PUNE, India, Sept. 23, 2020 (GLOBE NEWSWIRE) -- The Compounding Pharmacies Market Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The Global Compounding Pharmacies Market size was estimated to be US$ 9 billion in 2019 and is expected to grow at a CAGR of 5% through 2030. Compounding Pharmacists are certified to formulate customized drugs in order to cater to the patient’s specific requirement. The compounding pharmacies address the niche category of users who are either allergic to certain ingredients, for example lactose, alcohol, gluten etc. or they do not respond to the prescribed medicines and have to adopt a different form of treatment. Anciently all the medication were compounded, however, with influx of mass drug manufacturing process the demand for compounding started declining. There has been resurgence of compounding pharmacies, though. The benefits of compounding pharmacy have encouraged the pharmacists to reach the intended users. There have been instances when Tier I drug producers have discontinued production of certain drugs which were prescribed to patients. Compounding pharmacies have filled in this gap by producing the required drugs. Besides the discontinued drugs, the compounding pharmacies also serve the patients who prefer medication in specific flavour and form. The FDA extended COVID-19 drug compounding policy to include smaller compounders. This inclusion was announced with an intention to better serve patients fighting against the novel coronavirus disease.
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There are efforts made to automate the drug production process. In the United States there are two broad categories of compounding pharmacy, 503A pharmacies can formulate drugs for an individual patient prescription and are regulated by respective states. The other category, 503B outsourcing facilities are capacitated to supply drugs directly to hospitals and clinics and are regulated by both state and the FDA. The compounded drugs produced by clinics and hospitals in large quantities are termed as ‘office stock’. The ease of catering to niche segment of buyers interests the pharmacists and outsourcing facilities, whereas, few challenges act as a roadblock to the growth. The high manufacturing cost of specific drugs can discourage the compounders from investing in the production. Shaky regulatory framework could defer the compounding related decisions of outsourcing facilities.
Compounded hormones are effective in treating hormonal imbalance hence, a high demand across patients
Hormonal imbalance is an outcome of change in lifestyle. The hormone replacement therapy helps in treating the patients. Customized doses of two or more medications help in meeting the patient’s need. The compounded drugs for treating hormonal imbalance are at times bioidentical to the affected hormones. Females facing menopausal symptoms have tried the compounded hormones and are happy with the results. It is now becoming a common line of treatment among females. The geriatric population combined with increased life expectancy has led to increased number of patients suffering from hormonal imbalance. Thus, an increased potential for hormone replacement therapy.
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Compounding Nutritional Supplements comes under spot light
The masses are now focusing on leading a balanced lifestyle. There is an increased awareness related to vital components. Sedentary lifestyle has led to chronic dietary problems. Nutraceutical is a part of food that creates wellness and prevents or treats disease. There are multiple certified compounding labs that produce nutritional supplements. The compounding nutritional supplements would contribute significantly to the compounding pharmacies market in near future.
The popularity of Oral Compound Drugs among patients leads to their high share in the global market
Oral compounded drugs are easy to administer as compared to their counterparts. They are more accepted across patients owing to less pain associated with their ingestion. This segment accounted for more than 30% of the overall market revenue in 2019. Higher efficiency and shelf life are other reasons for an increased demand of oral compound drugs.
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Presence of leading companies in the North America region supports the region’s dominance
The United States is relatively mature owing to presence of organized players and awareness amongst the patients. The shortage of drugs across country has encouraged compounded pharmacists to fill in the gap. On the other hand, Asian countries namely China, Japan and India are witnessing growth owing to dedicated efforts by the compounding pharmacists community.
Major players active in the Global Compounding Pharmacies B. Braun Medical, Fagron, Dougherty's Pharmacy, Fresenius Kabi, Clinigen Group PLC, Institutional Pharmacy Solutions, Lorraine’s Pharmacy, Cantrell Drug Company, PharMEDium, Premier Pharmacy Labs, McKesson Corporation, McGuff Compounding Pharmacy Services, Nephron Pharmaceuticals, Pencol Compounding Pharmacy, Pentec Health, Rx3 Compounding Pharmacy, RXQ Compounding Pharmacy, Triangle Compounding Pharmacies, Wedgewood Village Pharmacy, Wells Pharmacy Network.
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