The global compounding pharmacies market is estimated to reach USD 16.17 billion by 2028, at a CAGR of 5.9% during the forecast period from 2021 to 2028. Increasing the life expectancy of an individual across the world following with huge acceptance from the developing region of the world is considered one of the major driving factors which promote the growth of the market. In addition, the aging population coupled with multiple benefits of compounding pharmacies also assists in propelling the growth of the market. However, lack of medical professional in the developing countries is one of the major restraining factors which inhibit the growth of the market, whereas, high-cost of medical equipment is also the current factor which industry face in the daily basis. Nonetheless, ongoing research and development in the field of compounding pharmacies following by increasing demand for medicine will bring huge growth opportunities during the forecasted year.
Although pharmacists at regular dispensing pharmacies are capable of compounding, they often do not engage in routine compounding either because they do not have enough time or there is no proper equipment for complicated formulas or dosage forms. Compounding pharmacists have more expertise, access to more sophisticated equipment, and more experience in creating drugs. Some of the major reason to manipulate the drug or chemicals includes the non-availability of the dosage form, some drugs carry fast disintegration rate, the specific need of the patients and various others. At present compounding pharmacies are irreplaceable. It also assists in reduces side effects and improves communication between patients, pharmacists, and doctors, both of which factors improve patient compliance.
Recent pandemic of Covid 19 alert the Food and drug administration. FDA is working keenly to provide guidance to states and compounders on issues associated with compounding drugs during the COVID-19 pandemic.
On the basis of product type, the compounding pharmacies market is classified into seven types which include oral, otics, topical, suppositories, injectables, ophthalmic and others. Oral medication segment captured the largest market share in the year 2020. The growth is contributed to maximum preference given to the oral dosage form over the other. Mostly practitioner prefer to prescribe oral dosage form over parenteral. Furthermore, large number of disorder/diseases is currently being treated with oral drugs. The same segment will expected to grow with a CAGR of 6% during the forecasted year.
Based on therapeutics, the compounding pharmacies market is classified into hormone replacement, pain management, dermatology, specialty drug, nutritional supplement and others. Pain management accounts for the largest segment and accounts for more than 30% of the market share in the year 2020. The major contributing factor for the growth is the high demand from the end-user market. The pain management is a branch of medicine that deals with treatment of Pain of multiple causes. Pain considered as one of the most cost symptoms of the multiple disorders. Number of patients with multiple disorders often shows the symptoms of chronic pain. Compound medicine provides an alternative assistance for the management of the pain in the better way.
Compound hormones are the custom made hormones prepared in the form of spray, pills, and suppositories by compounding pharmacy. These hormones are designed to offer higher efficacy and avoid allergy caused regular hormones
Growth of this market is contributed due to increasing awareness, coverage under insurance policies following with the rising geriatric population. Home healthcare services include a wide variety of things which include vaccination, blood pressure monitoring, and various other services. The major focus of these services is to energizing the elder lives by providing extra physical, mental, and social supports. The rising growth of home healthcare services will further assist in the growth of the community and facilities-based support services.
Based on Application, market is classified into three Adult, Pediatric, Geriatric and Veterinary. Adult segment hold the largest market share in the year 2020. The growth is mainly attributed due to high percentage of adult segment shares in over all global population. It is estimated that the adult accounts more than 33% of the total market share in the year 2020. The same segment will grow at a highest CAGR% during the forecasted year from 2021 – 2026.
On the basis of distribution channel, the global compounding pharmacies market is classified into three types Hospital Pharmacies, Compounding Pharmacies and Others. At present, Hospital segment hold the largest market share both in terms of volume and revenue generation. In hospital segment, public hospital is the major contributors followed by private and specialty hospitals. General public opt for the hospitals more compared to the private clinic. The same segment will create the huge growth opportunities within the forecasted year. The geriatric population of the countries considered the neediest consumer for the compounding pharmacies.
Adroit Market Research report on global compounding pharmacies market gives a holistic view of the market from 2018 to 2028, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2018 to 2019, with the base year of estimation as 2020 and forecast from 2021 to 2026. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global compounding pharmacies market have been studied in detail.
The global compounding market is classified into five regions, which include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The United States of America holds the largest market share in the year 2020. North America market contributing more compared to other regions. Advanced healthcare infrastructure, government keen interest is considered as one of the major driving factors for the growth of the market. In Europe, the countries like Germany, France, and The UK hold the largest market share due to increasing chronic illness followed by rising geriatric population.
The major players operating in the global compounding pharmacies market include but are not limited to 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. Proliferation of local manufacturers is also significant in this market, thus intensifying the prevalent competition.
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