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.
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.
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.
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.
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.
Compounding Pharmacies Market - Scope of the Report
Persistence Market Research (PMR) recently published a market study on the global compounding pharmacies market. The study provides detailed assessment of key market dynamics, including the drivers, trends, opportunities restraints, and detailed information about the compounding pharmacies market structure. The market study presents exclusive information about how the compounding pharmacies market will grow during the forecast period (2020-2030).
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market and compound annual growth rate (CAGR) are explained in PMR’s study in a comprehensive manner. Other information includes definitions, drivers, and opportunity analysis by region and by product, which helps in the deep understanding of the market segment details by researchers, suppliers, manufactures, and distributors. This information can help readers understand the quantitative growth prospects of the compounding pharmacies market during the forecast period.
The study is relevant for manufacturers, physicians, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Business researchers, shareholders, and industry experts can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to the macroeconomics factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the compounding pharmacies market. Furthermore, small businesses and new entrants in the compounding pharmacies market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
PMR’s study on the compounding pharmacies market offers information divided into four important segments—product type, application, therapeutic area, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Segments of Compounding Pharmacies Market
Questions Answered in PMR’s Compounding Pharmacies Market Report
Compounding Pharmacies Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the compounding pharmacies market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the compounding pharmacies market study include statistics from government healthcare organizations, medicines journals, research journals, press releases, annual reports, white papers, directories, and databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as validation from companies in the compounding pharmacies market, and makes PMR’s projections on the growth prospects of the compounding pharmacies market more accurate and reliable.