Compounding Pharmacies Market to Surpass US$ 13,304.8 Million by 2027, Owing to Shortage of Essential Medicines for the Treatment of Critical Diseases
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According to Global Compounding Pharmacies Market Report, By Products (Oral Medication (Capsule, Tablets, Mixtures, Lollipops, and Lozenges), Topical Medication (Gels, Ointments, Cream, and Lotions), Mouthwashes, and Suppositories), By Application (Medication for Adults, Medication for Veterinary, Medication for Children, and Medication for Geriatric), By Therapeutic Area (Pain Management and Hormone Replacement Therapy), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), published by Coherent Market Insights, the global compounding pharmacies market is estimated to account for US$ 13,304.8 Mn in terms of value by 2027.
Compounding pharmacy involves combining or mixes of APIs to develop a customized drug for various diseases. The global market for compounding pharmacies is driven by shortage of essential medicines for the treatment of critical diseases. For instance, according to a report of the U.S. Food and Drug Administration (FDA): Drug Shortages: Root Causes and Potential Solutions 2019, 56% of hospitals reported they had changed patient care or delayed therapy in light of drug shortages and 36.6% said they had rescheduled non-urgent or emergent procedures.
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However, use of compounded pharmacy drugs in routine surgery may lead to several side effects including loss of eyesight, which is expected to hamper growth of the global compounded pharmacies market. Moreover, availability of FDA-approved drugs is also expected to limit growth of the market. For instance, in December 2019, Eton Pharmaceuticals, Inc. commercialized Biorphen, the first and only FDA-approved ready-to-use formulation of phenylephrine for the treatment of clinically important hypotension resulting primarily from vasodilation in the setting of anesthesia. The availability of Biorphen reduces the need for hospitals to rely on compounders to provide unapproved compounded phenylephrine.
Among products, the topical medication segment in expected to witness significant growth in the global compounding pharmacies market over the forecast period. This is attributed to increasing demand for topical pain management drugs. The segment was valued at US$ 3,335.4 Mn in 2018 and is expected to reach US$ 5,784.9 Mn by 2025 at a CAGR of 5.6 %.
Among therapeutic areas, the pain management segment in expected to witness significant growth in the global compounding pharmacies market over the forecast period. This is attributed to increasing incidence of chronic and acute pain. The segment was valued at US$ 4,980.2 Mn in 2014 and is expected to reach US$ 7,894.4 Mn by 2027 at a CAGR of 4.7 %.
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In the U.S., a pharmacy can register as an “outsourcing facility” under the Drug Quality and Security Act (2013) Section 503B only if:
- It complies with cGMP requirements
- Inspected and approved by the U.S. FDA
- Follows a legal reporting schedule of adverse events to the U.S. FDA
Such a facility can perform legal sterile compounding of drugs and interstate drug shipments. Moreover, the compounding pharmacies regulations in the U.S. are evolving after the formation of Pharmacy Compounding Advisory Committee (PCAC). The PCAC advices on scientific, technical, and medical issues that are related to drug compounding under Section 503A and Section 503B of the Food, Drug, and Cosmetic Act (FDCA).
- Shortage of essential medicines for the treatment of critical diseases is expected to propel growth of the global compounded pharmacies market
- Major players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in April 2018, Fagron acquired Humco, a developer, manufacturer, and supplier of patented delivery vehicles and branded pharmaceutical products in the U.S.
- Key players in the market are also focused on adopting partnership strategies to enhance their product portfolio. For instance, in July 2019, Guardian Pharmacy Services partnered with TruCare LTC Pharmacy. The partnership expands Guardian’s Midwest footprint and marks its first venture into Michigan.
- Major players operating in the global compounding pharmacies market include Central Admixture Pharmacy Services, Fagron, Fresenius Kabi AG, PharMEDium Services, LLC, Institutional Pharmacy Solutions, Cantrell Drug Company, Triangle Compounding Pharmacies, and Lorraine’s Pharmacy.
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