Compounding pharmacies prepare customized medications as per the patient's needs which are often not commercially available. They modify the formulation, flavour, dosage form, delivery system or other attributes of FDA-approved or veterinary approved medicines as per the physician’s prescription. Compounding pharmacies help patients who have allergies to inactive ingredients in manufactured medications or need an alternative dosage form or delivery method. Compounded medications have advantages like availability of niche medications for rare conditions, modifications to suit pediatric or geriatric needs and customized dosing.
The Global Compounding Pharmacies Market is estimated to be valued at US$13.7 billion in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024-2029.
Key Takeaways
Key players operating in the compounding pharmacies are PharMEDium Services LLC, Institutional Pharmacy Solutions, Cantrell Drug Company, Triangle Compounding Pharmacies Inc. Medication compounders play a vital role in the healthcare system by providing customized medications for conditions that cannot be treated by commercially available pharmaceutical products. The increasing prevalence of special medical conditions like allergies to inactive ingredients or the need for alternative dosage forms is driving the Compounding Pharmacies Market Demand for compounded drugs. Technological advancements like robotics and artificially intelligent systems are helping compounders improve speed, accuracy and safety of compounding operations.
Market Trends
Personalized medications - The trend of customized medicine is growing in response to genetic variabilities and individual healthcare needs. Compounding Pharmacies Market Size and Trends drugs allow for personalization based on a person’s specific medical history. Tailored care is the future of healthcare and driving growth of compounding pharmacies.
Automation - To minimize errors, streamline workflows and improve production efficiency, compounders are increasingly automating processes using robotics, AI and digital technologies. Automation is helping compounders scale up while maintaining safety and quality standards.
Market Opportunities
Pediatric medications - There is significant unmet need for specialized pediatric formulations that are tailored for children in appropriate doses and delivery methods. Compounding allows for development of medications exclusively for pediatric population.
Veterinary medications - Similar to human healthcare, availability of customized veterinary medications is important. Compounding pharmacies can formulate veterinary drugs according to specific medical needs of animals. Niche opportunities exist in veterinary compounding space.
Impact of COVID-19 on Compounding Pharmacies Market Growth
The COVID-19 pandemic has significantly impacted the growth of compounding pharmacies market. Lockdowns imposed during the early stages of the pandemic restricted the movement of people. This led to a decline in prescription volumes as patients avoided visiting healthcare facilities. Compounding pharmacies faced difficulties in procuring raw materials from international suppliers due to supply chain disruptions. This hampered their ability to produce customized medications. However, as the pandemic progressed, demand for compounded drugs increased. With a shortage of essential medicines, compounding pharmacies played a vital role in fulfilling critical drug requirements. They worked relentlessly to produce formulations as per prescription to address medication shortages.
With the administration of vaccines in late 2020 and 2021, the market started recovering. As lockdowns eased, prescription volumes rose pushing up demand for compounded drugs. To ensure constant supply of medications, compounding pharmacies enhanced their production capacities. They strategized with pharmaceutical suppliers to secure inventory. Telehealth also supported market growth as it enabled compounding pharmacists to consult patients remotely. This ensured continuity of care. Going forward, compounding pharmacies need to further strengthen supply chains and inventory management. Adopting advanced technologies can aid compounding efficiencies and meet the evolving needs.
Geographically, North America accounts for the largest share of the compounding pharmacies market in terms of value. This is attributable to the growing geriatric population, rising prevalence of chronic conditions, and awareness about customized medications in the region. The United States represents a major market within North America due to the increasing demand for compounded drugs and presence of prominent players. The Asia Pacific region is poised to demonstrate fastest growth during the forecast period. This is backed by expanding healthcare infrastructure, growing medical tourism industry, and large patient pool in the Asia Pacific countries.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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