Compounding Pharmacies Market Analysis And Forecast To 2032: By Therapeutic Area (Nutritional Supplements, Hormone Replacement, Dermatology, Pain Management, Specialty Drugs), By Product (Oral, Parenteral, Rectal, Nasal, Otic, Ophthalmic,), By Application

Compounding Pharmacies Market Analysis And Forecast To 2032: By Therapeutic Area (Nutritional Supplements, Hormone Replacement, Dermatology, Pain Management, Specialty Drugs), By Product (Oral, Parenteral, Rectal, Nasal, Otic, Ophthalmic,), By Application (Pediatric, Geriatric, Adult, Veterinary), By Compounding Type (Pharmaceutical Dosage Alteration [PDA], Currently Unavailable Pharmaceutical Manufacturing [CUPM], Pharmaceutical Ingredient Alteration [PIA]), By Sterility (Non-sterile, Sterile), By Distribution Channel (Compounding Pharmacy, Hospital Pharmacy), And By Region

The global Compounding Pharmacies Market was valued at 11.2 billion in 2022 and it is anticipated to grow up to USD 20.8 billion by 2032, at a CAGR of 6.4% during the forecast period.

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Global Compounding Pharmacies Market Scope and Report Structure

Market Trends and Drivers

Shortage of different drugs including lifesaving drugs and other cancer medicines will boost the demand from compounding pharmacies. Some of the major factors responsible for shortages are quality and manufacturing issues. Moreover, disruption of supply chains due to the COVID-19 pandemic has also resulted in delays in the process. The postponement in raw materials supply leads to a delay in manufacturing process. This ultimately affected the supply of medication leading to its shortage. Limited capability of raw material suppliers along with long lead times and complexity of manufacturing process increases drug shortages. Drug shortages can lead to delayed or cancelled patient care and can adversely affect healthcare system revenues. Additionally, shortage of lifesaving drugs along with the unavailability of alternatives could lead to death of the patient. Therefore, capability of compounding pharmacies to critically fill the crucial gap will fuel the market expansion.

Market Restraints and Challenges

The key restraints and challenges in the Compounding Pharmacies market include the stringent regulations, the need for a large amount of capital, and the lack of awareness among small businesses. The stringent regulations are the primary restraint for the growth of the Compounding Pharmacies market.

Global Compounding Pharmacies Market Segmental Overview

The report analyses the global Compounding Pharmacies Market based on Product, Therapeutic Area, Application, Compounding Pharmacies, Distribution Channel, and Region.

Global Compounding Pharmacies Market by Product

Based on the product, the Compounding Pharmacies market is divided into Oral, Topical, Rectal, Parenteral, Opthalmic, Nasel, and Otic. Compounding pharmacies market from parenteral segment was valued at more than USD 2 billion in 2021. Factors such as rapid absorption, faster action of the drugs, control over the dose & rate of drug administration, better bioavailability, first-pass metabolism avoidance, and reliable dosage make parenteral administration the preferred option over other routes of drug administration in emergency situations, including anaphylactic shock and cardiac arrest, as it has more predictable pharmacokinetic and pharmaco-dynamic outcomes.

Global Compounding Pharmacies Market by Therapeutic Area

Based on the therapeutic area, the Compounding Pharmacies market is divided into Nutritional Supplements, Hormone Replacement, Dermatology, Pain Management, and Specialty Drugs. Compounding Pharmacies Market from hormone replacement segment was worth more than USD 3 billion in 2021. The surging demand for regenerative medicines for reproductive cycle boosting, thyroid hormone therapy, growth hormone replacement therapy, and anti-aging therapies, such as menopause hormone replacement, is driven by their high effectiveness, comparatively safe profile, and cost efficiency, which will positively impact the overall market.

Global Compounding Pharmacies Market by Application

By application, the industry is bifurcated into Pediatric, Geriatric, Veterinary, and Adult. Compounding pharmacies market size from the veterinary application segment valued at over USD xx billion in 2022. Veterinarians prescribe a range of drugs from antibiotics to parasite preventatives and anti-seizure medications depending on the requirements. When none of the commercially available drugs are suitable to cater to the treatment needs of the furry patient, veterinarians opt for compounded medications to meet the specific treatment requirements. Additionally, the growing presence of veterinary clinics and increased pet adoption rates globally will fuel the segment progress.

Global Compounding Pharmacies Market by Compounding Type

Based on, the Compounding Type is categorized into Pharmaceutical Dosage Alteration [PDA], Currently Unavailable Pharmaceutical Manufacturing [CUPM], Pharmaceutical Ingredient Alteration [PIA], and Others. The pharmaceutical dosage alteration (PDA) segment held around xx% of the market share in 2022. This segment comprises of compounding of drugs with altered dosage forms specific to the patient’s need. The alteration can be made in the drug form such as solid or liquid or it can also be in the dose. The increasing need for altered medication will boost the segment expansion.

