Compounding Pharmacies Market By Product Type (Oral, Topical, Mouthwashes, Suppositories, Injectables, and Ophthalmic), By Therapeutic Type (Hormone Replacement and Pain Management), and by End-users (Adult, Pediatric, Geriatric, and Veterinary): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024

Global compounding pharmacies market expected to generate revenue of around USD 13,910.0 million by end of 2024, growing at a CAGR of around 6.2% between 2018 and 2024. Every patient is different and has unique needs for which customized medications are a critical part of quality medical service and patient care.

11-Aug-2018 | Number of pages: 110 | Report Code: ZMR-2525 | Report Format : | Status : Published

Analysis

The pharmacies which produce the drugs tailored to the individual patient needs, based on the doctor’s or physician’s prescription are called compound pharmacies. Compounded drugs are the amalgamation of two or more drug ingredients in different proportions, i.e., combining or altering the active pharmaceutical ingredients of drugs to meet the unmet medical need of an individual patient.  The major driver of compounding pharmacies market is worldwide increasing geriatric population. The population aged 60 or above is growing rapidly thus the demand for anti-aging products which use custom compounded drugs are increasing. The compounding medicines are made as per the required dose and concentration as per patient need. Moreover, the ease of administering compounded drugs is particularly distinguished in critical illnesses such as cancer, where a patient is incapable to swallow a pain-reducing drug. The drug is either administered as a transdermal application, lollipop, or sterile preparation. The high advantages of compounded drugs over commercial medicines on an individual patient will propel the market during the forecast period.

These drugs formation process is carried out under the supervision of licensed medical practitioners or pharmacist. However, compounded medications are not approved by many regulatory authorities globally owing to its safety and effectiveness concerns. Compounded medications are not FDA approved. Furthermore, these drugs are mostly not reimbursed by pharmaceutical benefit agencies, which may hamper the growth of the global compounding pharmacies market in the near future.

Global Compounding Pharmacies Market

The global compounding pharmacies market is segmented on the basis of product type which is further divided into oral, topical, mouthwashes, suppositories, injectables, and ophthalmic. The oral product type is further segmented into capsules, tablets, suspension, lozenges, and lollipops. The topical products are further classified into creams, gels, ointments, and lotions. The injectables segment is sub-segmented into injections, infusions, concentrates, powders for reconstitution, and gels. Among which oral product segment dominates the market, owing to the convenience of oral medication, safe, and non-invasive route of administration, which will increase the patient preference for oral medications thus fueling the growth of oral segment during the forecast period.

North America held a dominant share for the global market for compounding pharmacies in 2017 and region is projected to continue with its regional supremacy in the forthcoming years as well. The growth of this regional market is attributed with the favorable government policies, high acceptance of compounded drugs, and increasing number of compounding pharmacies in the region. Asia Pacific is projected to grow at a significant CAGR due to rising healthcare infrastructure. Moreover, increase in the research & development activities with regards to improvement in the several healthcare outcomes and to obtain more accurate and precise results will propel the growth of the compounding pharmacies market in Asia Pacific region. Increasing incidences of chronic disorders and augmentation in the geriatric population will also increase the burden on the healthcare economy and will drive the market during the forecast period.

Some of the key players in the compounding pharmacies market are AmerisourceBergen, Rx3 Pharmacy, Agbi’s Sterile Compounding Pharmacy LLC, B. Braun Medical Inc., Cantrell Drug Company, Inc., Belle Sante Diagnostic & Therapeutic Institute Pvt. Ltd., Village Sterile Compounding Pharmacy, Imprimis Pharmaceuticals, Inc., Institutional Pharmacies Of Louisiana LLC, Lorraine's Pharmacy, McGuff Sterile Compounding Pharmacy Services, Inc., Panaceutics Inc., Pencol Compounding Pharmacy, Fagron, ITC Compounding Pharmacy, SCA Pharmaceuticals, Wedgewood Pharmacy, Fresenius Kabi AG, and Dougherty's Holdings, Inc. Currently, the market’s growth rate is increasing, which has encouraged the players to focus on consolidation through product licensing and long-term partnerships in order to gain maximum share in the market.


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