|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The compounding pharmacy market is projected to register a CAGR of 6.5% during the forecast period.
COVID-19 significantly impacted the compounding pharmacy market as many people with chronic conditions faced difficulties obtaining their medicines due to closed medical offices and imposed government lockdown in several countries. Several compounding pharmacies started an easy and secure way for patients to transfer their compound prescriptions online and receive medicine at their doorstep. Such technological up-gradation in compounding pharmacy practices and the gap in demand & supply during a pandemic are key factors driving the market’s growth.
The growing geriatric population and increasing awareness and demand for personalized medicines worldwide are some of the key driving factors of the market. For instance, per the statistics published by the Organisation for Economic Co-operation and Development (OECD), the global geriatric population increased from 7.5 percent to 9.3 percent of the total population during 2010-2020. The senior population is more prone to suffer from chronic, complex, and multiple diseases at the same time, such as cardiovascular diseases, cancer, multiple sclerosis, and urine incontinence that need personalized treatment. Hence, to treat complex diseases in the geriatric population, demand for compounding pharmacy is expected to increase, thereby driving the compounding pharmacy market over the forecast period.
Additionally, the shortage of drugs in the United States and Europe is further likely to accelerate the compounding pharmacy market growth in these regions. According to the United States Food and Drug Administration (U.S. FDA), the United States has been facing a drug shortage problem for the last few years. The COVID-19 outbreak further worsens this scenario in the country. This shortage is due to supply chain disruption, delays & discontinuation in the manufacturing processes, quality issues, and difficulties in purchasing raw materials. Hence, drug shortage further creates opportunities for compounding pharmacies in the industry, thereby propelling the market’s growth during the forecast period.
Scope of the Report
As per the scope of this report, a compounding pharmacy is a formulation of personalized or custom pharmaceutical products that are unique to the patient's needs and generally not available commercially. The Compounding Pharmacy Market is segmented by Therapeutic Area (Pain Management, Hormone Replacement, Dermal Disorders, Nutritional Supplements, Other Therapeutic Areas), Route of Administration (Oral, Topical, Parenteral, Other Routes of Administration), End User (Humans, Veterinary), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America).
|By Therapeutic Area|
|Other Therapeutic Areas|
|By Route of Administration|
|Other Route of Administrations|
|By End User|
Key Market Trends
Pain Management Segment is Expected to Dominate the Market
The pain management segment is expected to account for the largest share of the market owing to the large patient base suffering from chronic pain from various diseases and the presence of a generic market. Increasing accidental cases and growing cancer and chronic pain cases are key factors responsible for the growth of the pain management market. For instance, according to the data published by the Health Economists, Chronic pain costs about USD 635 billion every year to the U.S., which is greater than the annual costs of diabetes, cancer, and heart diseases.
Nonsteroidal Anti-Inflammatory Drugs (NSAIDs), anticonvulsants, antidepressants, topical analgesics, and opioids are the major classes of drugs that doctors prescribe for chronic pain management. Many people have stomach irritation, unpleasant side effects, and unwanted flavor/route of administration while consuming the commercially available medication, and compounding pharmacies provide alternate methods to ease consumption. Such an advantage of compounding pharmacy is expected to accelerate the market growth.
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North America is Expected to Dominate the Market during the Forecast Period
The presence of several compounding pharmacies, high adoption among people, and scarcity of many drugs are key factors for market growth. According to the statistics published by the International Academy of Compounding Pharmacists (IACP), there are currently about 56,000 compounding pharmacies operating in the United States, out of which 7,500 pharmacies provide advanced compounding services.
The United States Food and Drug Administration (FDA) provides guidelines for maintaining the quality of medications. Additionally, there are laws & regulations by the individual state for the operation of a compounding pharmacy. Hence, these regulations help gain patients' confidence in compounding pharmacies and are expected to create more demand for compounding pharmacies during the forecast period.
However, the requirement of huge investment to establish a well-equipped compounding pharmacy is expected to restrain the market growth.
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The compounding pharmacy market is highly fragmented and competitive. B. Braun, Athenex Pharma Solutions, Fresenius Kabi, Clinigen Group PLC, Dougherty's Pharmacy, Inc., Lorraine's Pharmacy, Nephron Pharmaceuticals Corporation, Rx3 Compounding Pharmacy, Institutional Pharmacy Solutions, Mcguff compounding pharmacy services, Pencol Compounding Pharmacy, ITC Compounding Pharmacy, and Valor Compounding Pharmacy are some of the key compounding pharmacies in the market.
· In April 2021, Partners Group acquired most of the share of Wedgewood Pharmacy, one of the largest veterinary compounding pharmacies in the United States, from its client, New Harbor Capital.
· In December 2020, Chewy, Inc. expanded its pharmacy business to compound medications for pets.
· In January 2020, the United States Food and Drug Administration (FDA) opened a Compounding Quality Center of Excellence to provide educational tools to assist pharmacies in providing reliable compounded drugs by fulfilling all regulatory standards.
Table of Contents
1.1 Study Assumptions & Market Defination
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand of Personalized Medicine
4.2.2 Shortage of Drugs and Rising Geriatric Population
4.3 Market Restraints
4.3.1 Lack of Skilled Compounding Pharmacists
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value – USD million)
5.1 By Therapeutic Area
5.1.1 Pain Management
5.1.2 Hormone Replacement
5.1.3 Dermal Disorders
5.1.4 Nutritional Supplements
5.1.5 Other Therapeutic Areas
5.2 By Route of Administration
5.2.4 Other Route of Administrations
5.3 By End User
5.4.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
5.4.5 South America
18.104.22.168 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 B. Braun Medical Inc.
6.1.2 Fagron NV
6.1.3 Fresenius Kabi
6.1.4 Wedgewood Pharmacy
6.1.5 Clinigen Group PLC
6.1.6 Dougherty's Pharmacy, Inc.
6.1.7 Lorraine's Pharmacy
6.1.8 Rx3 Compounding Pharmacy
6.1.9 Institutional Pharmacy Solutions
6.1.10 Mcguff compounding pharmacy services
6.1.11 Pencol Compounding Pharmacy
6.1.12 ITC Compounding Pharmacy
6.1.13 Valor Compounding Pharmacy, Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Compounding Pharmacy Market market is studied from 2019 - 2027.
What is the growth rate of Global Compounding Pharmacy Market?
The Global Compounding Pharmacy Market is growing at a CAGR of 6.5% over the next 5 years.
Which region has highest growth rate in Global Compounding Pharmacy Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Compounding Pharmacy Market?
North America holds highest share in 2021.
Who are the key players in Global Compounding Pharmacy Market?
B. Braun Medical Inc. , Fresenius Kabi , Wedgewood Pharmacy , Clinigen Group PLC , Fagron NV are the major companies operating in Global Compounding Pharmacy Market.