Compounding Pharmacies Market Research, 2031
The global compounding pharmacies market was valued at $8.12 billion in 2021, and is projected to reach $14.84 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031. A compounding pharmacy is a specific type of pharmacy. They can make customized medications for the person who needed. Some people and animals need medications that aren’t commercially available. That is, medications that aren’t mass-produced and available at a standard pharmacy. There are many possible reasons for this need, and that’s where compounding pharmacies come in. compounding pharmacies can make two types of compounds: sterile and non-sterile. Some pharmacies specialize in one type of compounding, whereas others may offer services for both. Sterile compounds include dosage forms like injections, eye drops, and infusions. Because of this, there’s a higher risk of infection or serious problems if contaminants get into the medication. So, sterile compounds are made in a special environment with additional requirements to minimize this risk. Non-sterile compounds come with a lower risk of infection. Their dosage forms include creams, capsules, and suppositories.
Compounding pharmacies market size is anticipated to increase globally during the forecast period, owing to increase in prevalence of chronic disease, increase in old age population and improved life expectancy. Moreover, growing drug failure rate and massive drug shortage across the globe are some compounding pharmacies market trends which further drive growth of the compounding pharmacies market size globally. However, increase in restrictions on manufacturing of complex formulation is anticipated to hamper the compounding pharmacies market growth. Conversely, growth potential of emerging economies is expected to offer lucrative compounding pharmacies market opportunity for the key player during compounding pharmacies market forecast.
COVID-19 Impact Analysis
Coronavirus (COVID-19) was discovered in December 2019, in Hubei province of Wuhan city in China. A virus, severe acute respiratory syndrome coronavirus 2, causes the disease (SARS-CoV-2), which transmitted among humans.
The disease rapidly spread to other parts of the globe post its discovery in Wuhan. Moreover, this virus causes various symptoms in patients, which range from common symptoms to serious symptoms. For instance, common symptoms include fever, dry cough, and fatigue. However, serious symptoms include difficulty in breathing or shortness of breath, chest pain, and loss of speech or movement. Furthermore, the virus has high potential of lethality in geriatric population. On March 11, 2020, the World Health Organization declared it as a pandemic. In addition, there are only a few vaccines that received emergency approvals for COVID-19 prevention. Thus, social distancing is observed as the most important measure to limit the spread of this disease. Furthermore, to maintain social distancing in various countries across the globe have led to adoption of lockdowns.
The COVID-19 pandemic negatively impacted the global compounding pharmacies industry initially in 2020 due to global economic recession led by COVID-19. However, the market is anticipated to witness recovery in 2021, and show stable growth for compounding pharmacies in the coming future. Amid COVID-19 pandemic the demand for compounded medication increased in 2021. This can be attributed to the increased demand for several medications for treatment of COVID-19, along with other reason such as reduced manufacturing capabilities due to restrictions and shortage of commercially available drugs. Hence, drug shortage created additional opportunities for the compounding pharmacies business. In addition, FDA issued a temporary guidance policy to the federal facilities and state-licensed pharmacies, including hospital pharmacies and compounding pharmacy that are not registered with FDA as outsourcing facilities for compounding certain medication for hospitalized patients for the duration the public health emergency, due to shortage of drugs required for patient treatment.
Global Compounding Pharmacies Market Segmentation
The compounding pharmacies market is segmented on the basis of therapeutic area, route of administration, sterility, end user, and region. On the basis of therapeutic area, the market is classified into pain management, hormone replacement, dermal disorder, nutritional supplement, and others. On the basis of route of administration, it is segmented into oral, topical, and others. On the basis of sterility, it is segmented into sterile compounding drugs and non-sterile compounding drugs. Furthermore, on the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Global Compounding Pharmacies Market by Therapeutic Area
By therapeutic area, the compounding pharmacies market is divided into pain management, hormone replacement, dermal disorder, nutritional supplement, and others. The pain management segment was the major revenue contributor in 2021, and is anticipated to continue this trend during the forecast period, owing to increase in number of geriatric populations, rise in number of surgical procedures and rise in healthcare expenditure. On the other side, others segment is projected to exhibit the fastest market growth during the forecast period, owing to rise in prevalence of neurological disorders, cancer cases.
