Custom Requirements Boost Compounding Pharmacies Market
Published On : Mar 08, 2016
Compounding pharmacies make medications that are prescribed by doctors but are not available commercially as they are patient-specific. Compounding pharmacies make drugs that have a customized and specific dosage and form, without containing any of the ingredients which the patient may be allergic to or which may cause harm to the patient. Compounding pharmacies alter, combine, or mix active pharmaceutical ingredients so that they meet the requirements as prescribed by the doctor for a patient. Compounding pharmacies are prepared only from prescriptions provided by physicians, including a combination of two or more drug ingredients in varied quantities, tailored to suit the patient.
Although most regulatory agencies do not guarantee the safety and effectiveness of compounded drugs, the compounding pharmacies market is expanding at a CAGR of 6% for the period 2015 to 2021, according to a report published by Persistence Market Research (PMR.) The global market for compounded drugs is anticipated to reach a value of US$9.7 bn by 2021, owing its growth to compounding pharmacies providing relief and their easy availability at community pharmacies. Their availability in varying forms such as capsules, mixtures, creams, gels, lotions, and ointments is making it very convenient for patients from any age group to purchase them. For instance, since an infant cannot be expected to swallow a pill, producing a syrup comprising of the same ingredients is helpful for the baby.
Shortage of Drugs Boosts Compounding Pharmacies Market
As per the report by PMR, the U.S. faces a shortage of more than 300 drugs required to treat various illnesses and ailments. This shortage is proving to be a driving factor for the market for compounding pharmacies, since more and more patients do not get the drugs they want from commercial drugstores. Thus, doctors prescribe compounded drugs when patients are in need of critical drugs to improve their condition.
Increasing Demand for Anti-aging Products Drives Compounding Pharmacies Market
Today, people all across the globe are very concerned about their looks and appearance. The wish to have younger looking, wrinkle-free, and healthier skin is common among the middle-aged and geriatric demographics. A variety of anti-ageing products make use of custom compounded drugs, thus driving the compounding pharmacies market. Compounding drugs also find their application in bio-identical hormone replacement and other such sub-therapeutic areas.
Asia Pacific Anticipated to Contribute the Most to Global Compounding Pharmacies Market
The Asia Pacific regional market is anticipated to exhibit healthy growth during the period from 2015 to 2021 due to the growing adherence of local compounding pharmacies to international standards and the growing regulatory harmonization, especially in countries such as Singapore. Compounding drugs for management dominates the region.
Europe follows Asia Pacific in terms of being a lucrative market for compounding pharmacies. Europe is anticipated to exhibit a stable and healthy CAGR for the forecast period from 2015 to 2021.
Regulatory Overhauls to Enable Consolidation of Compounding Pharmacies Market in North America
Even though North America is the largest market for compounding pharmacies, the growth of the regional market may be hampered due to the growing interference by the regulatory bodies. Compounded drugs are unapproved by the FDA and past cases of drug contamination, which led to the death of 50 people and affected 700 more, have forced regulatory bodies to make stringent rules, which may help consolidate the compounding pharmacies market.
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