The compounding pharmacies market was valued at US$ 9,442.8 million in 2020 and is projected to reach US$ 14,995.1 million by 2028; it is expected to grow at a CAGR of 6.1% from 2021 to 2028.
The major factors driving to the growth of the market are the drug shortage crisis across the world, benefits associated with compounded medications, and increasing adoption of customized medicine (personalized medicine). However, product recalls and stringent regulatory requirements are restricting the Compounding Pharmacies market growth. Compounding pharmacy's or compound pharmacy's role is to mix ingredients as per patients' needs and manufacture drugs that are not commercially available. Compounding pharmacies are essential in cases of limited dosage strengths and dosage forms, drug allergies to certain ingredients, pediatrics, chemotherapy, and veterinary medicine. Further, compounded medicines enhance pharmacist contribution to developing and implementing patient therapeutic plans and provide customized medications of high pharmaceutical quality.
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The growth of the compounding pharmacies market is primarily attributed to the drug shortage crisis across the globe, benefits associated with compounded medications and increasing adoption of customized medicine (Personalized medicine). However, product recalls and stringent regulatory requirements are likely to hinder the market growth during the forecast period. 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 leading companies operating in the global compounding pharmacies market.
Based on product, the compounding pharmacies market is segmented into oral medications, topical medications, suppositories, and others. The oral medications segment held the largest share of the market in 2020. The growth can be attributed to factors such as it is easy to consume and they come in different forms like solid tablets, capsules, chewable tablets, or lozenges that are easy to be swallowed whole or sucked or as drinkable liquids such as syrups, drops or solutions. Further, the compounding pharmacies market for topical medications segment is expected to grow at the fastest CAGR during the 2021–2028.
Compounding Pharmacies Market – by Product
- Oral Medications
- Topical Medications
Compounding Pharmacies Market – by Therapeutic Area
- Pain Medications
- Hormone Replacement Therapies (HRT)
- Dermatological Applications
Compounding Pharmacies Market– by Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of APAC
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of MEA
- South and Central America (SCAM)
- Rest of SCAM
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