Compounding pharmacies produce personalized medicines that can be altered by dosages, medicinal strengths, forms, and medium of administration, under the guidance of licensed pharmacists and physicians. The market for compounding pharmacies – though shrouded by regulatory restrictions and product quality conformations – presents a lucrative opportunity, as compounded drugs offer ease of accessibility, affordability, and administration to potential customers.
According to the latest market report published by Persistence Market Research on the global compounding pharmacies market, this industry is set to more than double its value over the next ten years, and cross US$ 19 Bn by 2030-end.
Key Takeaways from Compounding Pharmacies Market Study
- Among the therapeutic segments, compounding pharmacies find the largest application in the pain management industry, followed by hormone replacement therapy and others. The hormone replacement therapy segment is expected to gain traction in the near future, due to increasing demand for anti-ageing solutions.
- Growing demand for high-quality dermatological products is also influencing manufacturers to opt for better quality active pharmaceutical ingredients and maintain a sterile microbial contamination-free manufacturing space. Creams and gels are the most popular products in dermatology, followed by transdermal application products, largely popular in tropical countries.
- By application, the compounding pharmacies market is segmented into medications for adults, children, and geriatric population, along with veterinary drugs. Medications for the adult segment are expected to dominate the overall compounding pharmacies market by the end of the forecast period. However, veterinary compounded drugs are also gaining traction, as these drugs are available in alternate forms and in varying strengths that are not commercially available.
“Due to the rampant spread of COVID-19 across the world, physician visits and hospitalization for other reasons have seen a sharp decline. As a result, the global compounding pharmacies market will experience short-term negative growth over these months,” says a PMR analyst.
What Does the Future Hold?
The use of compounded drugs has been increasing at 3–6% globally, driven by shortage of essential medicines for critical diseases such as cardiovascular disease, cancer, diabetes, Lyme disease, and tuberculosis. This prompts the use of readily-available compounded medications, be it from a registered or unregistered facility, improves instant accessibility to drugs. Medicinal drought is more prominent in the U.S. as compared to other regions. The global compounding pharmacies market is set for decent growth due to factors such as upcoming products and therapeutic areas, diversification of services, increasing FDA compliance, rising incidence of medicinal drought of prescription medications, upsurge in demand for topical drugs, and the availability of these drugs in alternate dosage forms and combined formulations.
What Else is in the Report?
Persistence Market Research offers a unique perspective and actionable insights on the compounding pharmacies market in its latest study, presenting historical demand assessment of 2015–2019 and projections for 2020–2030, based on product type (oral medication, topical medication, mouthwashes, and suppositories), application (medication for adults, medication for veterinary, medication for children, and medication for geriatrics), and therapeutic area (pain management and hormone replacement therapy), across seven key regions.
For additional insights on how the growth of the compounding pharmacies market will unfold over the next decade, write to the analyst at firstname.lastname@example.org
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