Compounding Pharmacies Market Growth
U.S. compounding pharmacies market to witness substantial proceeds over 2018-2024, oral medications to drive the product landscape
In an era of consequential transformation in the healthcare delivery, compounding pharmacies market is standing strong as one of the most potential fraternities of the healthcare sector. Although a major chunk of pharmacists are involved in drug manufacturing, yet with the technology advancements, compounding has become an integral component of pharmacy practice. The expanding geriatric population base along with increasing customized medication requirements subject to alternative doses, flavor, formulations are stimulating the market dynamics. Driven by this approach, it is prudent to mention that the expanding personalized diagnostic trends will have a perpetual impact on this business space in the years ahead. Add to it, the industry is picking up a remarkable pace to address the escalating drug demand, amidst a scenario where drug shortage issues and drug failure rates are quite recurring.
In the year 2017, the worldwide compounding pharmacies market stood at an appreciable valuation of USD 8.5 billion. The industry is further projected to witness a slew of opportunities, courtesy its rich product spectrum spanning oral, rectal, inhaler, ophthalmic, topical, and parenteral. Oral medications procured the largest portion of the market share in 2017 with a valuation of USD 2,872.5 million. As per estimates, the trend is likely to be synonymous in the coming years, primarily led by the application of these drugs in pain management. Reportedly, the geriatric population is one of the major customers of this product segment owing to the convenience factor associated with these drugs. The overall compounding pharmacies industry share from geriatric application is estimated to register a CAGR of 6.7% over 2018-2024.
U.S. Compounding Pharmacies Market size, By Product, 2013-2024 (USD Billion)
Parenteral medications are forecast to be the next leading product segment with an anticipated CAGR of 6% over 2018-2024. These drugs though show superior efficacy, might face a relatively fluctuating demand due to a stringent regulatory framework surrounding these drugs usage as well as the high cost associated with these medications.
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It is quite imperative to mention that the sedentary lifestyle led by the adult population has much to contribute to the overall compounding pharmacies industry share. This demography has been highly prone to a slew of diseases including the like of oncology, cardiovascular, respiratory, etc. In fact, women between 40-50 years suffering from hormonal instabilities demand compounded medications. Led by this strong demand from adult population base, this segment procured a major chunk of the compounding pharmacies market application landscape in 2017, with a valuation of USD 4,113.6 million.
Regionally, U.S. has been the leading avenue in the global hierarchy with a recorded market size of USD 4,781.2 million in 2017. A slew of factors have been driving the regional trends, the primary ones being favorable regulatory framework, health-aware citizens, and a sophisticated and highly advanced medical infrastructure. Add to it, the region has also been witnessing the increasing dearth of prescription drugs and the escalating prices of the FDA approved medicines – another factor pushing the U.S. compounding pharmacies market growth. The other geographies like China and Germany are also projected to register substantial growth with a target CAGR of 8% and 5.4% over 2018-2024, respectively.
Despite a plethora of strong driving factors, compounding pharmacies market demand may face a sluggishness of sorts pertaining owing to lack of skilled lab personnel, excessive cost of the process, and safety standard issues. Nonetheless, with incessant efforts by the market players to bring on board medicines fulfilling all the mandatary criteria including cost, efficiency, and convenience, compounding pharmacies market potential seems nothing but humongous. For the record, some of the companies forming the competitive hierarchy of this business include B. Braun Medical, PharMEDium, Fresenius Kabi, Village Compounding Pharmacy, and Cantrell Drug Company.
Author Name : Satarupa De