Selbyville, Delaware, March 25, 2021 (GLOBE NEWSWIRE) --
According to latest report “Compounding Pharmacies Market by Therapeutic Area (Hormone Replacement, Pain Management, Dermatology Applications, Specialty Drugs, Nutritional Supplements), Product (Oral, Topical, Rectal, Parenteral, Nasal, Ophthalmic, Otic), Application (Pediatric, Adult, Geriatric, Veterinary), Compounding Type (Pharmaceutical Ingredient Alteration [PIA], Currently Unavailable Pharmaceutical Manufacturing [CUPM], Pharmaceutical Dosage Alteration [PDA]), Sterility (Sterile, Non-sterile), Distribution Channel (Hospital Pharmacy, Compounding Pharmacy), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of compounding pharmacies will cross $15 billion by 2027. Increasing awareness about the benefits of compounded medicines leading to its rising adoption will accelerate the market growth.
Shortage of different drugs including lifesaving drugs and other cancer medicines will boost the demand from compounding pharmacies. Some of the major factors responsible for shortages are quality and manufacturing issues. Moreover, disruption of supply chains due to the COVID-19 pandemic has also resulted in delays in the process. The postponement in raw materials supply leads to a delay in manufacturing process. This ultimately affected the supply of medication leading to its shortage. Limited capability of raw material suppliers along with long lead times and complexity of manufacturing process increases drug shortages. Drug shortages can lead to delayed or cancelled patient care and can adversely affect healthcare system revenues. Additionally, shortage of lifesaving drugs along with the unavailability of alternatives could lead to death of the patient. Therefore, capability of compounding pharmacies to critically fill the crucial gap will fuel the market expansion.
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The dermatology segment in the compounding pharmacies market will witness around 6% growth rate till 2027. Dermatology segment involves the treatment of all the ailments related to skin. The medication includes oral tablets and capsules as well as topical medication like creams, solutions, gels etc. Increasing development in topical formulations and rising awareness regarding dermatological treatment in developing regions will favor the market value.
The parenteral segment accounted for around 2 billion in 2020. Parenteral medicines are delivered directly into the patient's vein and are given by the intravenous (IV) route. The increasing growth of geriatric population with need of parenteral medication will drive the market demand.
The pediatric segment in the compounding pharmacies market is estimated to attain a CAGR of 6.5% through 2027. Pediatric population refers to age group below 18 years. Pediatric in the compounding pharmacy industry refers to a child having difficulty in swallowing tablets or capsules. Several compounding pharmacists work on the medication that is easier for children by flavoring medicines and making them taste better. Increasing acceptance of compounded medication among children will spur the segment growth.
The pharmaceutical dosage alteration (PDA) segment held around 18% of the market share in 2020. This segment comprises of compounding of drugs with altered dosage forms specific to the patient’s need. The alteration can be made in the drug form such as solid or liquid or it can also be in the dose. The increasing need for altered medication will boost the segment expansion.
The compounding pharmacies market for non-sterile segment exceeded USD 7 billion in 2020. Non-sterile compounded medications primarily involve oral and topical forms of drugs and do not require the environment to be completely free from all microorganisms. High demand for oral and topical drugs thus propels the segment revenue and proves beneficial for the overall market progression.
The hospital pharmacy segment dominated more than 52% of the compounding pharmacies market share in 2020. The market is expanding gradually, especially owing to favorable regulatory scenarios in major economies. Thus, to take the advantage of lucrative opportunities, several hospitals are entering into the market to provide compounded medications through hospital pharmacies.
Asia Pacific compounding pharmacies market size was over USD 1.7 billion in 2020 led by the rapid expansion of compounded pharmacies across the region. Increasing usage of customized medication along with rising investments in the development of healthcare infrastructure will impel the regional growth. Growing demand for parenteral compounded medication to cater to the high geriatric population and increasing medical tourism is likely to influence the regional value.
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Some of the eminent companies operating in the compounding pharmacies market include B. Braun, Athenex Pharma Solutions (Athenex Inc.), Fresenius Kabi, Clinigen Group PLC, Dougherty's Pharmacy, Inc., Fagron, Institutional Pharmacy Solutions, Lorraine’s Pharmacy, McGuff Company Inc. (McGuff Compounding Pharmacy Services), Pencol Compounding Pharmacy, Nephron Pharmaceuticals Corporation, Rx3 Compounding Pharmacy, Triangle Compounding Pharmacies, and Wedgewood Village Pharmacy, Inc. among many others These industry participants are focusing on product development and innovation while implementing strategic business moves to sustain the competition.
Some major findings of the compounding pharmacies market report include:
- High demand for customized medication for various diseases including cancer in developed countries will foster the industry growth.
- Rising geriatric population with improved life expectancy and shortage of drugs across the globe are few aspects proving beneficial for the industry progression.
- Increasing number of compounding pharmacies throughout the globe for effective patient management and care will favor the market revenue.
- COVID-19 will have a substantial impact on the industry. Due to the rising incidence of COVID-19, the need for medicines and treatment has also increased across the market participants in drug compounding industry.
- High cost of equipment and maintenance of sterile conditions may hinder the industry expansion to an extent.
Table of Contents (ToC) of the report:
Chapter 3. Compounding Pharmacies Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 - 2027
3.3. Industry ecosystem analysis
3.4. Industry impact forces
3.4.1. Growth drivers
3.4.2. Industry pitfalls and challenges
3.5. Growth potential analysis
3.5.1. By therapeutic area
3.5.2. By product
3.5.3. By application
3.5.4. By compounding type
3.5.5. By sterility
3.5.6. By distribution channel
3.6. Regulatory landscape
3.7. Reimbursement landscape
3.8. Cost analysis of compounded medications
3.9. Compounding pharmacies count, by region 2019
3.10. Innovative compounding technologies
3.10.1. Web-based quality management system
3.10.2. Digital tools
3.11. COVID-19 impact analysis
3.12. Porter’s analysis
3.13. Competitive landscape, 2020
3.14. PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.