Compounding Pharmacies Market Analysis: A Thriving Sector Set to Hit $14.84 Billion by 2031
The global Compounding pharmacies industry was estimated at $8.12 billion in 2021, and is anticipated to hit $14.84 billion by 2031, registering a CAGR of 6.2% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape.
The compounding pharmacies market refers to the industry involved in the preparation, customization, and dispensing of personalized medications, known as compounded medications. Compounded medications are tailored to meet the specific needs of individual patients when commercially available medications are not suitable or available.
Compounding pharmacies play a crucial role in healthcare by providing customized medications that are not mass-produced by pharmaceutical manufacturers. They work closely with healthcare professionals, such as physicians, veterinarians, and dentists, to create medications in various forms, including creams, ointments, gels, capsules, oral solutions, and injections. Compounded medications are often required for patients with unique medical needs, such as those with allergies, intolerances, or specific dosage requirements.
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/12285
Drivers, restraints, and opportunities-
Rise in prevalence of chronic disease, increase in old age population, and improved life expectancy drive the growth of the global compounding pharmacies market. At the same time, growing drug failure rate and massive drug shortage across the globe have supplemented the growth yet more. On the other hand, increase in restrictions on manufacturing of complex formulations hinders the growth to some extent. However, huge growth potential in emerging economies has been highly beneficial for the market.
𝐖𝐡𝐚𝐭 𝐢𝐬 𝐭𝐡𝐞 𝐢𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐂𝐨𝐯𝐢𝐝-𝟏𝟗 𝐨𝐧 𝐂𝐨𝐦𝐩𝐨𝐮𝐧𝐝𝐢𝐧𝐠 𝐏𝐡𝐚𝐫𝐦𝐚𝐜𝐢𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐥𝐨𝐛𝐚𝐥𝐥𝐲?
- Amidst the global health crisis, the demand for compounded medication witnessed a steep incline in 2021, due to increased demand for quite a lot of medications for the treatment of Covid-19.
- Reduced manufacturing activities due to restrictions and shortage of commercially available drugs gave way to increased adoption of a compounded medication.
- Moreover, FDA gave out a temporary guidance policy to the federal facilities and state-licensed pharmacies, comprising hospital pharmacies and compounding pharmacies that are not listed with FDA as outsourcing facilities for compounding certain medication for hospitalized patients, owing to shortage of generic drugs.
𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝟐𝟎𝟎 𝐏𝐚𝐠𝐞𝐬 𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞𝐬,𝐅𝐢𝐠𝐮𝐫𝐞𝐬): https://www.alliedmarketresearch.com/checkout-final/55468cf19b80797abfb227d56cb6ae32
The pain management segment to dominate by 2031-
By therapeutic area, the pain management segment contributed to nearly two-fifths of the global compounding pharmacies market share in 2021, and is expected to lead the trail by 2031. This is attributed to rise in number of geriatric populations, increase in number of surgical procedures, and surge in healthcare expenditure across the world. The others segment, however, is expected to exhibit the fastest CAGR of 7.3% from 2022 to 2031, due to rise in prevalence of neurological disorders and cancer cases.
The oral segment to rule the roost-
Based on route of administration, the oral segment generated more than two-fifths of the global compounding pharmacies market revenue in 2021, and is expected to lead the trail by 2031, due to huge availability of various medications that are meant to be orally administered. The others segment, on the other hand, would manifest the fastest CAGR of 6.7% from 2022 to 2031. Rise in product affordability, increase in geriatric population, and growing acceptance among the customers about compounding medications propel the segment growth.
The non-sterile compounding drugs segment to maintain the lion’s share-
By sterility, the non-sterile compounding drugs segment garnered more than two-thirds of the global compounding pharmacies market share in 2021, and is expected to retain its dominance by 2031. The same segment is also expected to exhibit the fastest CAGR of 6.5% from 2022 to 2031. This is due to increase in prevalence of chronic disease such as diabetes, mounting demand for personalized medicines, and increase in the geriatric population across the world.
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North America garnered the major share in 2021-
Based on region, North America held the major share in 2021, generating more than half of the global compounding pharmacies market. The well-established healthcare system, increase in number of geriatric patients, and supportive reimbursement policies across the province drive the market growth. Asia-Pacific, on the other hand, would garner the fastest CAGR of 7.3% by 2031. The growing medical tourism industry and rising public awareness regarding the benefits of compounding medications fuel the market growth.
Compounding Pharmacies Market Key Players:
- Athenex Pharma Solutions
- B. Braun Melsungen AG
- Fresenius SE and Co. KGaA
- Advanced Pharmacy
- McGuff Companies, Inc.
- Nephron pharmaceuticals
- RX3 compounding pharmacy
- Valor Compounding Pharmacy
- ITC compounding pharmacy
- Dougherty’s Pharmacy, Inc.
𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐇𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:
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