Compounding Pharmacies Market Size, By Therapeutic Area (Nutritional Supplements, Hormone Replacement, Dermatology, Pain Management, Specialty Drugs), By Product (Liquid Preparations [Solutions, Emulsion, Suspension, Syrup], Oral {Solid Preparations [Tabl

Compounding Pharmacies Market Size, By Therapeutic Area (Nutritional Supplements, Hormone Replacement, Dermatology, Pain Management, Specialty Drugs), By Product (Liquid Preparations [Solutions, Emulsion, Suspension, Syrup], Oral {Solid Preparations [Tablets, Granules, Capsules, Powder]}, Topical {Ointments, Gels, Creams, Pastes}, Parenteral {LVP, SVP}, Rectal {Enema, Suppositories }, 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) Regional Outlook, Covid-19 Impact Analysis, Industry Analysis Report, Price Trends, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The compounding pharmacies market is speculated to grow massively by 2030 owing to widespread adoption of customized medicine in developed regions. In addition, expanding geriatric population, along with a shortage of drugs, is likely to further propel market growth through the forecast period.

The emergence of the COVID-19 pandemic provided the industry with new opportunities to prosper in recent years. Increasing demand for medications from hospital and compounding pharmacies to curb the spread of the coronavirus infection escalated the utilization of compounded drugs. Furthermore, government authorization to maintain the availability of these drugs aided market expansion.

Moreover, key players in the market have been engaging in rigorous R&D and strategic acquisitions and collaborations to expand their customer base and improve their industry standing. For instance, in March 2022, B. Braun, a German medical and pharmaceutical company, acquired Intermedt Medizin & Technik GmbH, an expert in the preparation of dialysis concentrates. The acquisition was intended to aid the company in expanding its business in the field of dialysis concentrates.

The compounding pharmacies market has been bifurcated in terms of product, therapeutic area, application, sterility, compounding type, distribution channel, and region.

With respect to therapeutic area, the industry has been divided into nutritional supplements, hormone replacement, dermatology, pain management, specialty drugs, and others. The dermatology segment is expected to grow at approximately 6.4% CAGR over the analysis timeframe. Growing skin-related concerns viz., skin aging and sunburns, coupled with soaring need for healthy skin, are major factors that are poised to drive the demand for compounding medicines for dermatological usage. Additionally, the ability of compounded dermatological drugs to accommodate individual needs and overcome issues related to allergies and sensitivities caused by commercially available skin care medications is set to boost segmental progress.

The compounding pharmacies market has been classified based on product into oral, topical, parenteral, rectal, nasal, otic, and ophthalmic. The topical segment size was registered at over $1,727.2 million in 2021 and is slated to attain substantial gains by 2030. The growth is attributed to ease of drug delivery, drug formulations, and rising demand for ointments, gels, creams, patches, lotions, and sprays, especially for pain management owing to their faster action at the site of application. Moreover, prominent R&D activities for the development of innovative topical medications using compounding pharmacies to cater to specific patient requirements are also projected to propel segmental expansion.

From application point of reference, the compounding pharmacies market has been segregated into pediatric, geriatric, adult, and veterinary. In 2021, the pediatric segment accounted for above $1,653.2 million valuation and is estimated to record significant expansion in the coming years. Several benefits of compounded medications, such as dose alteration, ingredient alteration, and the advantage of altering the route of administration, are likely to increase the demand for compounded medications for pediatric usage.

In the regional context, the Middle East & Africa compounding pharmacies industry was valued at nearly $179.4 million in 2021. Burgeoning healthcare expenditure, favorable government initiatives in the healthcare segment, and cost-effectiveness of compounded medications are primed to accelerate the growth of the MEA compounding pharmacies market in the future.