Compounding Pharmacies Market, By Product Type, By Application, By Therapeutic areas, By Compounding Type, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2023-2030
Compounding Pharmacies Market size was valued at USD 12,608.7 Million in 2022, expanding at a CAGR of 6.3% from 2023 to 2030.
Compounding pharmacies have a unique and crucial function in the pharmaceutical sector. By blending, modifying, or combining two or more substances to match a patient's unique needs, pharmacists create customized prescriptions for their patients. In order to create a compounded medicine, compounding pharmacies must use only pure, pharmaceutical-grade ingredients. These have to be manufactured in a setting that has an FDA registration. Compound and conventional medications are labeled differently in several cases. unlike labels for FDA-approved pharmaceuticals, compounded medicine labels don't adhere to a specific structure. The laws governing them differ as well.
Compounding Pharmacies Market - Market Dynamics:
Increasing prevalence of chronic disease, increase in old age population, and improved life expectancy expected to propel market demand
Long-term treatment is frequently necessary for chronic disorders. Compounding pharmacies can adapt pharmaceuticals to a patient's unique requirements, maximizing dosages and forms, or otherwise improving their effectiveness or tolerability for patients with particular demands. According to the National Health Council, generally incurable and ongoing, chronic diseases affect approximately 133 million Americans, representing more than 40% of the total population of this country. By 2020, that number is projected to grow to an estimated 157 million, with 81 million having multiple conditions. There is a greater need for specialist geriatric care as there are more senior people, both in terms of medical services and facilities designed for this age group. The emphasis on preventative medicine to ensure quality of life grows as life expectancy rises. This may strengthen the wellness, nutrition, and screening industries. Significant opportunity for development is offered by developing nations. The need for customized treatments could increase as awareness and income levels improve in these areas. However, the severe regulatory supervision that compounding pharmacies occasionally experience can be problematic. It hampers the market growth.
Compounding Pharmacies Market - Key Insights:
As per the analysis shared by our research analyst, the global Compounding Pharmacies market is estimated to grow annually at a CAGR of around 6.3% over the forecast period (2023-2030)
The Compounding Pharmacies industry is projected to grow at a significant rate due to the growing awareness of sustainable growth
Based on Product type segmentation, Oral was predicted to show maximum market share in the year 2022
Based on Therapeutic Area segmentation, Hormone Replacement Therapy (HRT) was the leading type in 2022
Based on Application segmentation, Geriatric was the leading type in 2022
On the basis of region, North America was the leading revenue generator in 2022
The Global Compounding Pharmacies Market is segmented based on Product Type, Therapeutic Areas, Application, Compounding Type, and Region.
The market is divided into seven categories based on product type: Oral, Topical, Rectal, Parenteral, Nasal, Ophthalmic, and Mouthwashes. The oral segment dominates the market. Due to its ease of administration, patient compliance, and diversity in formulation (such as tablets, capsules, liquids, and suspensions), the oral route remains one of the most popular drug delivery modalities.
The market is divided into four categories based on Therapeutic Areas: Pain Management, Hormone Replacement Therapy (HRT), Dermatology, and Specialty Drugs. Hormone Replacement Therapy (HRT) segment dominates the market. Compounding pharmacies play an important part in the field of Hormone Replacement Therapy (HRT). HRT is the use of hormones to treat hormonal abnormalities in the body, which are frequently associated with menopause, andropause (sometimes known as "male menopause"), or certain endocrine illnesses.
The market is divided into four categories based on Application: Pediatric, adult, Geriatric, and Veterinary. The Geriatric application dominates the market and is likely to maintain its dominance during the forecast period. Compounding pharmacies play an important part in the geriatric healthcare sector. Because of factors such as polypharmacy (taking numerous medications), age-related physiological changes, specific drug sensitivities, and drug administration problems, the aged population frequently has unique prescription needs.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the growth of the market, due to High regional awareness regarding compounding medications, and an increasing number of healthcare facilities. Over the years, the US and Canada have made considerable investments in healthcare infrastructure. This covers not only hospitals but also specialty clinics, nursing homes, and other care settings where compounded pharmaceuticals can be beneficial. The U.S. Health Care from a Global Perspective predicted that in 2021, the U.S. spent 17.8 percent of gross domestic product (GDP) on health care, nearly twice as much as the average OECD country. Europe is the second-largest market for Compounding Pharmacies, due to high awareness, regulatory clarity, economic strength, and technological innovation.
As with many sectors, the competitive landscape of the compounding pharmacies industry is defined by the existence of many main players, regional players, and local, independent pharmacies. These organizations frequently compete on the basis of quality, service range, regulatory compliance, technical improvements, and geographic coverage. The market share will differ depending on the location and the precise niche within compounding that each company occupies. In terms of revenue, larger businesses with several locations may dominate, although local, independent pharmacies may hold major shares in local marketplaces.
Some pharmacies may use technology improvements to improve compounding precision, quality control, or operational efficiency. For Example, Avella Specialty Pharmacy has signed a definitive agreement to acquire Houston-based Advanced Pharma Inc., an FDA-registered 503B outsourcing facility providing compounded products across 14 therapeutic classes to hospitals, health systems, and ambulatory surgery centers nationwide.
Recent Developments:
On Oct. 11, 2018, Fresenius Kabi announced currently it has opened a new pharmaceutical compounding center in Mississauga, Ontario. The center features state-of-the-art manufacturing technology and processes designed to meet rigorous quality standards and increased capacity needs of customers. The facility produces compounded pharmaceuticals for Canadian hospitals.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL COMPOUNDING PHARMACIES MARKET KEY PLAYERS
Avella Specialty Pharmacy
Central Admixture Pharmacy Services
Fagron
Fresenius Kabi AG
PharMEDium Services
Institutional Pharmacy Solutions
Cantrell Drug Company
Triangle Compounding Pharmacies
Lorraine's Pharmacy
Rx3 Compounding Pharmacy
B Braun Melsungen AG
Clinigen Group PLC
QuVa Pharma
ITC Compounding Pharmacy
Advanced Pharmacy
GLOBAL COMPOUNDING PHARMACIES MARKET, BY PRODUCT TYPE
Oral
Capsule
Tablets
Mixtures
Lollipops
Lozenges
Topical
Gels
Ointments
Cream
Lotions
Rectal
Parenteral
Nasal
Ophthalmic
Mouthwashes
GLOBAL COMPOUNDING PHARMACIES MARKET, BY THERAPEUTIC AREA
Pain Management
Hormone Replacement Therapy (HRT)
Dermatology
Specialty Drugs
GLOBAL COMPOUNDING PHARMACIES MARKET, BY APPLICATION
Pediatric
Adults
Geriatric
Veterinary
GLOBAL COMPOUNDING PHARMACIES MARKET, BY COMPOUNDING TYPE
Pharmaceutical Ingredient Alteration (PIA)
Pharmaceutical Dosage Alteration (PDA)
Currently Unavailable Pharmaceutical Manufacturing (CUPM)
Others
GLOBAL COMPOUNDING PHARMACIES MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Compounding Pharmacies Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Compounding Pharmacies Market Snippet by Product Type
2.1.2. Compounding Pharmacies Market Snippet by Application
2.1.3. Compounding Pharmacies Market Snippet by Compounding Type
2.1.4. Compounding Pharmacies Market Snippet by Therapeutic Areas
2.1.5. Compounding Pharmacies Market Snippet by Country
2.1.6. Compounding Pharmacies Market Snippet by Region