Newark, NJ, Sept. 29, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global compounding pharmacies market is expected to grow from USD 10.44 billion in 2019 and to reach USD 17.27 billion by 2027, growing at a CAGR of 6.54% during the forecast period 2020-2027.
The increasing use of customized medicine has been a major factor in the expansion of the compounding pharmacies market. Compounding pharmacies provide better effects than traditional medicines. Thus, consumers are increasingly demanding compound medicines for a faster and effective recovery. The rising geriatric population has also accelerated the demand for compound pharmacies in recent years.
Compounding pharmacies are used for altering the medicine as per the requirement of the patients. It uses the combination of different active pharmaceutical ingredients which is prepared for fulfilling the needs of the patient. The commercially available drugs are sometimes not effective for certain patients as these are developed in a generic way, which may not suit them. These medicines are developed with the help of various innovative technologies and techniques. There are several benefits of the compounding pharmacies such as easy usage, reduction of ingredients that may harm an individual, customizable dosage form, etc.
The rising shortage and failure of drugs have propelled the market growth for compounding pharmacies. Apart from this, the growing use of dispensed prescriptions has fuelled market growth further. However, there is no guaranteed safety of these drugs as these are not verified and tested by the FDA. The regional board of pharmacy verifies the manufacturing of compound drugs. The market growth is expected to be limited by the high cost of the equipment used in the development process. The biggest challenge for the market is the lack of skilled professionals.
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Key players operating in the compounding pharmacies market are Rx3 Compounding Pharmacy, Nephron Pharmaceuticals, Dougherty’s Pharmacy, B. Braun Medical, Frensius Kabi, Triangle Compounding Pharmacies, Athenex Pharma Solutions, Institutional Pharmacy Solutions, Lorraine’s Pharmacy, McGuff Company, Pencol Compounding Pharmacy, Clinigen Group, Fagron, Wedgewood Village Pharmac, AmerisourceBergen, Agbi’s Sterile Compounding Pharmacy LLC, Imprimis Pharmaceuticals, Inc. and others. The major players in the compounding pharmacies market are focusing on expansionary strategies such as mergers & acquisitions, recent developments, joint ventures, collaborations, product innovations and partnerships. These strategies would extract higher market shares for the players and thus strengthen their position in the global market. B. Braun Medical and Rx3 Compounding Pharmacy are some of the biggest manufacturers and suppliers of compounding pharmacies in the worldwide market.
The oral medications segment dominated the market and held the largest market share of 24.33% in the year 2019
On the basis of the product segment, the global compounding pharmacies market includes topical medications, oral medications, rectal, mouthwashes, parenteral, otic, ophthalmic, injectables and others. The oral medications segment dominated the market and held the largest market share of 24.33% in the year 2019. The increasing demand for oral medications owing to fewer complications has fostered the market growth over the years. The oral medicines are non-invasive and are convenient for the patients. Further, the manufacturing process is also economical for companies.
Pain management segment dominated the market and held the largest market share of 29.02% in the year 2019
On the basis of the therapeutic area segment, the global compounding pharmacies market includes hormone replacement, specialty drugs, pain management, nutrition supplements and dermatology applications. Pain management segment dominated the market and held the largest market share of 29.02% in the year 2019. The reason for the same can be attributed to the growing incidence of chronic pain owing to the hectic lifestyle. Apart from this, the hormone replacement segment ought to register a high growth rate. It is becoming increasingly popular for the balancing of hormones present in the body. The medicines are developed with the same hormonal structure as that of the patient's body.
Non-sterile segment dominated the market and held the largest market share of 66.93% in the year 2019
On the basis of the sterility segment, the global compounding pharmacies market includes sterile and non-sterile. Non-sterile segment dominated the market and held the largest market share of 66.93% in the year 2019. The increasing use of non sterile drugs such as syrups, pill, capsules has resulted in the market growth of the segment. Further, the non-sterile segment is not bounded by stringent regulations.
Adult segment dominated the market and held the largest market share of 36.28% in the year 2019
On the basis of the application segment, the global compounding pharmacies market includes pediatric, geriatric, veterinary and adult. Adult segment dominated the market and held the largest market share of 36.28% in the year 2019. The growing chronic diseases in the adults owing to the change in lifestyle habits have led to the increased use of compound medicines. However, the pediatric segment is expected to register an impressive growth rate during the forecast period. There is an increase in demand for reduced dosage and different flavors to ease the administration process.
Compounding pharmacies dominated the market and held the largest market share of 56.71% in the year 2019
The distribution channels segment includes hospital pharmacies and compounding pharmacies. Compounding pharmacies dominated the market and held the largest market share of 56.71% in the year 2019. The compounding pharmacies manufacture a variety of compound medicines as compared to the hospital pharmacies. Also, they have better equipment and a specialized workforce for drug development.
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Regional Segment Analysis of the Compounding Pharmacies Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global compounding pharmacies market is classified into North America, Europe, South America, Asia Pacific, and the Middle East and Africa. North America region accounted for a significant market share of 44.72% in the year 2019. The region has witnessed an increase in the number of compound pharmacies in the last decade. The reason can be attributed to the growing demand for personalized medicines by the patients. Moreover, the government has also supported the growth of the compounding pharmacies market. However, Asia-Pacific is expected to register the highest growth rate during the forecast period. The growing patient population owing to the prevalence of chronic diseases has led to an increase in demand. The increasing research and development activities on the development of personalized medicine have contributed significantly to the market growth.
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About the report:
The global compounding pharmacies market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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