Rise in prevalence of chronic disease, increase in old age population, and improved life expectancy drive the growth of the global compounding pharmacies market.
PORTLAND, Ore., Aug. 5, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Compounding Pharmacies Market by Therapeutic Area (Pain Management, Hormone Replacement Therapy, Dermal Disorders, Nutritional Supplements, Others), by Route of Administration (Oral, Topical, Others), by Sterility (Non-Sterile Compounding Drugs, Sterile Compounding Drugs): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global compounding pharmacies industry was estimated at $8.12 billion in 2021, and is anticipated to hit $14.84 billion by 2031, registering a CAGR of 6.2% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape.
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Drivers, restraints, and opportunities-
Rise in prevalence of chronic disease, increase in old age population, and improved life expectancy drive the growth of the global compounding pharmacies market. At the same time, growing drug failure rate and massive drug shortage across the globe have supplemented the growth yet more. On the other hand, increase in restrictions on manufacturing of complex formulations hinders the growth to some extent. However, huge growth potential in emerging economies has been highly beneficial for the market.
Covid-19 scenario-
- Amidst the global health crisis, the demand for compounded medication witnessed a steep incline in 2021, due to increased demand for quite a lot of medications for the treatment of Covid-19.
- Reduced manufacturing activities due to restrictions and shortage of commercially available drugs gave way to increased adoption of a compounded medication.
- Moreover, FDA gave out a temporary guidance policy to the federal facilities and state-licensed pharmacies, comprising hospital pharmacies and compounding pharmacies that are not listed with FDA as outsourcing facilities for compounding certain medication for hospitalized patients, owing to shortage of generic drugs.
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The pain management segment to dominate by 2031-
By therapeutic area, the pain management segment contributed to nearly two-fifths of the global compounding pharmacies market share in 2021, and is expected to lead the trail by 2031. This is attributed to rise in number of geriatric populations, increase in number of surgical procedures, and surge in healthcare expenditure across the world. The others segment, however, is expected to exhibit the fastest CAGR of 7.3% from 2022 to 2031, due to rise in prevalence of neurological disorders and cancer cases.
The oral segment to rule the roost-
Based on route of administration, the oral segment generated more than two-fifths of the global compounding pharmacies market revenue in 2021, and is expected to lead the trail by 2031, due to huge availability of various medications that are meant to be orally administered. The others segment, on the other hand, would manifest the fastest CAGR of 6.7% from 2022 to 2031. Rise in product affordability, increase in geriatric population, and growing acceptance among the customers about compounding medications propel the segment growth.
The non-sterile compounding drugs segment to maintain the lion's share-
By sterility, the non-sterile compounding drugs segment garnered more than two-thirds of the global compounding pharmacies market share in 2021, and is expected to retain its dominance by 2031. The same segment is also expected to exhibit the fastest CAGR of 6.5% from 2022 to 2031. This is due to increase in prevalence of chronic disease such as diabetes, mounting demand for personalized medicines, and increase in the geriatric population across the world.
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North America garnered the major share in 2021-
Based on region, North America held the major share in 2021, generating more than half of the global compounding pharmacies market. The well-established healthcare system, increase in number of geriatric patients, and supportive reimbursement policies across the province drive the market growth. Asia-Pacific, on the other hand, would garner the fastest CAGR of 7.3% by 2031. The growing medical tourism industry and rising public awareness regarding the benefits of compounding medications fuel the market growth.
Key players in the industry-
- Athenex Pharma Solutions
- B. Braun Melsungen AG
- Fresenius SE and Co. KGaA
- Advanced Pharmacy
- McGuff Companies, Inc.
- Nephron pharmaceuticals
- RX3 compounding pharmacy
- Valor Compounding Pharmacy
- ITC compounding pharmacy
- Dougherty's Pharmacy, Inc.
- Rx express compounding pharmacy
- Perrigo Company Plc (Fagron)
- New Compounding Pharma
- Institutional pharmacy solutions
- Olympia Compounding Pharmacy
- Panacea Biomatx Inc (Triangle Compounding Pharmacy)
- Pencol compounding pharmacy
The report analyzes these key players in the global compounding pharmacies market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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