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  • Compounding Pharmacies Market Growth Analysis | 2023-28

    Compounding Pharmacies Market Growth Analysis | 2023-28

    Compounding Pharmacies Market Growth Analysis | 2023-28
    Report code - SRHL187 Delivery - 2 Weeks
    Global Compounding Pharmacies Market Share, Trend, Forecast, & Growth Analysis – See more...

    Market Insights

    The global compounding pharmacies market is estimated to grow from USD 11.8 billion in 2022 to USD 16.61 billion by 2028 at a CAGR of 5.81% during the forecast period.

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    What are Compounding Pharmacies?

    In pharmacy, compounding is the creation of a particular pharmaceutical product to meet the unique needs of a particular patient. Compounded medications are made for specific patients. The conventional role of compounding pharmacies is to prepare drugs as prescribed by doctors for individual patients with needs that can't be met by the drugs that are commercially available.

    Global Compounding Pharmacies Market Report Overview

    Market Size in 2028

    USD 16.61 billion

    Market Size in 2022

    USD 11.8 billion

    Market Growth (2023-2028)

    CAGR of 5.81%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Key Players

    Some of the major players in the compounding pharmacies market are-

    • McGuff Company, Inc.
    • Fagron, Inc.
    • Athenex Inc.
    • B. Braun Melsungen AG
    • Clinigen Group plc
    • Dougherty's Holdings, Inc.
    • Fresenius Kabi AG
    • Institutional Pharmacy Solutions, LLC
    • Lorraine’s Pharmacy
    • Pencol Compounding Pharmacy.

    Market Drivers

    The compounding pharmacies market is driven by a host of factors, some of which are noted below:

    Surging prevalence of chronic diseases: By 2035, 35.66% of the adult population 50 years and older will have at least one chronic condition, increasing to 47.81% by 2050. This rise in chronic diseases like cancer, diabetes, and heart disease is driving demand for customized medications, particularly from compounding pharmacies, which can cater to patients with allergies or swallowing difficulties.

    Increasing geriatric population: The market in the European region is expected to grow due to increasing life expectancy and a growing geriatric population. The World Health Organization predicts that by 2050, 40 million Europeans will be 85 or older, with multiple chronic conditions requiring multiple medications. Compounding pharmacies can help manage these medications more effectively.

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    The surge in adoption of personalized medicine: Personalized medicine is a healthcare approach that considers individual genetic, environmental, and lifestyle factors, with compounding pharmacies playing a crucial role in producing tailored medications.

    Insufficient commercially available drugs: Insufficient supplies of drugs are becoming increasingly common in many countries. Compounding pharmacies can bridge the gap in drug insufficiency by producing non-commercially available medications.

    Segment Analysis

    Compounding Pharmacies Market: By Therapeutic Area Type  

    The market is segmented as hormone replacement, pain management, dermatology applications, specialty drugs, nutritional supplements, and others. 

    The pain management segment held more than 30% of the market share in 2022 due to the increased hormonal imbalance in women.

    Compounding Pharmacies Market: By Product Type  

    The market is segmented as oral, topical, rectal, parenteral, nasal, ophthalmic, and optic. 

    The oral segment CAGR of more than 5.9% during the forecast period, as the increasing number of patients with different chronic conditions, including cancer and diabetes, opting for parenteral administration.

    Compounding Pharmacies Market: By Application Type  

    The compounding pharmacies market is segmented as pediatric, adult, geriatric, and veterinary. 

    The geriatric segment is more than 5.8% CAGR during the forecast period, driven by the ability to compound pharmacies to increase the ease of medication among adults who are facing difficulty in swallowing

    Compounding Pharmacies Market: By Sterility Type  

    The compounding pharmacies market is segmented as sterile and non-sterile. The non-sterile segment is likely to witness excellent growth in the coming years, driven by the increasing demand for non-sterile medication such as syrups, capsules, and pills.

    Compounding Pharmacies Market: By Distribution Channel Type

    The market is segmented as hospital pharmacy, compounding pharmacy, and others. The hospital pharmacy segment dominated the market in 2022, driven by surging hospital admissions.  

    Compounding Pharmacies Market: By Region

    Europe is estimated to be the largest market, whereas Asia-Pacific will be the fastest-growing region for the compounding pharmacies market during the forecast period.

     

    Favorable reimbursement policies and the growing acceptance of compounding medication in Europe will foster the region’s overall growth. Also, technological advancements, the presence of leading players, and well-established healthcare facilities will further contribute towards good growth of the market.

    Segmentation

    This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market. 

    The compounding pharmacies market is segmented into the following categories. 

    Compounding Pharmacies Market Size, Share, & Forecast, by Therapeutic Area Type:

    • Hormone Replacement 
    • Pain Management 
    • Dermatology Applications 
    • Specialty Drugs 
    • Nutritional Supplements 
    • Others 

    Compounding Pharmacies Market Size, Share, & Forecast, by Product Type:

    • Oral
      • (Product Type Analysis: Solid preparations and Liquid preparations)
    • Topical
      • (Product Type Analysis: Ointments, Creams, Gels, Pastes, and Others)
    • Rectal
      • (Product Type Analysis: Suppositories, Enema, and Others)
    • Parenteral
      • (Product Type Analysis: LVP and SVP)
    • Nasal 
    • Ophthalmic 
    • Optic 

    Compounding Pharmacies Market Size, Share, & Forecast, by Application Type:

    • Pediatric 
    • Adult 
    • Geriatric 
    • Veterinary 

    Compounding Pharmacies Market Size, Share, & Forecast, by Compounding Type:

    • Pharmaceutical Ingredient Alteration
    • Currently Unavailable Pharmaceutical Manufacturing
    • Pharmaceutical Dosage Alteration (PDA) 
    • Others 

    Compounding Pharmacies Market Size, Share, & Forecast, by Sterility Type:

    • Sterile 
    • Non-sterile 

     Compounding Pharmacies Market Size, Share, & Forecast, by Distribution Channel Type:

    • Hospital Pharmacy 
    • Compounding Pharmacy 
    • Others 

    Compounding Pharmacies Market Size, Share, & Forecast, by Region:

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most totally. The compounding pharmacies market report structure have been kept such that they offer maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. 

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the global compounding pharmacies market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Option

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the product types by application type.  

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com

     

    Frequently Asked Questions (FAQs)

    In pharmacy, compounding is the creation of a particular pharmaceutical product to meet the unique needs of a particular patient. Compounded medications are made for specific patients. The conventional role of compounding pharmacies is to prepare drugs as prescribed by doctors for individual patients with needs that can't be met by the drugs that are commercially available.

    The market is likely to grow at a CAGR of 5.81 % from 2022-2028.

    The market is estimated to grow from USD 11.8 billion in 2022 to USD 16.61 billion by 2028.

    The surging prevalence of chronic diseases, the Increasing geriatric population, The surge in the adoption of personalized medicine, and Insufficient commercially available drugs are driving the growth of the market.

    Athenex Inc., B. Braun Melsungen AG, Clinigen Group plc, Dougherty's Holdings, Inc., Fagron, Inc., Fresenius Kabi AG, Institutional Pharmacy Solutions, LLC, Lorraines Pharmacy, McGuff Company, Inc., and Pencol Compounding Pharmacy are among the key players in the market.

    The plasticizers segment is expected to remain the dominant application type in the market in the coming years.

    Europe is expected to be the largest market during the next five years.

    The study period of this market report is 2017-2028.