by The global Compounding Pharmacies Market is estimated to be valued at US$ 10705.19 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Compounding pharmacies offer customized medications tailored to patients’ specific requirements. They prepare various dosage forms and strengths of medical formulations based on physicians’ prescriptions. Compounding pharmacies are beneficial in providing alternative treatment options for patients who cannot use commercially available standardized medications due to allergies, intolerances or other medical conditions.
Market key trends:
One of the key trends driving the growth of compounding pharmacies market is increasing shift towards telehealth and online pharmacies. The COVID-19 pandemic accelerated this shift as lockdowns and social distancing compelled people to seek remote healthcare services. Compounding pharmacies responded to this demand by offering online consultation facilities as well as doorstep delivery services for customized medications. This enabled continuous access to critical compounded drugs while maintaining social distance. Additionally, increased geriatric population susceptible to multiple chronic conditions is also augmenting the demand for specialized compounded medications prepared by compounding pharmacies. Growing preference for personalized drugs is expected to further contribute to the market growth over the forecast period.
Segment Analysis
The Global Compounding Pharmacies Market is segmented into sterile and non-sterile compounds. The sterile compounding segment is expected to dominate the market during the forecast period owing to the increasing demand for sterile medications. Sterile compounding involves working with sterile ingredients, including sterile pharmaceutical preparations, to avoid microbial contamination.
Key Takeaways
The global compounding pharmacies market is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing prevalence of chronic diseases.
North America dominated the global market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to the presence of well-established healthcare infrastructure and favorable reimbursement policies in the region.
Key players operating in the compounding pharmacies market are Avella Specialty Pharmacy, Central Admixture Pharmacy Services, Fagron, Fresenius Kabi AG, PharMEDium Services, Institutional Pharmacy Solutions, Cantrell Drug Company,Triangle Compounding Pharmacies, Lorraineâ€TMs Pharmacy, Rx3 Compounding Pharmacy ,B Braun Melsungen AG, Clinigen Group PLC, QuVa Pharma, ITC Compounding Pharmacy, and Advanced Pharmacy. These players are focusing on new product launches and expansion of their production facilities to strengthen their market position. For instance, in March 2021, Cantrell Drug Company expanded its sterile compounding pharmacy with a new facility.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