Global Compounding Pharmacies Market by Route of Administration
By route of administration, the market is divided into oral, topical and others. The oral segment was the major revenue contributor in 2021, and is anticipated to continue this trend during the forecast period, owing to huge availability of various medicine that are meant to be orally administered. The oral administration of medicine is most common and the easier way of administering drugs since centuries. The oral medications are easily available in different format like granules, powder, tablets and capsules that offers convenience to the consumers in consuming and storage.
Global Compounding Pharmacy Market by Sterility
By Sterility, the compounding pharmacies market is divided into sterile compounding drugs and non-sterile compounding drugs. The non-sterile compounding drugs segment were the major revenue contributor in 2021, and is anticipated to continue this trend during the forecast period, owing to increase in prevalence of chronic disease such as diabetics, rising demand for personalized medicines and increase in geriatric population.
Global Compounding Pharmacies by Region
By region, the compounding pharmacies market are analyzed across North America, Asia-Pacific, Europe, and LAMEA. North America dominated the market in 2021, accounting for the highest compounding pharmacies market share, and is anticipated to maintain this trend during the forecast period. Moreover, rise in well-established healthcare system, increase in number of geriatric patients and increasing number of compounding pharmacies in the region.
The major companies profiled in the report include Advance Pharmacy, Athenex pharma, B. Braun Melsungen AG, Dougherty's Pharmacy, Inc., Fresenius SE and Co. KGaA, Institutional pharmacy solutions, ITC compounding pharmacy, The McGuff Companies, Inc., Nephron pharmaceuticals, New Compounding Pharma, Olympia Pharmaceuticals, Panacea biomatx, Pencol compounding pharmacy, Perrigo Company plc, Rx express compounding pharmacy, RX3 compounding pharmacy, Valor Compounding Pharmacy.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the compounding pharmacies market analysis from 2021 to 2031 to identify the prevailing compounding pharmacies market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the compounding pharmacies market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global compounding pharmacies market trends, key players, market segments, application areas, and market growth strategies.
Compounding Pharmacies Market Report Highlights
By Therapeutic Area
By Route of Administration
Key Market Players
Dougherty's Pharmacy, Inc., Olympia Compounding Pharmacy, RX3 compounding pharmacy, B. Braun Melsungen AG, New Compounding Pharma, Perrigo Company Plc (Fagron), Fresenius SE and Co. KGaA, Rx express compounding pharmacy, Nephron pharmaceuticals, McGuff Companies, Inc., Institutional pharmacy solutions, Valor Compounding Pharmacy, Panacea Biomatx Inc (Triangle Compounding Pharmacy), Advanced Pharmacy, Athenex Pharma Solutions, Pencol compounding pharmacy, ITC compounding pharmacy
Large number of research projects are undertaken to prove the therapeutic and diagnostic potential of compounding medications which in turn is expected to stimulate the demand of compound pharmacies market. In addition, the increase in prevalence of chronic disease and infectious disease, increase in adoption of personalized medications is further expected to boost the market growth. The compounding pharmacy market has piqued the interest of healthcare professionals and researchers, owing to their therapeutic and diagnostic potential.
Furthermore, increasing drug shortage in North America and Europe drive the growth of compound pharmacies market. Moreover, convenience of using compounded drugs and growing drug failure rate has further boosted the market growth. However, lack of skilled lab technicians and pharmacists in developed countries and high costs of equipment and maintenance of sterile environment are expected to hamper the market growth. The compounding medication research is the highest in the North American region, owing to heavy expenditure by the government on research and experiments. It is followed by Europe and Asia-Pacific, respectively.