The global Compounding Pharmacies Market was valued at 11.2 billion in 2022 and it is anticipated to grow up to USD 20.8 billion by 2032, at a CAGR of 6.4% during the forecast period.
An Compounding Pharmacies is a type of financial institution that provides loans and other forms of financing to individuals and businesses. These platforms typically use online platforms and peer-to-peer lending models to connect borrowers with lenders. Alternative lending platforms typically have lower borrowing costs and faster funding timelines than traditional banks.
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Market Trends and Drivers
Shortage of different drugs including lifesaving drugs and other cancer medicines will boost the demand from compounding pharmacies. Some of the major factors responsible for shortages are quality and manufacturing issues. Moreover, disruption of supply chains due to the COVID-19 pandemic has also resulted in delays in the process. The postponement in raw materials supply leads to a delay in manufacturing process. This ultimately affected the supply of medication leading to its shortage. Limited capability of raw material suppliers along with long lead times and complexity of manufacturing process increases drug shortages. Drug shortages can lead to delayed or cancelled patient care and can adversely affect healthcare system revenues. Additionally, shortage of lifesaving drugs along with the unavailability of alternatives could lead to death of the patient. Therefore, capability of compounding pharmacies to critically fill the crucial gap will fuel the market expansion.
Market Restraints and Challenges
The key restraints and challenges in the Compounding Pharmacies market include the stringent regulations, the need for a large amount of capital, and the lack of awareness among small businesses. The stringent regulations are the primary restraint for the growth of the Compounding Pharmacies market.
Major Players in the Global Compounding Pharmacies Market
Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global Compounding Pharmacies market include Fagron, B. Braun, Nephron Pharmaceuticals Corporation, Fresenius Kabi, Athenex Pharma Solutions (Athenex Inc.), Dougherty’s Pharmacy, Inc., Clinigen Group PLC, Pencol Compounding Pharmacy, Lorraine’s Pharmacy, McGuff Company Inc. (McGuff Compounding Pharmacy Services), Institutional Pharmacy Solutions, Rx3 Compounding Pharmacy, Wedgewood Village Pharmacy, Inc., and Triangle Compounding Pharmacies, among others.
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COVID-19 Impact:
COVID-19 significantly impacted the compounding pharmacy market as many people with chronic conditions faced difficulties obtaining their medicines due to closed medical offices and imposed government lockdown in several countries. Several compounding pharmacies started an easy and secure way for patients to transfer their compound prescriptions online and receive medicine at their doorstep. Also, the demand for the compounding pharmacy is expected to drive the growth of the market during the pandemic period. As per the article ‘ Drug Compounding Helped Address Drug Gaps During COVID’ published in July 2021 to help mitigate COVID drug shortages, in April 2020, the Food and Drug Administration’s temporary guidelines stated that compound COVID-19-related drugs without a specific prescription. Such technological up-gradation in compounding pharmacy practices and the gap in demand & supply during a pandemic are key factors driving the market’s growth.
Global Compounding Pharmacies Market Segmentation
By Product
- Oral
- Topical
- Rectal
- Parenteral
- Opthalmic
- Nasel
- Otic
By Therapeutic Area
- Nutritional Supplements
- Hormone Replacement
- Dermatology
- Pain Management
- Specialty Drugs
- Others
By Application
- Pediatric
- Geriatric
- Veterinary
- Adult
By Compounding Type
- Pharmaceutical Dosage Alteration [PDA]
- Currently Unavailable Pharmaceutical Manufacturing [CUPM]
- Pharmaceutical Ingredient Alteration [PIA]
- Others
By Distribution Channel
- Compounding Pharmacy
- Hospital Pharmacy
- Others
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