Pune, India, Feb. 16, 2021 (GLOBE NEWSWIRE) --
The global compounding pharmacies market size is anticipated to register substantial growth rate during the forecast period owing to growing popularity of customized medicine. Customized medicine, also known as personalized medicine or precision medicine, considers the differences in lifestyle and genetic variation. It can offer better health outcomes for patients, especially for infants and senior citizens who may be allergic to certain ingredients present in commercial medicine.
Compounding allows pharmacists to request for drugs which can meet the patients’ needs and are prepared according to the required specifications in terms of ingredients and route of administration. Moreover, it allows pharmacies to formulate drugs which are hard to find.
Convenience and benefits offered by compounded medication will continue to drive compounding pharmacies market trends over the next few years, some of which are highlighted below.
Increasing number of compounded pharmacies in North America
Compounding pharmacies and hospitals pharmacies are two of the major channels for the distribution of customized drugs. In 2019, compounding pharmacies had accounted for 39% of the revenue generated from personalized drug sales in North America. The U.S. and Canada are constantly witnessing the emergence of new compounding pharmacies which provide customized solutions and hard to find drugs based on the patients’ needs.
Meanwhile, hospital pharmacies are rapidly emerging as the preferred distribution channel for compounded drugs. The North America compounding pharmacies market size from hospital pharmacies was valued at US$3 billion in 2019 and it will grow substantially through 2026, with an increasing occurrence of chronic diseases that require proper, personalized medication.
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Rising elderly population and chronic disease occurrence in the U.S.
The U.S. elderly population has increased considerably in recent years. In fact, the number of Americans aged 65 or older will nearly double to reach 95 million by 2060, compared to around 52 million in 2018. Since older people are more prone to chronic illnesses, compounded drugs will certainly be in demand in the future. Speaking of chronic diseases, the occurrence of cancer in the U.S. is increasing rapidly due to sedentary lifestyles and unhealthy diet patterns.
To capitalize on the growing popularity of customized medication, the regional players are adopting new technologies to make personalized drugs more affordable for patients. The presence of leading biopharmaceutical companies in the country will bolster the regional outlook. It is estimated that the U.S. compounding pharmacies market share will grow at a steady 6% CAGR through 2026.
Growing demand for compounded dermatology medication in Europe
The use of compounded medication in dermatology is gradually gaining momentum due to rising occurrence of allergies caused by commercial drugs. These trends are being mainly observed in European countries where the prevalence of numerous skin-related disorders has increased significantly over the years.
The demand for customized dermatology drugs in Europe is expected to grow at a healthy CAGR of 5.8% in the forthcoming years. Compounded dermatology medication can be prepared based on the patient’s needs without adding unrequired ingredients and preservatives. These products are available in variety of formulations such as gels, solutions, ointments, sprays, foams, and others and are highly effective in the treatment of skin disorders including acne, psoriasis, eczema, and others.
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Mounting drug supply and shortage concerns in the U.K. and Germany
The U.K. compounding pharmacies market share is projected to grow at a CAGR of more than 5% through 2026. the rise in household income levels has been as major factor augmenting the demand for compounded drugs in the country. Shortage of drugs has been a major concern in the U.K. Consequently, pharmacists and biopharmaceutical firms are working towards filling the gap by providing effective personalized medication for customers.
Similar trends have been observed in Germany, which is home to a large geriatric population base. The widespread occurrence of various chronic diseases is driving the regional demand for personalized drugs. In 2019, Germany had captured nearly 15.7% revenue share of Europe compounding pharmacies market and it is likely to witness notable growth up to 2026.
Growing popularity of compounded medication across Japan and India
The compounding pharmacies industry in Japan projected to grow at a CAGR of 5.6% over the next few years. The country has a massive population of senior citizens which is expanding constantly. The occurrence of chronic diseases such as cancer is expected to grow substantially in the coming years, which will certainly create a robust demand for customized medication. The regional government is actively investing in the healthcare infrastructure which will complement the regional industry outlook.
Meanwhile in India, the demand for personalized medication is being driven by the increasing consumer awareness regarding their benefits. A vast majority of physicians are prescribing compounded drugs that are customized to meet the patient’s unique needs. India had accounted for over 17.5% revenue share of Asia Pacific’s compounding pharmacies market in 2019 and will show similar trends in near future.
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The widespread occurrence of numerous infectious and chronic diseases worldwide and the shortage of drugs is fueling the need for compounded medication. Drug shortages can be mainly linked with production delays and supply chain issues and unavailability of raw materials. These trends have been largely observed during the ongoing COVID-19 pandemic. Compounding pharmacies could help play a crucial role in filling the demand-supply gap by producing medicines that are unavailable or experiencing shortage.
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