Compounding refers to the process of preparing medications either from scratch or by combining different medications to suit the needs of individual patients. Compounding is typically carried out in specialized pharmacies, which make medications based on a doctor’s prescription. There are several reasons why compounded medications are prescribed for a patient; these could range from flavor and dosage adjustment, preparation of dosages that are not available commercially, or to address issues such as hypersensitivity to substances contained in commercial formulations. However, one of the strongest factors that will aid the growth of compounding pharmacies market is a concept referred to as ‘medicinal drought.’ This refers to a shortage of medicines indicated for various diseases and conditions. According to recent reports, in the United States alone, there is a shortage of about 300 drugs indicated for various types of diseases.
The findings of a recent report published by Persistence Market Research corroborate these trends. The report says that the global compounded drug market will log a 6% CAGR between 2015 and 2021 to rise to US$9.7 Bn by 2021. The market’s expansion and growth will stem from a growing demand for compounded drugs, especially where critical drugs are lacking in supply or are not available in the desired formulation on the market.
Need for Personalized Medicine and Sub-therapies to Leading to Elevated Demand for Compounding Pharmacies
The healthy growth rate of the global compounding pharmacies market will occur as a result of the growing demand for personalized medications and sub-therapies. The growing demand for anti-ageing products will augur well for the growth and expansion of the global compounding pharmacies market as many of these products rely on the use of personalized, compounded drugs. The growing acceptance of sub-therapeutic areas will be yet another factor contributing to the growth of compounding pharmacies. Bio-identical hormone replacement therapy is an example of a sub-therapeutic area where compounded drugs can play a pivotal role in treatment.
Moreover, scenarios where drug administration using customary methods is difficult also call for the use of compounded drugs in custom dosage forms. However, the forward surge of the global compounding pharmacies market will likely be restrained to some degree by the restrictions imposed by regulatory authorities. Moreover, most compounded drugs are not eligible for reimbursement by pharmaceutical benefits agencies and this could deter patients from opting for compounded drugs.
Asia Pacific offers Strong Scope for Growth of Compounding Pharmacies, Compounded Drugs for Pain Management in High Demand
The densely populated countries in Asia Pacific have shown a progressive increase in the demand for drugs. This has created an opportunity that can be monetized by compounding pharmacies. The demand for customized and personalized pain management drugs is especially high in Asia Pacific. According to Persistence Market Research’s study, countries such as Singapore, especially, will report double-digit growth. However, standardization is the need of the hour in not just the growth markets of Asia Pacific, but also in developed markets. The other region that presents a massive opportunity is Europe, where sales and growth will both be stable.
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