January 16, 2020
According to the research report titled ‘Compounding Pharmacies Market Size By Therapeutic Area (Hormone Replacement, Pain Management, Dermatology Applications, Specialty Drugs, Nutritional Supplements), By Product (Oral, Topical, Rectal, Parenteral, Nasal, Ophthalmic, Otic), By Application (Paediatric, Adult, Geriatric, Veterinary), By Compounding Type (Pharmaceutical Ingredient Alteration [PIA], Currently Unavailable Pharmaceutical Manufacturing [CUPM], Pharmaceutical Dosage Alteration [PDA]), By Sterility (Sterile, Non-sterile), By Distribution Channel (Hospital Pharmacy, Compounding Pharmacy) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global compounding pharmacies market is expected to cross USD 13.5 billion by the year 2025.
Growing elderly population in tandem with rising drug shortage are major factors driving the compounding pharmacies market growth. Increasing R&D activities have equipped healthcare providers with high quality data of the patient’s health. This data helps healthcare providers to look for patient specific drugs rather than general prescription drugs, hence aiding market share growth. Surging demand for personalized medicines coupled with rising adoption of precision medicines are the leading drivers of this industry space.
As per product type, ophthalmic compounding pharmacies market segment is expected to expand with a CAGR of 5% during the period of 2019-2025. Lack of availability of commercial drugs for intraocular and periocular disorders is fueling the growth of the segment. However, adverse drug reactions and unfavorable federal reforms regarding manufacturing of sterile compounded medications are hindering the growth of the ophthalmic compounding pharmacies market segment.
Based on the application spectrum, the report cites that veterinary segment was worth USD 1.5 billion in the year 2018. Veterinary clinics conduct compounding activities such as preparation of suspension or paste and mixing of injectable drugs. Veterinary compounding helps to modify the medicines in order to improve the palatability of drugs.
In terms of therapeutic area, pain management segment held 30% share in compounding pharmacies market in the year 2018 and is slated to amass substantial gains in the approaching years. The easy availability of pain management drugs in the market has amplified their consumption, however, inaccurate dose quantity and dosage form may lead to adverse drug reactions. Thus, to evade such possibilities, patients are switching to compounded pain management drugs, which is boosting industry size.
Speaking of sterility, sterile compounding pharmacies market segment is predicted to grow with a CAGR of 6% between 2019 and 2025. Introduction of automated sterile compounding equipment is facilitating the business scenario.
Citing the distribution channel, the hospital segment held the largest share of over 50% in the year 2018. Hospital pharmacies usually conduct compounding at a small scale for improving the palatability of medicines or for altering the dosage form.
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Considering the geographical landscape, U.S. amassed revenue over USD 5 billion in 2018 and dominated North American compounding pharmacies market. Favorable federal reforms and demographic trends are contributing towards the popularity of the compounding pharmacies across the region.
The prominent companies operating in the compounding pharmacies market are Village Compounding Pharmacies, Wedgewood Village Pharmacy, Triangle Compounding Pharmacies, Rx3 Compounding Pharmacy, PharMEDium Healthcare Holdings, Inc., Pencol Compounding Pharmacy, Mcguff Compounding Pharmacy Services, Lorraine’s Pharmacy, ITC Compounding Pharmacy, Institutional Pharmacy Solutions, Fresenuis Kabi, Fagron, Doughtery’s Pharmacy, and B. Braun Medical.
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