At 5.6% CAGR Compounding Pharmacies Market To Hit US$ 13,304.8 Million By 2027 | Coherent Market Insights
SEATTLE, May 31, 2021, (PHARMIWEB) -- Global Compounding Pharmacies Market
A certified pharmacist in a compounding pharmacy changes, blends, or mixes APIs to produce a medication that is tailored to the needs of a specific patient.
By the end of 2027, the global compounding pharmacies market is expected to be worth US$ 13,304.8 million.
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The global compounding pharmacies market is projected to expand due to a shortage of essential medicines for the treatment of critical diseases. Drug Shortages: Root Causes and Potential Solutions, according to a study by the U.S. FDA (Food and Drug Administration). In 2019, 56 percent of hospitals indicated that due to opioid shortages, they had altered patient treatment or postponed medication, and 36.6 percent said they had rescheduled non-urgent or emergent treatments. As a result of this situation, patients are more likely to use easily available compounded drugs, which is projected to fuel the demand for compounding pharmacies in the U.S.
To diversify their product mix, leading companies should concentrate on R&D of geriatric and long-term care drugs, as well as advanced HRT (Hormone Replacement Therapy) applications.
Eye failure has been identified as a result of the use of compounded pharmacy medications in routine surgery. The growth of the global compounding pharmacies market is expected to be hampered by certain side effects of compounded pharmacy products.
The global compounding pharmacies market's Topical Medication segment was worth US$ 3,335.4 million in 2018, which is forecast to grow at a CAGR of 5.6 percent to US$ 5,784.9 million by 2025. The increasing demand for topical pain relief drug products is credited with the segment's development.
The pain relief segment of the global compounding pharmacies market was worth US$ 4,980.2 million in 2014, which is forecast to grow at a CAGR of 4.7 percent to US$ 7,894.4 million by 2027. The increasing prevalence of chronic and acute pain is responsible for the segment's development.
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The Food and Drug Administration (FDA) has released a draught guidance that discusses situations in which the department does not plan to prosecute pharmacists and veterinarians who compound or supervise the compounding of animal products from bulk drug substances. Furthermore, all animal medicines must be produced in accordance with existing cGMP (good manufacturing practice).
The availability of FDA-approved medications is likely to decrease compounded medication reliability, limiting demand expansion. Biorphen, the first and only FDA-approved ready-to-use formulation of phenylephrine for the management of clinically significant hypotension arising mainly from vasodilation in the environment of anesthesia, was commercialized by Eton Pharmaceuticals, Inc. in December 2019. The supply of Biorphen eliminates the need for hospitals to depend on unapproved compounded phenylephrine from compounders.
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 PCAC (Pharmacy Compounding Advisory Committee). The PCAC offers advice on scientific, technical, and medical issues that are related to drug compounding under Section 503A and Section 503B of the FDCA (Food, Drug, and Cosmetic Act).
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Key companies contributing in the global compounding pharmacies market are Fresenius Kabi AG, Institutional Pharmacy Solutions, Fagron, Central Admixture Pharmacy Services, Lorraine’s Pharmacy, Triangle Compounding Pharmacies, Cantrell Drug Company, and PharMEDium Services, LLC.
The market's major players are concentrating on growth by mergers and acquisitions. Fagron purchased Humco, a producer, maker, and retailer of proprietary distribution vehicles and branded pharmaceutical goods in the United States, in April 2018.
Partnership initiatives are now being pursued by key industry leaders in order to expand their product range. Guardian Pharmacy Services partnered with TruCare LTC Pharmacy in July 2019. Guardian's Midwest presence is expanding, and this is the company's first foray into Michigan.
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