 2020 |
Forecast period | 2021–2030 |
Forecast units | Value (USD) |
Segments covered | Product, Therapeutic Type, Compounding Type and Region |
Geographies covered | North America, Europe, Asia-Pacific, LAMEA |
Companies covered | AmerisourceBergen, Rx3 Pharmacy, Agbi’s Sterile Compounding Pharmacy LLC, B. Braun Medical Inc., Cantrell Drug Company, Inc., Imprimis Pharmaceuticals, Inc., Institutional Pharmacies Of Louisiana LLC, Lorraine's Pharmacy, McGuff Sterile Compounding Pharmacy Services, Inc., Panaceutics Inc., Pencol Compounding Pharmacy, Fagron, ITC Compounding Pharmacy, SCA Pharmaceuticals, Wedgewood Pharmacy, Fresenius Kabi AG, and Dougherty's Holdings, Inc |
COVID-19 scenario analysis:
Coronavirus disease 2019 (COVID-19) has created an economic crisis in addition to the healthcare crisis. COVID-19 pandemic has stretched healthcare system worldwide; developed countries are expected to cause economic recession. The pandemic has an adverse impact on the healthcare system, resulting in 50% to 70% drop in revenue from March. Many small hospitals, clinics, and nursing homes, have been forced to shut their operations. In addition, social distancing and localized curfews have resulted in delayed elective surgical procedures. Further, visa cancellations have led to an interruption in medical tourism and can negatively impact the healthcare services market growth.
Pandemics, like other humanitarian crises, are times of great change and uncertainty to overcome this situation hence In response to shortages of medicines needed for Covid-19 patients on ventilators, the Food and Drug Administration is temporarily easing its rules so that compounders can start making some of the drugs for as long as the nationwide public health emergency is in effect, the agency will not take action against compounding pharmacies that make a medicine that is a copy of an approved drug, use bulk ingredients not on an approved list, or fail to meet good manufacturing requirements for stability testing. “In light of unprecedented disruptions to, and demands on, the global pharmaceutical supply chain as a result of the Covid-19 pandemic, and in order to respond to evolving regional conditions, additional flexibility is temporarily needed to ensure that treatment options are available when hospitals are unable to obtain FDA-approved drugs used for hospitalized patients with Covid-19,” the FDA said in a guidance.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis:
Global Market Analysis:
The global compounding pharmacies market is segmented on the basis of product type which is further divided into oral, topical, mouthwashes, suppositories, injectable, and ophthalmic. The oral product type is further segmented into capsules, tablets, suspension, lozenges, and lollipops. The topical products are further classified into creams, gels, ointments, and lotions. The injectable segment is sub-segmented into injections, infusions, concentrates, powders for reconstitution, and gels. Among which oral product segment dominates the market, owing to the convenience of oral medication, safe, and non-invasive route of administration, which will increase the patient preference for oral medications thus fuelling the growth of oral segment during the forecast period.
Regional Analysis:
North America held a dominant share for the global market for compounding pharmacies in 2017 and region is projected to continue with its regional supremacy in the forthcoming years as well. The growth of this regional market is attributed with the favourable government policies, high acceptance of compounded drugs, and increasing number of compounding pharmacies in the region. Asia Pacific is projected to grow at a significant CAGR due to rising healthcare infrastructure. Moreover, increase in the research & development activities with regards to improvement in the several healthcare outcomes and to obtain more accurate and precise results will propel the growth of the compounding pharmacies market in Asia Pacific region. Increasing incidences of chronic disorders and augmentation in the geriatric population will also increase the burden on the healthcare economy and will drive the market during the forecast period.
Rising demand for personalized medicine is a key factor spurring revenues of U.S. compounding pharmacies. The ‘made from scratch’ factor is one of the key factors enhancing the visibility of compounding pharmacies in the U.S. The medications prepared in compounding pharmacies are prepared by blending of ingredients as per the desired strength and dosage, which makes them ideal for addressing issues of optimal drug usage. The core value, which is developing tailor-made drugs to cater to patients’ needs, is one of the key aspects fostering popularity of U.S. compounding pharmacies.
Pharmaceutical dosage alteration segment will witness a considerable 5.1% CAGR during the forecast period attributable to the surging demand for altered dosage forms to avoid difficulty in swallowing, mask unpalatable taste as well as offer efficient dosage forms to meet individual patient needs.
Drivers:
Challenges and Restrains:
Key Market Players and their roles:
Segment: | Sub-Segment: |
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By product: | Oral
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By Compounding type:
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Key benefits of the report:
Questions answered in the Thermistor Market research report:
Key Market Segments
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Key Market Players
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