Pune, India., July 22, 2021 (GLOBE NEWSWIRE) -- Compounding Pharmacies Market: Key Insights
According to our new research study on “Compounding Pharmacies Market to 2028 – Global Analysis and Forecast – by Product, Therapeutic Area, and Geography,” the Compounding Pharmacies Market Size is projected to reach US$ 14,995.07 million by 2028 from US$ 9,930.05 million in 2021; it is expected to grow at a CAGR of 6.1% during 2021–2028.
Compounding Pharmacies Market: Competition Landscape and Key Developments
Fagron, Inc., Elixir Compounding Pharmacy, Avella specialty pharmacy, B. Braun Melsungen AG, PharMEDium Healthcare Holdings, Inc., Fresenius Kabi AG, Belle Santé Diagnostic & Therapeutic Institute Pvt. Ltd, Triangle Compounding Pharmacy, Vertisis Custom Pharmacy and US Compounding Inc. are among the key companies operating in the compounding pharmacies market. Leading market players are focusing on the launch of new products, expansion and diversification of market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
In December 2020, Triangle Compounding Pharmacy has launched compounded hand sanitizer to fight with the COVID-19 pandemic. Triangle Compounding Pharmacy is the first to provide pharmaceutical-grade hand sanitizer in U.S.
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In November 2020B. Braun Melsungen AG and Grifols form strategic partnership to enhance compounding pharmacy production output and services for hospitals. Grifols is a leading producer of plasma-derived medicines and has compounding centers in US.
In 2020, North America dominated the global compounding pharmacies market. The market growth in the region is attributed to the increasing prevalence of chronic diseases and growing geriatric population, growing popularity of customized medication, and the presence of leading biopharmaceutical companies in the region. Furthermore, the shortage of drugs in the U.S. as reported by the U.S. FDA and also the similar shortages globally; the various advantages of compounding drugs such as the customization according to the patients’ needs contribute to the growth of the market. Also, strategic activities by the manufactures will further offer lucrative opportunities in the review period. For instance, in Oct, 2018, Fresenius Kabi opened a new pharmaceutical compounding centre in Mississauga, Ontario. The centre features state-of-the-art manufacturing technology and processes designed to meet rigorous quality standards and increased capacity needs of customers. The facility produces compounded pharmaceuticals for Canadian hospitals.
The COVID-19 pandemic has disrupted the socio-economic conditions of various countries across the world. The majority of the people have lost their jobs during the pandemic. According to the Commonwealth Fund, the unemployment rate mid-April in 2020 was ~14.7%. To control the spread of the COVID-19 pandemic, many of the states in the US imposed lockdown. This has dramatically slowed the US economic activity in 2020. However, it has also had a positive effect on a few businesses in the US. The pandemic has provided significant growth opportunities to the compounding pharmacy market players.
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As per the McGuireWoods updates, several state and federal developments have affected the pharmacy practices. In addition, as per US Food & Drug Administration (FDA), hospitals faced shortage of crucial drugs that are used in the treatment of COVID-19. The drug shortage list by the FDA includes etomidate injection, azithromycin tablets, dexmedetomidine injection, propofol injectable emulsion, midazolam injection, and cisatracurium besylate injection. To address this situation, the FDA has relaxed the restrictions to allow outsourcing facilities and compounding pharmacies to compound FDA-approved drugs. In April 2020, the FDA issued its “Temporary Policy for Compounding of Certain Drugs for Hospitalized Patients by Outsourcing Facilities during the COVID-19 Public Health Emergency.” These guidelines outline the FDA’s temporary policy that allows outsourcing facilities to compound certain critical drugs used in the treatment of hospitalized COVID-19 patients. Owing to the abovementioned factors, the impact of pandemic on the compounding pharmacy market has been low.
Personalized medicine is a continuously growing area of therapeutics, which relies on specific drug delivery and dosing. As per a study published by the PMC, personalized medicines accounted for only 5% of the new FDA-approved molecular entities in 2005, whereas they accounted for more than 25% of the said entities in 2016. Additionally, 42% of all compounds and 73% of oncology compounds in the pipeline are likely to be used as potential personalized medicines. Moreover, biopharmaceutical companies nearly doubled their R&D investments in personalized drugs over the past five years, which is likely to increase by 33% in the next five years. Biopharmaceutical researchers also predict an increase of 69% in the development of personalized medicines in coming five years. Additionally, developed countries across the world have already begun the integration of personalized medicine in their healthcare ecosystem. Since the release of the Precision Medicines Initiative in the US in 2015, pharmaceutical research has been pursuing the development of more tailored treatments to make medicines safer and effective.
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Considering that compounding is an inherent part of customized medicine, the growing demand for precision therapies in recent years has unearthed lucrative opportunities for compound pharmacies. This, in turn, has paved the way for several life science companies and compounding pharmacy market players that have amplified their efforts toward the development of personalized medicine.
Compounding Pharmacies Market: Segmental Overview
The compounding pharmacies market, by product, is segmented into oral medications, topical medications, suppositories, and others. In 2020, the oral medications segment held the largest share of the market. However, the topical medications segment is anticipated to register the highest CAGR of 6.6% in the market during the forecast period. Based on therapeutic area, the compounding pharmacies market has been segmented into pain medications, hormone replacement therapies, dermatological applications, and others. In 2020 the pain medications segment held the largest share of the market. Moreover, the same segment is also expected to grow at the fastest rate of CAGR 6.6% during the forecast period.
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