An increase in the number of dispensed prescriptions globally is leading to the significant growth of the compounding pharmacies industry. People across regions are suffering from diseases that require specialized formulations.
Hence, compounding pharmacies are working on introducing new formulations that are effective in treating various diseases. However, hiring specialized workforce consisting of pharmacists and lab technicians is one of the biggest challenges being faced by the compounding pharmacies market.
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- Fresenius Kabi AG
- PharMEDium Services, LLC
- Institutional Pharmacy Solutions
- Cantrell Drug Company
- Lorraine’s Pharmacy
- B. Braun Melsungen AG
Compounding Pharmacies Market Trends
Increased Patient Visits to Physicians Boosting Demand: Companies operating as compounding pharmacists are also supplying customized drugs to patients who are not able to get results by consuming commercially available drugs. Also, compounding pharmacies are efficiently manufacturing drugs in a sterile environment.
This, during the time of shortages, will boost the supply contracts of compounding pharmacies with healthcare providers. New regulations are also being introduced in the compounding pharmacies industry worldwide to deal with the problem of contaminated drugs and wrong formulations. Increasing number of patients visiting physicians to address chronic illnesses is resulting in higher consumption of prescribed medicines, thus, expanding the global compounding pharmacies market size.
Oral Medication Witnessing High Sales: In the global compounding pharmacies market, oral medication is likely to account for the highest sales during the forecast period. Under oral medication, capsules, mixtures, lozenges, tablets, and lollipops will witness substantial growth over the coming years. Increasing number of patients prefer medicines through the oral route, and this is likely to drive the demand for oral compounded prescribed medication.
However, rise in drug failure rates during the drug discovery and formulation process is expected to hamper the market growth for oral medication. Companies are also hiring and providing training to pharmacists to mix ingredients and create the perfect medication prescribed to individual patients.
Moreover, oral medication is convenient and economical; the oral route is safe as it is non-invasive, and administration requires no special training. However, oral medication has increased risk of drug-food and drug-drug interaction, which can adversely affect the health of a patient.
Rise in Hormone Replacement Therapy to Fuel Demand for Compounded Drugs: Compounded hormone replacement therapy is gaining popularity in restoring and balancing hormones in the body. Compounding or creation of drugs meeting the specialized needs of individual patients is on the rise. In recent years, increasing number of people have shown a positive attitude toward hormone replacement therapy.
This is driving the demand for compounded drugs in hormone replacement therapy. Research activities are also being conducted to discover the most effective delivery method of compounded drugs for patients undergoing hormone replacement therapy, to avoid certain risks. Hormone replacement therapy is being prescribed to treat various conditions, especially in women, including pre-menstrual syndrome, weight gain, irregular menstrual cycle, and other conditions. The biggest advantage of compounded hormone replacement therapy is that it can fit each individual’s hormone levels and body.
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Regional Analysis of Compounding Pharmacies Market
North America is projected to dominate the global compounding pharmacies market share in 2020, holding a two-third share of the global market. Asia Pacific is expected to see increased demand, driven by the promotion of innovative therapies and product formulations by major players in the market. Singapore and Australia are the two major growth promoting countries for compounding pharmacies in Asia Pacific.
Increase in demand for drugs prone to medicinal drought, personalized dosages, and innovative therapeutic areas is expected to boost overall demand for compounding pharmacies, worldwide. Upcoming regulatory harmonization and the need for manufacturing facilities to adhere to good manufacturing practices listed under the U.S. and EU pharmacopeias are set to standardize the compounding pharmacies market.
Compounded drug manufacturers in Australia have been mandated to adhere to rules listed under the Australian Therapeutic Goods Administration (TGA). Latin America and Europe are subsequent lucrative destinations in the global compounding pharmacies market space.
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Competitive Landscape of Compounding Pharmacies Market
Key market players covered in the report on the compounding pharmacies market include B. Braun Melsungen AG Company, Fagron, PharMEDium Services LLC, Institutional Pharmacy Solutions, Cantrell Drug Company, Triangle Compounding Pharmacies, Lorraine’s Pharmacy, and Fresenius Kabi AG.
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COVID-19 Impact Analysis on Compounding Pharmacies Market
Emergence of highly transmissible respiratory pathogens requires high standards of treatment and management of infected patients. Also, considerable time is required for the development and commercialization of effective preventive and treatment options for COVID-19 infections such as vaccines or antiviral therapeutics.
The compounding pharmacies market is expected to experience short-term negative growth owing to sharp reduction in demand for compounding pharmacy-based medical products, due to decline in physician visits and hospitalization rates.
For instance, as per a U.S. study, acute coronary syndrome hospitalizations reduced by 11%, and transient ischemic attacks or atrial fibrillation hospitalizations were 30% lower.
The value of the global compounding pharmacies market is set to more than double over the forecast period of 2020 to 2030. Oral medications will continue to be the most preferred type across the world, as they are cheaper and easier for administration purposes. Stakeholders in the compounding pharmacies market can focus on North America, which holds two-third of the market value share.
Key Segments of Compounding Pharmacies Market
Questions Answered in PMR’s Compounding Pharmacies Market Report
- Which regions will continue to remain the most profitable regional markets for compounding pharmacies market players?
- Which factors will induce a change in the demand for compounding pharmacies during the assessment period?
- What are the different opportunities available for emerging players in the compounding pharmacies market?
- How are supply-side and demand-side drivers impacting the compounding pharmacies market?
- How will changing trends impact the compounding pharmacies market?
- How can market players capture the low-hanging opportunities in the compounding pharmacies market in developed regions?
- Which companies are leading the compounding pharmacies market?
- What are the winning strategies of stakeholders in the compounding pharmacies market to upscale their position in this landscape?