Market Trends of Compounding Pharmacy Industry
Pain Management Segment is Expected to Dominate the Market During the Forecast Period.
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. Increasing accidental cases, high burden of 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 in September 2021, Chronic pain costs about USD 635 billion yearly to the United States, which is greater than the annual costs of diabetes, cancer, and heart diseases. Compounding pharmacies provide drugs for effective pain management tailored for specific patients. Thus, chronic pain management is expected to contribute to the market's growth during the forecast period.
Nonsteroidal Anti-Inflammatory Drugs (NSAIDs), anticonvulsants, antidepressants, topical analgesics, and opioids are the major classes of drugs that doctors prescribe for chronic pain management. Nonsteroidal anti-inflammatory drugs are available by prescription to relieve fever and pain. However, certain side effects are associated with these medications, including stomach irritation, unpleasant side effects, and unwanted flavor/route of administration. Compounding pharmacies provide alternate methods to ease consumption and cope with the side effects. Such an advantage of compounding pharmacy is expected to accelerate market growth.
North America is Expected to Hold Major Share in the Market during the Forecast Period
The compounding pharmacy industry in North America is expected to hold a significant market share 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) in October 2021, about 56,000 compounding pharmacies were operating in the United States, of which 7,500 pharmacies provide advanced compounding services.
Several organizations are interested in the compounding pharmacy business across the United States, which is believed to contribute to the market growth. For instance, in March 2021, Osceola Capital, a lower middle-market private equity firm, announced the formation of Revelation Pharma Corp. to pursue investments and partnerships across the pharmacy compounding market in partnership with industry executives.
Similarly, in August 2021, Empower Pharmacy, a premier compounding pharmacy and FDA-registered outsourcing facility, announced its new branch opening in Houston, United States. Approximately USD 55 million was spent on this facility to enhance access to affordable and innovative pharmaceutical solutions in the North American region. Therefore, owing to the developments mentioned above in the compounding pharmacy business, the market studied is believed to witness strong growth in the region.