Global Compounding Pharmacies Market by Distribution Channel

Based on distribution channel, the Compounding Pharmacies market is divided into Compounding Pharmacy, Hospital Pharmacy, and Others. The hospital pharmacy segment dominated more than 52% of the compounding pharmacies market share in 2022. The market is expanding gradually, especially owing to favorable regulatory scenarios in major economies. Thus, to take the advantage of lucrative opportunities, several hospitals are entering into the market to provide compounded medications through hospital pharmacies.

Geographical Analysis of Global Compounding Pharmacies Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North American Compounding pharmacy market is expected to hold a significant share in the market during the forecast period. The presence of several compounding pharmacies, high adoption among people, and scarcity of many drugs are key factors for market growth. According to the statistics published by the International Academy of Compounding Pharmacists (IACP) in October 2021, there are currently about 56,000 compounding pharmacies operating in the United States, out of which 7,500 pharmacies provide advanced compounding services. The United States Food and Drug Administration (FDA) provides guidelines for maintaining the quality of medications. Additionally, there are laws & regulations by the individual state for the operation of a compounding pharmacy. Hence, these regulations help gain patients' confidence in compounding pharmacies and are expected to create more demand for compounding pharmacies during the forecast period. However, the requirement of huge investment to establish a well-equipped compounding pharmacy is expected to restrain the market growth.

Major Players in the Global Compounding Pharmacies Market

Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global Compounding Pharmacies market include Fagron, B. Braun, Nephron Pharmaceuticals Corporation, Fresenius Kabi, Athenex Pharma Solutions (Athenex Inc.), Dougherty's Pharmacy, Inc., Clinigen Group PLC, Pencol Compounding Pharmacy, Lorraine's Pharmacy, McGuff Company Inc. (McGuff Compounding Pharmacy Services), Institutional Pharmacy Solutions, Rx3 Compounding Pharmacy, Wedgewood Village Pharmacy, Inc., and Triangle Compounding Pharmacies, among others.

COVID-19 Impact:

COVID-19 significantly impacted the compounding pharmacy market as many people with chronic conditions faced difficulties obtaining their medicines due to closed medical offices and imposed government lockdown in several countries. Several compounding pharmacies started an easy and secure way for patients to transfer their compound prescriptions online and receive medicine at their doorstep. Also, the demand for the compounding pharmacy is expected to drive the growth of the market during the pandemic period. As per the article ' Drug Compounding Helped Address Drug Gaps During COVID' published in July 2021 to help mitigate COVID drug shortages, in April 2020, the Food and Drug Administration's temporary guidelines stated that compound COVID-19-related drugs without a specific prescription. Such technological up-gradation in compounding pharmacy practices and the gap in demand & supply during a pandemic are key factors driving the market’s growth.

Recent Developments:

In July 2022 Fagron acquired from Fresenius Kabi a 503B outsourcing facility in Boston. Fagron expanded its United States sterile coumpounding footprint.

In March 2022 Fresenius Kabi acquired major stake in mAbxience which significantly enhances Fresenius Kabi's presence in high-growth biopharmaceuticals market.



Frequently Asked Questions

Q1. How big is the Compounding Pharmacies market?

Ans. The global Compounding Pharmacies Market was valued at 11.2 billion in 2022 and it is anticipated to grow up to USD 20.8 billion by 2032, at a CAGR of 6.4% during the forecast period.

Q2. What is the Compounding Pharmacies Market growth rate?

Ans. The growth rate of the Compounding Pharmacies Market is 23.9%

Q3. Which region holds a major market share for the market?

Ans. North America holds a major market share of the Compounding Pharmacies Market in 2021.

Q4. Which segment accounted for the largest Compounding Pharmacies Market share?

Ans. By distribution channel, the Compounding Pharmacy segment accounted for the largest Compounding Pharmacies Market share.

Q5. Who are the key players in the Compounding Pharmacies market?

Ans. The global Compounding Pharmacies Market report includes players such as  Fagron, B. Braun, Nephron Pharmaceuticals Corporation, Fresenius Kabi, Athenex Pharma Solutions (Athenex Inc.), Dougherty's Pharmacy, Inc., Clinigen Group PLC, Pencol Compounding Pharmacy, Lorraine's Pharmacy, McGuff Company Inc. (McGuff Compounding Pharmacy Services), Institutional Pharmacy Solutions, Rx3 Compounding Pharmacy, Wedgewood Village Pharmacy, Inc., and Triangle Compounding Pharmacies. among others.

Q6. What are the factors driving the Compounding Pharmacies Market growth?

Ans. The major factors driving the growth of the market are the increase in prevalence of chronic disease, increase in old age population and improved life expectancy.

Q7. What are the key growth strategies of Compounding Pharmacies Market players?

Ans. The key growth strategies of Compounding Pharmacies Market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Compounding Pharmacies Market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Compounding Pharmacies Market during the forecast period.

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