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| Global Compounding Pharmacies Market |
The global Compounding Pharmacies Market is estimated to be valued at US$ 10705.19 Mn in 2023 and is expected
to exhibit a CAGR of 5.7% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Compounding pharmacies are pharmacies that combine, mix, or alter ingredients
to create customized medications for individuals. This is primarily done to
prepare medications that are not commercially available in an appropriate
dosage form or strength. Compounding pharmacies produce products like specialty
medications, pain creams, sterile compounds, hormone replacement medications,
medical dermatology creams, and pediatric medications. Their services help
address unmet medical needs of patients who may not be able to use regular
commercially available drugs due to allergies, inability to swallow pills etc.
Market key trends:
The growing geriatric population worldwide forms one of the key trends fueling
the growth of compounding pharmacies market. As per the National Center for
Biotechnology Information, geriatric population aged 65 years and above is
growing at a faster rate than all other age groups. Old age usually brings
multiple chronic illnesses and diseases requiring specialized medication
formulations like suspensions, elixirs etc unsuitable for older adults to consume
as pills or capsules. This rising pool of geriatrics thus increases the demand
for customized medications from compounding pharmacies. Another major trend is
the increasing preference for compounding medications over commercially
available drugs. This is attributed to factors like desire for tailor-made
medications, avoidance of unwanted additives present in commercial drugs, and
overall safety concerns regarding branded drugs. Compounded medicines help
address such issues thereby witnessing rising adoption globally.
Porter's Analysis
Threat of new entrants: Low as compounding pharmacies require significant
capital and expertise to setup sterile processing facilities and develop
long-term relationships with physicians.
Bargaining power of buyers: Moderate as large compounding pharmacies catering
to hospitals and clinics have bargaining power but individual consumers have
less influence.
Bargaining power of suppliers: Moderate as suppliers of raw materials include a
number of pharmaceutical companies however development of alternative suppliers
balances this power.
Threat of new substitutes: Low as compounding pharmacies provide customized
medications and services not easily substitutable.
Competitive rivalry: High due to growing demand for compounded medications and
expansion into therapeutic areas previously served by pharmaceutical
manufacturers.
Key Takeaways
The Global
Compounding Pharmacies Market size is expected to reach US$ 15,865.91
Mn by 2030, expanding at a CAGR of 5.7% over
the forecast period. Increasing chronic disease prevalence and rising demand
for personalized medications are expected to drive market growth.
The North American region currently dominates the market attributed to rising
geriatric population, growing need for customized medications and presence of
major market players. However, the Asia Pacific region is anticipated to grow
at the fastest pace during the forecast period due to increasing healthcare
expenditures, patient medical needs and developing pharmaceutical
infrastructure in countries such as India and China.
Key players operating in the compounding pharmacies market are 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. These players are focusing on
expansion of therapeutic areas and global footprint through mergers and
acquisitions.
Read more: https://www.trendingwebwire.com/compounding-pharmacies-market-growth/