Compounding Pharmacies Market Analysis by Size, Share, Growth,...

Compounding Pharmacies Market Analysis by Size, Share, Growth, Trends, Opportunities and Forecast (2024-2032) | UnivDatos Market Insights

نشر بتاريخ 2024-09-30 13:29:59

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According to a new report by UnivDatos Market Insights, the Compounding Pharmacies Market was valued at USD 12.8 Billion in 2023 by growing at a CAGR of ~7%. With an aging population worldwide, there's an increasing demand for drugs that cater to age-related health issues. As per the United Nations World Population Ageing 2023 report, there are now over 10 million older people in the nation, placing a significant financial strain on the social security and healthcare systems. Even though the proportion of older people was just 6% in 2023. Moreover, the increasing patient demand for personalized healthcare solutions drives the need for customized medications.

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To enable growth and penetration in the compounding pharmacies industry, increased regulatory oversight ensures the safety and efficacy of compounded medications but also requires pharmacies to adhere to stringent standards, impacting operational costs and processes. In 2023, The committee provides advice on scientific, technical, and medical issues concerning drug compounding under sections 503A and 503B of the Federal Food, Drug, and Cosmetic Act and, as required, any other product for which the Food and Drug Administration has regulatory responsibility and make appropriate recommendations to the Commissioner of Food and Drugs.

The ability to tailor treatments to individual needs and desired outcomes enhances patient satisfaction and drives market demand. Some of the most performed compounding pharmacies include:

· In March 2024, B. Braun announced a collaboration agreement with Orlando Health, a nationally recognized healthcare provider with award-winning hospitals, to jointly develop innovative solutions to increase patients' and clinicians' access to care.

· In March 2023, Fagron Academy launched a partnership with Gates Healthcare to expand support to compounding pharmacies

· In June 2021, Clinigen signed an agreement to divest its UK compounding business. This disposal further simplifies the Clinigen structure, which is now focused on its two core divisions: Services and Products. It removes complexities associated with the ongoing management of non-core sites and staff.

According to the report, the impact of compounding pharmacies resources has been identified to be high for the North American area. Some of how this impact has been felt include: Some of how this impact has been felt include:

Asia-Pacific is expected to grow with a significant CAGR in the forecast period (2024-2024) due to the increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer in the Asia-Pacific region. As per the OECD, 2022, In Asia-Pacific, about 227 million people live with type 2 diabetes, and about half of them are undiagnosed and unaware of developing long-term complications. Compounded medications can offer modified solutions for managing these conditions, leading to higher compounding pharmacy service adoption rates. Many countries in the Asia-Pacific region are investing in their healthcare infrastructure to improve access to quality healthcare services.

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Conclusion

Due to demands, technology, and strategic partnerships, the compounding pharmacies market is on the threshold of creating an impressive growth rate. Providing patient-specific treatments increases patients’ satisfaction and the flow of the market demand. Asia-Pacific leads this growth through investment in its healthcare infrastructure and good regional health policies. The trend within the industry toward continued advances in pharmaceutical compounding technologies guarantees better results and better experiences for the population affected by diseases.