Compounding Pharmacies Market Size, Compounding Pharmacies Market Growth, Coherent Market Insights

 

The compounding pharmacies provide customized medication based on patient's specific needs and medical conditions. The customized medications are prepared using specific ingredients and strengths as prescribed by the physicians. Compounding pharmacies ensure patients have access to drugs that are not commercially available. This helps patients who cannot tolerate the excipients in commercially available medications or who need a specific dosage form or strength.

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 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends-

The growing customized medication needs is one of the key trend augmenting the growth of the compounding pharmacies market. With increasing incidences of chronic diseases and various health conditions, the demand for customized medication prepared as per patient's requirement is rising. This helps to cater patients who require specific ingredients, strengths or forms that are not available commercially. Moreover, customized compounds allow physicians to treat complex diseases by combining multiple active pharmaceutical ingredients. The compounding pharmacies help to fulfill this need by compounding medications according to prescriptions. This trend of customized healthcare is expected to continue during the forecast period and aid in greater expansion of the compounding pharmacies market.

Segment Analysis

The global compounding pharmacies market comprises several segments such as nutraceutical compounding, non-sterile compounding, and sterile compounding. Non-sterile compounding is dominating the market currently which has a market share of nearly 40% of the global market. This is because the non-sterile compounding pharmacies have a wide range of non-sterile products for dermatology and hormonal replacement therapy which are most commonly prescribed drugs currently.

Key Takeaways

The Global Compounding Pharmacies Market Size is estimated to be valued at US$ 10705.19 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030.

The global compounding pharmacies market is expected to witness high growth. The North America region currently dominates the market with over 60% share owing to the presence of nearly 7,500 compounding pharmacies in the US alone. The region will continue its dominance during the forecast period due to the increasing demand for customized medication formulas and scarcity of specific drugs. The European region currently holds a share of over 20% of the global market. The growth in this region can be credited to the availability of well-established healthcare infrastructure and reimbursement policies supporting customized medication in countries like Germany, UK, and France.

Regional analysis:

Key players operating in the compounding pharmacies market are Akzo Nobel N.V., Ashland Inc., CP Kelco, Daicel Corporation, The Dow Chemical Company, Lamberti S.p.A., Penn Carbose Inc., Sichem LLC, SINCOCMC Co. Ltd, Yixing Tongda Chemical Co. Ltd, and Nouryon. The Asia Pacific region is expected to exhibit the fastest growth rate during the forecast period. This high growth can be attributed to the rising geriatric population in countries like Japan, China, and India. With the increasing healthcare expenditure and medical tourism, the demand for compounding pharmacies is expected to rise rapidly across Asia Pacific.

For More Insights, Read: https://www.newsstatix.com/compounding-pharmacies-market-size-share-and-growth-forecast-2023-2030/