The compounding pharmacies market has evolved significantly in recent years with compounding pharmacies manufacturing customized medicines according to the medical needs of patients. Compounding pharmacies formulate customized medications for specific patients as per prescription from the physicians for conditions that may not be officially approved drugs or if the patient suffers from an allergy or condition that an allergens added to regular medicines. Compounding pharmacies play an important role in offering medicines to patients suffering from rare medical conditions or diseases for which conventional commercially manufactured drugs may not be available.
The Global compounding pharmacies market is estimated to be valued at US$ 12332.38 Bn in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in The Compounding Pharmacies Market are Infosys Limited, SAP, HCL, EXL, Atos SE, Accenture, Genpact, IBM Corporation, Oracle Corporation, Cognizant, Capgemini SE, and Tata Consultancy Services Limited and Others. These key players are focusing on adopting advanced technologies like artificial intelligence and machine learning to better optimize compounding processes.
The increasing incidence of rare and orphan diseases across the globe coupled with lack of commercially available FDA-approved drugs for such conditions is creating significant growth opportunities for compounding pharmacy providers. Compounding pharmacies are increasingly expanding their global footprint to address the unmet medical needs of patients suffering from rare conditions. For instance, major players are establishing facilities across different geographies and enhancing their online presence to cater to international markets.
The COVID-19 pandemic has further augmented the demand for customized compounding services as patients require formulations not commercially available for conditions exacerbated by COVID infections. The growing geriatric population base also suffering from multiple chronic illnesses also demands customized medicine formulations catered by compounding pharmacies.
Market drivers:
Growing prevalence of rare and orphan diseases globally lacking FDA-approved treatment options is a major market driver as compounding pharmacies fill this unmet need by formulating customized medications. According to the National Organization for Rare Disorders, over 25-30 million Americans suffer from at least one rare disease out of a total of over 7000 identified rare diseases. This growing patient pool drives demand for compounding pharmacy services.
Market restraints:
Stringent regulations pertaining to safety, sterility and quality of compounded medications vary between countries and states posing challenges for global expansion of compounding pharmacies. Lack of clear guidelines and oversight in some countries/regions also raise quality concerns inhibiting market growth.
Segment Analysis
The compounding pharmacies market can be segmented based on product type which include oral medications, topical medications, suppositories and many more. Oral medications dominate the market with a share of around 45% as most of the prescriptions require medications in oral solid dosage forms like tablets, capsules. This is because oral route is the most convenient way of drug administration.
Global Analysis
Regionally, North America dominates the compounding pharmacies market with a share of over 50% due to the high prevalence of chronic diseases requiring customized medications in the region. The United States accounts for the largest market in the North America region due to growing geriatric population, increasing demand for personalized medicines, and rising awareness about compounding pharmacies. Europe is the second largest market for compounding pharmacies owing to increasing research and development activities related to compound drugs. The Asia Pacific region is expected to witness the highest growth rate during the forecast period due to growing healthcare infrastructure and rising medical tourism in the region.
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