Prescription Drug Compounding Is The Largest Segment Driving The Growth Of Compounding Pharmacies Market
The global Compounding Pharmacies Market is estimated to be valued at US$ 10,705.19 Mn or $10 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Compounding pharmacies combine, mix, or alter ingredients to create customized medications for patients based on a valid prescription from a doctor. They provide medications for conditions that aren't treated by traditional FDA-approved commercial products or for individuals who may be unable to take certain product formulations.
Market key trends:
One of the key trends in the compounding pharmacies market is the increasing demand for customized medications. A large number of patients require specialized medications not available in commercial drug products to treat rare or complex conditions. Compounding is important for patients who cannot ingest pills, need medications delivered via non-oral routes, require flavors to be added, or need specific doses not supplied by manufacturers. It allows for the production of medications tailored to an individual's unique needs. This demand is expected to steadily rise over the forecast period thus driving the growth of the compounding pharmacies market.
Market key trends:
One of the key trends in the Global Compounding Pharmacies Market is the shift towards personalized medication. Every individual responds differently to drugs due to factors such as genetics, diet, other medications being taken etc. Compounding pharmacies formulate customized medications according to an individual's specific needs and medical condition. This improves efficacy and minimizes side effects. The ability of compounding pharmacies to create medications tailored to an individual is expected to drive its demand over the forecast period.
SWOT Analysis
Strengths: Ability to customize medications as per patient needs. Reduces side effects by creating individualized doses.
Weaknesses: Smaller economies of scale than large pharmaceutical companies. Higher costs of operations compared to mass producers.
Opportunities: Expand into new therapy areas. Growing geriatric population prone to chronic diseases increases patient pool.
Threats: Stringent regulations surrounding safety and quality standards increase compliance costs. Patents expiring on blockbuster drugs increases generic competition.
Key Takeaways
The global compounding pharmacies market is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing prevalence of chronic diseases.
North America dominates the compounding pharmacies market currently, owing to the rising demand for customized medications and favorable regulations in the US. However, Asia Pacific is expected to prosper at the fastest pace over the forecast period. Factors such as the large base of patients seeking personalized treatments and focus of players entering emerging markets will drive the growth of compounding pharmacies market in the region.
Key players operating in the compounding pharmacies market include Avella Specialty Pharmacy, Central Admixture Pharmacy Services, Fagron, Fresenius Kabi AG, PharMEDium Services, Institutional Pharmacy Solutions, Cantrell Drug Company,Triangle Compounding Pharmacies, Lorraine’s Pharmacy, Rx3 Compounding Pharmacy, B Braun Melsungen AG, Clinigen Group PLC, QuVa Pharma, ITC Compounding Pharmacy, and Advanced Pharmacy.
Read more: https://makuv.com/growing-geriatric-population-pushing-growth-of-the-compounding-pharmacies-market/
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