According to a new report published by Allied Market Research, titled, “Compounding Pharmacies Market," The compounding pharmacies market was valued at $8.12 billion in 2021, and is estimated to reach $14.84 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.
Compounding is the creation of a pharmaceutical preparation of a drug by a licensed pharmacist to meet the unique needs of an individual patient, when a commercially available drug does not meet those needs. While most pharmacies offer some level of compounding, most compounding is done in pharmacies that have made the investment in equipment and training to do so safely and efficiently. The preparations offered by these compounding pharmacies can be nonsterile (ointments, creams, liquids, or capsules that are used in areas of the body where absolute sterility is not necessary) or sterile (usually intended for the eye, or injection into body tissues or the blood). All licensed pharmacists learn during their training and education to perform basic compounding. In addition, most pharmacies have some compounding tools, such as a mortar and pestle for grinding materials, graduated cylinders for measuring liquids, balances for weighing solids, spatulas for mixing materials, and ointment slabs on which to work. With such tools and through applying their knowledge, all pharmacists routinely prepare nonsterile compounded preparations when requested by prescribers.
The key factors that drive the growth of the compounding pharmacies market size is increase in prevalence of chronic disease. high adoption of non-sterile medication, increase in old age population and improved life expectancy. In addition, growing drug failure rate, increase in popularity of personalized medicine and massive drug shortage across the globe are some compounding pharmacies market trends further expected to boost the market growth during forecast period. However, increase in restrictions on manufacturing of complex formulation is likely to hamper the growth of the compounding pharmacies market during the forecast period. Conversely, growth potential of emerging economies is expected to provide numerous opportunities for market growth during the forecast period.
By therapeutic area, the pain management segment dominated the market in 2021 and is expected to remain dominant during the forecast period. This is attributed 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.
Depending on route of administration, the oral segment dominated market in 2021 and is expected to remain dominant 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. Furthermore, the others segment is projected to show fastest growth during the forecast period, owing to increase in product affordability, increase in geriatric population and rising acceptance among the customer regarding the compounding medications further boost the compounding pharmacies market growth.
By sterility, the non-sterile compounding drugs segment dominated the market in 2021 and is expected to remain dominant during the forecast period, in addition this segment is projected to show fastest growth during the forecast period, due to increase in prevalence of chronic disease such as diabetics, rising demand for personalized medicines and increase in geriatric population.
Region wise, North America has the highest compounding pharmacies market share share in compounding pharmacies industry in 2021 registering a CAGR of 5.9% during the forecast period. This is attributed to the well-established healthcare system, increase in number of geriatric patients, and supportive reimbursement policies in healthcare system and increasing number of healthcare facilities offering compounding pharmacy products. Asia pacific is projected to register the highest CAGR of 7.3% during the forecast period. The presence of a large population base, increasing per capita income, growing medical tourism industry, and rising public awareness regarding benefits of compounding medications are the key driving factors that boost the growth of the market in the region.
KEY FINDINGS OF STUDY
• On the basis of therapeutic area, the pain management segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• On the basis of route of administration, the oral segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• Depending on sterility, non-sterile compounding drugs segment is projected to grow at a CAGR of 6.5% during the forecast period.
• Region-wise, North America garnered the largest revenue share in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR 7.3% during the forecast period.