Compounding Pharmacies Market Trends, Industry Analysis & Forecast 2024
Date: 2018-09-07   Author: Rahul Sankrityayan  Category: #market

Compounding Pharmacies Market Trends, Industry Analysis & Forecast 2024

Compounding Pharmacies Market was valued over USD 8.5 billion in 2017 and is expected to witness more than 5% CAGR from 2018 to 2024.

Compounding pharmacies will witness a robust growth in the forecast timeframe owing to increasing geriatric population & longevity across the world. As per National Institute of Health, people aged 65 and over were 617 million in 2016 and this number is anticipated to jump to nearly 1.6 billion worldwide by 2050. Increasing elderly population coupled with rising chronic diseases will fuel the demand for compounding pharmacies during the forthcoming years.

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Rising awareness of compounding pharmacies among patient base for all diseases will fuel the market growth. Compounding pharmacists work with the patient and the prescriber to customize a medication to meet the unique patient’s needs. Compounding pharmacies offer more flexibility, options and customization of dosage forms for easier administration, specific medication strengths, flavoring especially for children and providing medicines that have been discontinued by a manufacturer. Aforementioned benefits will further propel the compounding pharmacies market growth.

However, lack of skilled pharmacists and technicians in developing countries as well as high costs of equipment and maintenance of sterile environment may hamper the market growth. Stringent regulatory specifications, consumers perception towards compounded drugs and lack of efficient regulations in various regions may restrain the growth opportunities in the market.

Oral product segment accounted for USD 2,872.5 million in 2017 and is set to witness robust growth in the forecast period. Oral medications provide benefits such as ease of administration, reduced chances of improper dose, nonpainful, safe route, less wastage of drugs and suitable for people of all ages including adults, infants and aged people. Increasing preference of oral products owing to associated benefits and convenience will propel the segment growth.

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Adult application segment accounted for the largest market share of USD 4,113.6 million in 2017 and is projected to experience a remarkable growth in the coming years due to rising demand of compounded drugs for treatment of chronic diseases in adults across the world. The increasing consumption of junk food, critical lifestyle changes, lack of nutritious diet, rising stress, physical inactivity and sleep deprivation will further increase the demand for compounded medication among adults.

Hormonal replacement therapy segment contributed USD 3,425.3 million in 2017 to the compounding pharmacies. Hormone replacement therapy (HRT) is the customized replacement of deficient hormones in the body due to decline of natural hormones caused by aging or illness. Increasing demand among woman to ease the symptoms of menopause and to treat variety of conditions including endometriosis and fibrocystic breasts will propel segment growth. Benefits associated are improved muscle function, reduced risk of heart failure, effective in preventing skin aging and lower mortality in younger and postmenopausal woman.

U.S. dominated the compounding pharmacies market in 2017 with a revenue share of USD 4,781.2 million, owing to the increasing pharmaceutical awareness regarding customized medicine. Increasing Geriatric population, availability of advanced healthcare infrastructure, increasing specific patients need, rising prevalence of hormonal imbalance, large unmet medical needs, increasing shortages of prescription drugs and growing government initiatives will further escalate the region growth.

Some of the key players are Institutional Pharmacy Solutions, Fagron, Compounding Pharmacies, B. Braun Melsungen AG Company, Triangle Lorraine’s Pharmacy and Cantrell Drug Company. The strategic initiatives adopted by these companies include new product launches, acquisitions, mergers and partnerships. In 2018, Carrollwood Compounding Center and Pharmacy launched to assist patients suffering from sjogren’s syndrome and dry eye by producing eyedrops prepared from a patient’s own blood. This will help the company in expansion of their service portfolio and sustaining its market position.

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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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