Ottawa, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Market Overview
The compounding pharmacy market has emerged as a critical component of modern healthcare, providing personalized medications and tailored healthcare solutions to meet the diverse and unique needs of patients. Compounding pharmacies offer an essential alternative to commercially available medications by creating customized formulations, dosages, and delivery methods based on individual patient prescriptions and requirements. Traditional pharmaceutical manufacturers produce medications in standardized doses and formulations to address common medical conditions.
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However, not all patients respond well to these mass-produced drugs due to factors such as allergies, sensitivities, specific health conditions, or difficulties in swallowing pills. Compounding pharmacies fill this gap by formulating medications tailored to each patient's needs, ensuring better outcomes and improved patient compliance.
Regional Insights
North America is expected to hold the largest market share over the forecast period. The existence of several compounding pharmacies, strong consumer uptake, and the unavailability of certain medications are important drivers of industry expansion. The Food and Drug Administration (FDA) of the United States offers regulations for preserving the quality of medicines. Additionally, each state has its laws and rules governing the operation of a compounding pharmacy. As a result, these rules aid in increasing patients' trust in compounding pharmacies and are anticipated to boost demand for them over the projection period.
Furthermore, compounding pharmacies in North America are commonly involved in pain management and hormone replacement therapy. They can create customized pain medications and hormone formulations based on individual patient requirements, providing personalized solutions for chronic pain and hormonal imbalances. Thus, this is expected to drive the market growth in the region.
On the other hand, Asia Pacific is expected to grow at the fastest rate over the forecast period. The concept of personalized medicine is gaining traction in the Asia Pacific region, as healthcare providers and patients recognize the importance of tailored healthcare solutions. Compounding pharmacies play a crucial role in providing personalized medications, and meeting the unique needs of patients who require customized dosages, formulations, and delivery methods. Moreover, Advances in pharmaceutical science and technology are contributing to the expansion of compounding pharmacy services in the Asia Pacific region. These advancements enable compounding pharmacies to prepare innovative and effective medications for patients with diverse healthcare needs. Thereby, driving the market expansion in the region.
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Report Highlights
- By therapeutic area, the hormone replacement segment is expected to capture the largest revenue share over the forecast period. Compounding pharmacies play a crucial role in HRT by offering individualized formulations tailored to each patient's specific needs. Compounding pharmacists can prepare medications with precise hormone dosages and delivery methods based on a patient's hormonal profile and medical history. This can create HRT medications in various forms, including creams, gels, patches, troches, and oral capsules, providing patients with options that best suit their preferences and absorption requirements. Thereby, driving market growth.
- By route of administration, the oral segment is expected to hold the largest share of the market. This allows patients to take multiple medications together, simplifying their medication regimen and improving adherence. Thus, these benefits of oral compounding pharmacy are expected to fuel segment growth.
- By distribution channel, the compounding pharmacy is expected to capture a significant market share over the forecast period. Compounding pharmacies are specialist businesses that work on creating unique drugs. For patients with a variety of medical conditions, compounding pharmacies make customized drugs from basic materials. Additionally, it is predicted that the expanding number of compounding pharmacies and the growing demand for customized drugs would be advantageous for the total market revenue.
Market Dynamics
Driver
Increasing adoption for the care of pediatric and geriatric
Compounded medications are especially valuable in pediatric and geriatric care. Children and elderly patients may have difficulty swallowing pills or require age-appropriate dosages and formulations. Compounding pharmacies can prepare medications in alternative dosage forms and add flavors to improve patient compliance and enhance treatment outcomes. Therefore, the growing adoption of the care of pediatric and geriatric patients is expected to drive market growth during the forecast period.
Restraint
Fragmented market and limited clinical evidence
The compounding pharmacy industry is frequently fragmented, with a significant number of independent, small-scale pharmacies competing with bigger, institutional pharmacies. Because of this fragmentation, methods, quality standards, and patient experiences may differ amongst various compounding pharmacies. In addition, compared to standard pharmaceuticals, compounded medications may have limited clinical evidence supporting their safety and efficacy. The absence of robust clinical trials and comprehensive research data can hinder broader acceptance by healthcare providers and patients. Thus, this is expected to hamper the market growth over the projected period.
Opportunity
Personalized medicine and patient-centric care
The demand for personalized medicine is on the rise, as patients and healthcare providers recognize the importance of tailoring treatments to individual needs. Compounding pharmacies are well-positioned to capitalize on this opportunity by providing customized medications that address specific patient requirements, resulting in better treatment outcomes and improved patient satisfaction. Thus, this is expected to offer an attractive opportunity for market growth over the forecast period.
Challenge
Safety concerns and quality control
Despite the efforts of compounding pharmacies to uphold high standards, there have been cases of drug mistakes, contamination, and other safety issues using compounded pharmaceuticals. For consumers and medical professionals to continue to have faith in the compounding process, it is essential to maintain constant quality control and safety procedures. Thus, the concerns related to safety and quality act as a major challenge to the market growth over the forecast period.
Related Reports
- Plastic Compounding Market - The global plastic compounding market was valued at USD 63.4 billion in 2022 and expanding around USD 125.3 billion by 2032 with a CAGR of 7.1% from 2023 to 2032.
- U.S. Compounding Pharmacies Market - The U.S. compounding pharmacies market was accounted for USD 5.48 billion in 2022 and expanding around USD 9.75 billion by 2032 with a registered CAGR of 6% from 2023 to 2032.
- Pharmacy Automation Market - The global pharmacy automation market size was valued for USD 5.6 billion in 2022 and expanding around USD 12.49 billion by 2032 with a CAGR of 8.4% from 2023 to 2032.
Recent Developments
- In August 2022, Fresenius Kabi completes the acquisition of mAbxience Holding S.L.'s majority interest. The merging of the two businesses prepares Fresenius Kabi for increased medium- and long-term development based on a product lineup that is highly complementary to one of the healthcare industries that is expanding the quickest.
Market Segmentation
By Therapeutic Area
- Pain Management
- Hormone Replacement
- Dermal Disorders
- Nutritional Supplements
- Others
By Route of Administration
- Oral
- Topical
- Parenteral
- Others
By Application
- Pediatric
- Geriatric
- Adult
- Veterinary
By Compounding Type
- Pharmaceutical Dosage Alteration (PDA)
- Pharmaceutical Ingredient Alteration (PIA)
- Currently Unavailable Pharmaceutical Manufacturing (CUPM)
- Others
By Sterility
- Sterile
- Non-sterile
By Distribution Channel
- Compounding Pharmacy
- Hospital Pharmacy
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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