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Compounding Pharmacies Market Study 2021-2027 By Top Industry Players B. Braun, Athenex Pharma Solutions, Fresenius Kabi, Dougherty's Pharmacy, Inc., Fagron
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Recently, worldwide outbreak of COVID-19 has disrupted the supply chains delaying the delivery of raw materials which in turn is delaying the manufacturing process. This has ultimately affected the supply of medication leading to its shortage. In this regard, compounding pharmacies play an important role in filling the supply-demand gap while simultaneously ensuring effective patient care.
Apart from this, these pharmacies are gaining higher prominence in the healthcare industry especially in pain management, dermatology, hormone replacement nutritional supplements, etc. Dermatology segment is registering higher demand from compound pharmacies owing to the rising awareness among people regarding skin care and dermatological treatment. Medication for these treatments includes oral capsules, tablets as well as topical medication such as lotions, creams, solutions, gels etc. With increase in the development of topical formulations and rising inclination towards skin treatment, dermatology segment is expected to observe a robust CAGR of over 6% through 2027.
Apart from oral and topical drugs, the compounded medicines that are amassing huge demand are parenteral medicines. These medicines are delivered directly through the patient’s veins and are given by the intravenous route. Parenteral medication is experiencing increased demand due to the growing geriatric population who are susceptible to various diseases. Considering the burgeoning product demand, parenteral segment had recorded a valuation of over 2 billion in 2020 and is expected to grow significantly over the coming years.
Speaking of the sterility of medication offered by compounding pharmacies, non-sterile compounded medication primarily involves topical and oral forms of drugs and do not require the environment to be completely free of all microorganisms. Elevating demand for oral and topical drugs are positively influencing the segment growth. For the records, non-sterile segment across compounding pharmacies market had accounted for a valuation of more than 7 billion in 2020.
Besides the geriatric population, compounding pharmacies also provide medication for pediatric population who are in the age group below 18 years. Pediatric vertical in compounding pharmacy reportedly refers to a child facing difficulty in swallowing capsules or tablets. Various compounding pharmacists work on the development of medication that offers more convenience to the children in terms of flavors and ease of swallowing. According to credible reports, pediatric segment in compounding pharmacies market is anticipated to register a lucrative CAGR of around 6.5% through 2027.
Elaborating on the compounding types, Pharmaceutical Dosage Alteration (PDA) method of compounding, which involves compounding of drugs using altered dosage forms according to the patient’s need, is currently gaining massive momentum worldwide. The alteration can be made in the form of solid or liquid or can also be in the form of dose. Heightened demand for altered medication is anticipated to propel the growth of PDA segment over the forthcoming years. In 2020, the segment had secured a sizeable market share of around 18%.
Compounding medicines are widely available through hospital pharmacies which makes them a strong distribution channel for the industry. Reportedly, hospital pharmacy segment had held a substantial market share of over 52% in 2020. This can be credited to the supportive regulatory scenarios across several major economies. This in turn has prompted several hospitals to deliver compounded medications through hospital pharmacies which is positively influencing the business space.
On the regional terrain, Asia Pacific is showing rapid expansion of compounded pharmacies owing to rising adoption of customized medication coupled with growing investments in the development of healthcare infrastructure. In addition, rising demand for parenteral compounded medication for catering to the growing elderly population along with increasing medical tourism is complementing the growth of regional market. In 2020, Asia Pacific compounding pharmacies market had recorded an appreciable valuation of more than USD 1.7 billion.
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As a result of rising demand, eminent business players operating in compounding pharmacies industry are focusing on developing new solutions and expanding their business in an attempt of gaining a strong market position. For instance, in 2017, global biopharmaceutical company Athenex, Inc. which develops and commercializes therapies for the treatment of cancer, launched three sterile injectable molecules through its subsidiary Athenex Pharma Solutions (APS). APS is reportedly involved in addressing hospital needs by providing high-end outsourced compounding services. Such developments are opening new growth opportunities for the market.
Partial Chapter of the Table of Content
Chapter 6. Compounding Pharmacies Market, By Application
6.1. Key segment trends
6.2. Paediatric
6.2.1. Market size, by region, 2016 – 2027
6.3. Adult
6.3.1. Market size, by region, 2016 – 2027
6.4. Geriatric
6.4.1. Market size, by region, 2016 – 2027
6.5. Veterinary
6.5.1. Market size, by region, 2016 – 2027
Chapter 7. Compounding Pharmacies Market, By Compounding Type
7.1. Key segment trends
7.2. Pharmaceutical Ingredient Alteration (PIA)
7.2.1. Market size, by region, 2016 – 2027
7.3. Currently Unavailable Pharmaceutical Manufacturing (CUPM)
7.3.1. Market size, by region, 2016 – 2027
7.4. Pharmaceutical Dosage Alteration (PDA)
7.4.1. Market size, by region, 2016 – 2027
7.5. Others
7.5.1. Market size, by region, 2016 – 2027
Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/compounding-pharmacies-market
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