Compounding Pharmacies

Compounding Pharmacies

Compounding pharmacies are specialized pharmacies that create customized medications tailored to the specific needs of individual patients. They mix, combine, or alter ingredients to produce medicines in forms, strengths, or dosages that are not commercially available. This can include creating liquid medications for patients who have difficulty swallowing pills, making allergy-friendly versions of drugs, or combining multiple medications into a single dose. Adding to this, the rising incidence of chronic diseases requires specialized medications often unavailable in standard formulations. With an aging population worldwide, there's an increasing demand for drugs that cater to age-related health issues. As per the United Nations World Population Ageing 2023 report, there are now over 10 million older people in the nation, placing a significant financial strain on the social security and healthcare systems. Even though the proportion of older people was just 6% in 2023. Moreover, the increasing patient demand for personalized healthcare solutions drives the need for customized medications.

The Compounding Pharmacies Market is expected to grow at a significant rate of around 7% during the forecast period (2024-2032). To enable growth and penetration in the compounding pharmacies industry, increased regulatory oversight ensures the safety and efficacy of compounded medications but also requires pharmacies to adhere to stringent standards, impacting operational costs and processes. In 2023, The committee provides advice on scientific, technical, and medical issues concerning drug compounding under sections 503A and 503B of the Federal Food, Drug, and Cosmetic Act and, as required, any other product for which the Food and Drug Administration has regulatory responsibility and make appropriate recommendations to the Commissioner of Food and Drugs.

• Based on the therapeutic area, the market has been segmented into hormone replacement therapy, pain management, specialty drugs, dermatology, and nutritional supplements. Hormone replacement therapy is expected to grow with a significant CAGR in the forecast period (2024-2032). With the growing demand for personalized medicine and the increasing awareness of the benefits of bio-identical hormones, the market for hormone replacement therapy through compounding pharmacies is expected to continue expanding.
• Based on the route of administration, the market is segmented into oral, topical, and others. The oral segment dominated the market in 2023. Oral medications are one of the most common forms of pharmaceutical treatment. This could include adjusting dosage strengths, creating customized formulations to improve absorption, or preparing medications without specific allergens or inactive ingredients that patients may be sensitive to. The ability to provide personalized oral medications contributes significantly to the growth of compounding pharmacies, as it addresses the demand for individualized treatment options.
• Based on age, the market is segmented into pediatric, adult, geriatric, and veterinary. The pediatric segment is expected to grow with a significant CAGR in the forecast period (2024-2032). This is due to compounding pharmacies providing medications suitable for children, including flavored liquids, suspensions, or topical preparations for conditions like eczema or diaper rash.
• Based on compounding type, the market is segmented into pharmaceutical dosage alteration (PDA), pharmaceutical ingredient alteration (PIA), currently unavailable pharmaceutical manufacturing (CUPM), and others. The pharmaceutical ingredient alteration (PIA) segment held a significant market share in 2023. They help individuals with specific allergies or sensitivities, providing them with safe and well-tolerated medications. Also, it involves altering pharmaceutical ingredients to create customized medications for patients who cannot tolerate ingredients found in commercially available drugs. It provides patients with customized medication options in convenient forms for administration. This could include topical pain creams, hormone replacement therapies, or oral suspensions.
• Based on sterility, the market is segmented into sterile and non-sterile. The non-sterile segment is expected to grow with a significant CAGR in the forecast period (2024-2032). This non-sterile compounding provides patients with customized medication options in convenient forms for administration, including creams, ointments, suppositories, and oral liquids.
• For a better understanding of the market adoption of Compounding Pharmacies, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, France, U.K., Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia-Pacific is expected to grow with a significant CAGR in the forecast period (2024-2032) due to the increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer in the Asia-Pacific region. As per the OECD, 2022, In Asia-Pacific, about 227 million people live with type 2 diabetes, and about half of them are undiagnosed and unaware of developing long-term complications. Compounded medications can offer modified solutions for managing these conditions, leading to higher compounding pharmacy service adoption rates. Many countries in the Asia-Pacific region are investing in their healthcare infrastructure to improve access to quality healthcare services.
• Some of the major players operating in the market include B. Braun Medical Inc., Fagron, Fresenius Kabi AG, Clinigen Limited, PCCA, WEDGEWOOD PHARMACY, Walgreen Co., Albertsons Companies, Inc., Revelation, Pharma, RX3 Compounding Pharmacy.