New York, United States , Nov. 22, 2023 (GLOBE NEWSWIRE) -- The Global Compounding Pharmacies Market Size is to Grow from USD 11.83 Billion in 2022 to USD 19.64 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period.
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Compounding pharmacies are specialized facilities that prepare customized medications to cater to individual patient needs. Unlike standard pharmacies that dispense mass-produced drugs, compounding pharmacies formulate medications from scratch, allowing for personalized dosages, ingredients, and delivery methods. These pharmacies play a crucial role in providing tailored solutions for patients who cannot tolerate certain ingredients in commercially available medications, require unique dosage forms, or need specific combinations of drugs. Compounding pharmacists work closely with healthcare providers to create prescriptions that address patients' unique medical requirements.
Browse key industry insights spread across 200 pages with 115 market data tables and figures & charts from the report on "Global Compounding Pharmacies Market Size, Share, and COVID-19 Impact Analysis, By Therapeutic Area (Hormone Replacement Therapy, Pain Management, Specialty Drugs, Dermatology, Nutritional Supplements, and Others), By Age Cohort (Pediatric, Adult, and Geriatric), By Compounding Type (Pharmaceutical Ingredient Alteration, Currently Unavailable Pharmaceutical Manufacturing, Pharmaceutical Dosage Alteration, and Others), By Sterility (Sterile and Non-sterile), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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In 2022, the pain management segment accounted for around 32.6% market share
On the basis of the therapeutic area, the global compounding pharmacies market is segmented into hormone replacement therapy, pain management, specialty drugs, dermatology, nutritional supplements, and others. The dominance of the pain management segment in the compounding pharmacies market can be attributed to persistent global concerns about pain, both acute and chronic, which have spurred demand for tailored pain relief solutions that suit individual patient needs. Compounded medications allow for precise formulation adjustments, combining various pain-relieving agents to maximize efficacy and minimize side effects. With rising cases of conditions like musculoskeletal disorders and neuropathic pain, compounded pain management medications have gained traction.
The adult segment held the largest market with more than 42.4% revenue share in 2022
Based on the age cohort, the global compounding pharmacies market is segmented into pediatric, adult, and geriatric. The adult segment's dominance in the compounding pharmacies market is primarily due to the higher incidence of chronic diseases and complex medical conditions among the adult population. Adults often require customized medications to address specific health needs, allergies, and dosage preferences. Compounded medications enable precise tailoring of treatments, making them particularly suitable for adult patients with unique medical requirements.
The pharmaceutical ingredient alteration segment held the largest market with more than 34.6% revenue share in 2022
Based on the compounding type, the global compounding pharmacies market is segmented into pharmaceutical ingredient alteration, currently unavailable pharmaceutical manufacturing, pharmaceutical dosage alteration, and others. The Pharmaceutical Ingredient Alteration segment's dominance in the compounding pharmacies market can be attributed to its pivotal role in addressing patient-specific requirements. This segment involves modifying pharmaceutical ingredients to create customized medications that suit individual needs, whether due to allergies, intolerances, or specific dosing requirements. Compounding pharmacies excel in altering ingredients to exclude allergens or unnecessary components, ensuring patient safety and efficacy.
The sterile segment held the largest market with more than 54.5% revenue share in 2022
Based on the sterility, the global compounding pharmacies market is segmented into sterile and non-sterile. The dominance of the sterility segment in the compounding pharmacies market is attributed to the paramount importance of ensuring patient safety and product efficacy. Sterility is a critical factor in compounding, as contaminated medications can pose serious health risks. This segment encompasses stringent quality control measures to maintain aseptic conditions during formulation. With regulatory bodies emphasizing the need for safe compounded medications, the sterility segment's significance has grown.
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Asia-Pacific is predicted to grow at a fastest CAGR of around 5.4% over the projected period
Based on region, the Asia Pacific region is expected to experience the fastest growth rate in the compounding pharmacies market during the forecast period. This growth is driven by factors such as the increasing prevalence of chronic diseases, the expanding geriatric population, and the growing demand for personalized healthcare solutions. Rapid urbanization, improving healthcare infrastructure, and rising disposable incomes further contribute to the region's growth potential.
North America holds the largest share due to advanced healthcare infrastructure, high prevalence of chronic diseases, and demand for personalized treatments contribute to its dominance. Additionally, stringent regulatory frameworks ensure quality and safety in compounded medications, fostering trust among patients and healthcare providers.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global compounding pharmacies market include Walgreen Co., JL Diekman and AQ Touchard, Fagron, Albertsons Companies, The London Specialist Pharmacy Ltd., Galenic Laboratories Limited, Aurora Compounding, MEDS Pharmacy, Apollo Clinical Pharmacy, Formul8, and Fusion Apothecary.
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Recent Developments
- In February 2023, Harrow, a well-known eye care pharmaceutical company in the United States, has announced the availability of its patent-pending next-generation compounded Atropine formulations via ImprimisRx.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global compounding pharmacies market based on the below-mentioned segments:
Compounding Pharmacies Market, By Therapeutic Area
- Hormone Replacement Therapy
- Pain Management
- Specialty Drugs
- Dermatology
- Nutritional Supplements
- Others
Compounding Pharmacies Market, By Age Cohort
- Pediatric
- Adult
- Geriatric
Compounding Pharmacies Market, By Compounding Type
- Pharmaceutical Ingredient Alteration
- Currently Unavailable Pharmaceutical Manufacturing
- Pharmaceutical Dosage Alteration
- Others
Compounding Pharmacies Market, By Sterility
- Sterile
- Non-sterile
Compounding Pharmacies Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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