Netherlands Compounding Pharmacies - Make Medications Easier to Swallow, Market expected to reach US$ 520.5 Million with CAGR of 8.5% by 2027
Netherlands Compounding Pharmacies Market Analysis
Compounding pharmacy refers to a pharmacy run by a licensed pharmacist, a licensed physician, or an individual working under the supervision of a licensed pharmacist.
By the end of 2027, the Netherlands compounding pharmacies market is expected to be worth US$ 520.5 million.
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Over the forecast period, the demand for the Netherlands compounding pharmacies market is projected to increase due to an increase in the prevalence of chronic diseases. In the Netherlands, around 119,923 cancer cases were recorded in 2018, according to Globocan.
Furthermore, the demand is projected to expand due to a decrease in the availability of critical medicines. As per the Royal Dutch Society for the Promotion of Pharmacy (KNMP), 769 drugs were inaccessible at any point in 2018, with 128 medications being taken off the market entirely.
In 2018, oral medicine dominated the Dutch compounding pharmacy market, contributing about 62.9 percent of the overall revenue, led by topical medication.
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However, implementation of hazardous compounding procedures such as compounding pollution and non-compliance with GMP regulations is a major factor impeding the growth of the Netherlands compounding pharmacies market.
Furthermore, some compounded products in the Netherlands have been linked to adverse drug reactions since they are pharmacovigilance-prohibited drugs. Adverse drug reactions erode the confidence of patients and other stakeholders in compounded medications. Clioquinol, a medication used to treat amoebiasis and infections caused by the parasite dientamoeba fragilis, is no longer approved for systemic use in the Netherlands and is only available as a compounded drug. As per the Netherlands Pharmacovigilance Center, 33 cases of adverse drug reactions were filed in 2015 due to the use of clioquinol in compounded form.
The Netherlands compounding pharmacies market is projected to benefit from increased GMP enforcement, which would provide lucrative growth opportunities. In the Netherlands, inspection for adherence to GMP standards is currently only eligible for commercial drug production. Since hospitals around the country are likely to outsource more medication compounding to community compounding pharmacies, community compounding pharmacies must follow best practice recommendations.
Key players in the market can also focus on R&D of products related to geriatric and long-term care and innovative Hormone replacement therapy (HRT) applications to expand their product portfolio.
The adults' medication segment of the Netherlands compounding pharmacies market was worth US$ 136.6 million in 2018, which is projected to grow at an annual rate of 8.6% to US$ 287.8 million by 2027.
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HRT medications are becoming more common in the market for conditions like menopausal symptoms, men's health (andropause), and weight loss. Untested formulations, the risk of microbiological infection, mistakes in determining hormone dosages, and diminishing government reimbursements are all considerations that could stifle demand for HRT medicines in the Netherlands.
In the Netherlands, specialist compounding firms are the primary source of drugs, and products from established market players are in higher demand than those from community compounding pharmacies. Furthermore, hospitals handle the bulk of compounded medications.
Key companies contributing in the Netherlands compounding pharmacies market are Apotheek A15, Fagron, Apotheek Mierlo Hout, and Vemedia.
The market's major players are concentrating on global growth by mergers and acquisitions. Fagron bought Central de Drogas, S.A. de C.V., a leading provider of raw materials to compounding pharmacies and the pharmaceutical sector in Mexico, in May 2019.
Key market participants are now concentrating on product growth in order to broaden their product range. The Dutch Health and Youth Care Inspectorate granted permission to AMC, an Amsterdam hospital that specializes in compounding drugs, to manufacture an equivalent of CDCA (chenodeoxycholic acid) if the used services meet quality requirements.
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