The global compounding pharmacies market is estimated to reach USD 16.17 billion by the end of 2028. The increasing patient load is one of the major factors for the growth of the market. Increasing geriatric population coupled with improved life expectancy is also considered as one of the driving factor for the growth of the market. In addition, increasing awareness regarding the benefits of compound pharmacies is considered as one of the major factors for the growth of the compounding pharmacies market. Furthermore, increasing adoption rate in emerging economies assist in the growth of the driving factors. However, the high cost of the execution coupled with limited skilled workforce for compounding pharmacies is considered as one of the restraining factors which directly affect the growth of the market. Nonetheless, developing countries and untapped market of Asia Pacific will bring the huge growth opportunities within the forecasted year.
The compounding pharmacies provide customized solutions of medicine to the patients. It assists patients with the better treatment option compared to the regular manufactured medicine. Recent, technological advancement leads the pharmacist to provide a customized solution for the patients. Compounding pharmacies are certified and run by licensed pharmacists. The preparation is only made by the registered pharmacist directed by the physician.
The recent pandemic of COVID 19 abrupt the medical market sharply. The food and drug administration (FDA) prepared the SHARP guideline for the compounding of drugs.
The major players operating in the global compounding pharmacies market include but are not limited to Amerisource Bergen, Rx3 Pharmacy, Agbi’s Sterile Compounding Pharmacy LLC, B. Braun Medical Inc., Cantrell Drug Company, Inc., Belle Sante Diagnostic & Therapeutic Institute Pvt. Ltd., Village Sterile Compounding Pharmacy, Imprimis Pharmaceuticals, Inc., Institutional Pharmacies Of Louisiana LLC, Lorraine's Pharmacy, McGuff Sterile Compounding Pharmacy Services, Inc., Panaceutics Inc., Pencol Compounding Pharmacy, Fagron, ITC Compounding Pharmacy, SCA Pharmaceuticals, Wedgewood Pharmacy, Fresenius Kabi, Dougherty's Holdings, Inc. among others..
Compounding Pharmacies Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 16.17 billion|
|Growth Rate||CAGR of 5.9% during 2021-2028|
|Segment Covered||Product Type,Therapeutics, Application,Distribution Channel, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Key Players Profiled||Brookdale Senior Living Solutions, Sunrise Senior Living, EXTENDICARE, Capital Senior Living, Diversicare, Home Instead, Inc., Senior Care Centers, Amedisys, Lincare Holdings Inc, Atria Senior Living, Inc and Others|
Key Segments of the Global Compounding Pharmacies Market
Product Type Overview, 2018-2028 (USD Billion)
Therapeutics Overview, 2018-2028 (USD Billion)
- Hormone Replacement
- Pain Management
- Specialty drug
- Nutritional supplement
Application Type Overview, 2018-2028 (USD Billion)
Distribution Channel Overview, 2018-2028 (USD Billion)
- Hospital Pharmacies
- Compounding Pharmacies
Regional Overview, 2018-2028 (USD Billion)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
Reasons for the study
- Growing Geriatric/Elderly aged population, Fatalities caused by pre manufactured medicine
- People from hormonal disorder
- Need for the medical facilities required for compounding pharmacies
- To understand the beneficiary effect of Compounding Pharmacies
What does the report include?
- The study on the global compounding pharmacies market includes qualitative insights such as drivers, restraints, challenges and opportunities
- Additionally, the market has been evaluated using the Porter’s five forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of product type, therapeutic type, end-user type and distribution channel type. Moreover, the study on compounding pharmacies market provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players operating in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global compounding pharmacies market is suitable for all the market players dealing health disorders
- Venture capitalists and investors looking for more information on the future outlook of the global compounding pharmacies market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global compounding pharmacies market
The compounding drug is an alternative to the regular drug. The Food and Drug Administration (FDA), maintains the list of compounded drugs as a "new drugs" under the FD&C Act. The compounded pharmacies market will show the lucrative growth during the forecasted year. Increasing aging population, custom prescription, advanced healthcare facilities, are some of the basic contributing factors which promote the growth of the market. Oral segment is the most dominat segment of the compounding pharmacies market.
The compounding drug is an alternative to the regular drug. The Food and Drug Administration (FDA), maintained the list of compounded drugs as "new drugs" under the FD&C Act. The compounded pharmacies market will show lucrative growth during the forecasted year. The increasing aging population, custom prescription, advanced healthcare facilities, are some of the basic contributing factors which promote the growth of the market. The oral segment is the most dominated segment of the compounding pharmacies market.
In terms of therapeutic type, compounding pharmacies is classified into Hormone Replacement, Pain Management, Dermatology, Specialty drug, Nutritional supplement and Others. As per the study it is estimate that almost 10% of the world population suffering from chronic pain, and 25% to 30% in some countries. Pain management hold the largest market share in the year 2020 followed by hormonal treatment. Rising chronic pain cases in the elderly age population seem to driving the growth of the market. Sedentary life style among adult is also considered as a major source of pain that’s leads to pain management demand.
In terms of end-user type, the market has been classified into four types adult, pediatric, geriatric, and veterinary. The adult segment contributes the largest market share in the year 2020. According to the Statista, the adult population contributes 65% of the total world population. The adult population is the major contributing factor that promotes the growth of the market. Furthermore, the increasing elderly population of females in Europe holds the largest market compared to others. In fact, the number of Americans aged 65 or older will nearly double to reach 95 million by 2060. Compounding pharmacies assist in designing the medicine as per the need of the patients.
In terms of distributor type, the market has been classified into three types: hospital pharmacies, compounding pharmacies, and others. Hospital pharmacies are the most vibrant segment for the compounding pharmacies market in the year 2020. The same segment will grow at the highest CAGR% during the forecasted year. The number of people visiting the hospitals with multiple disorders compares to more than others healthcare centers. Compounding pharmacies are widely practiced in hospitals. Public hospitals dominate the market compared to private and specialty hospitals.
The global report of the compounding pharmacies market classified the market into five regions, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominates the global compounding pharmacies market. Europe holds the second largest market share after North America. Advanced healthcare facilities, awareness, availability of skilled workers are considered as some of the major contributing factors which promote the growth of the market. Asia Pacific market will grow at the highest CAGR% within the forecasted year. Penetration of advanced technology is the major factor that gives rise to the usage of compounding pharmacies in the region. In Latin America, Brazil holds the largest market in the region.