Compounding Pharmacy Market - Growth, Trends, Covid-19 Impact, And Forecasts (2022 - 2027)

Market Overview

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).

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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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