Compounding Pharmacies Market Worth $14.99 Billion by 2028 – Exclusive Report by The Insight Partners
The global compounding pharmacies market is dominated by oral medications segment during 2021-2028.
Pune, India, Oct. 20, 2023 (GLOBE NEWSWIRE) — Compounding pharmacies or compound pharmacy role is to mix ingredients as per patients’ needs and manufacture drugs that are not commercially available. Pharmacy compounding has been present since the beginning of time. It is essential in cases such as limited dosage strengths and dosage forms, drug allergies to certain ingredients, pediatrics, chemotherapy and veterinary medicine. Further, compounded medicines enhance pharmacist contribution to developing and implementing patient therapeutic plans and provide customized medications of high pharmaceutical quality. Additionally, as per law, compounding drugs does not include making copies of commercially available drug products. Compounding pharmacists can make flavored drugs in different dosage forms, such as liquids, topical creams, suppositories, transdermal gels, or other dosage forms suitable for patient’s unique needs.
According to our new research study on “Compounding Pharmacies Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product (Oral Medications, Topical Medications, Suppositories, Others); Therapeutic Area (Pain Medications, Hormone Replacement Therapies, Dermatological Applications, Others) and Geography,” the global compounding pharmacies market size is expected to grow from $9.44 billion in 2020 to $14.99 billion by 2028; it is estimated to register a CAGR of 6.1% from 2021 to 2028.
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Global Compounding Pharmacies Market: Competitive Landscape and Key Developments Market:
Fagron, Inc., Elixir Compounding Pharmacy, Avella specialty pharmacy, B. Braun Melsungen AG, PharMEDium Healthcare Holdings, Inc., Fresenius Kabi AG, Belle Santé Diagnostic & Therapeutic Institute Pvt. Ltd, Triangle Compounding Pharmacy, Vertisis Custom Pharmacy, and US Compounding Inc. are the leading companies operating in the compounding pharmacies market. These players focus on expanding and diversifying their market presence and acquiring a novel customer base, tapping prevailing business opportunities in the compounding pharmacies market. Many market players are launching innovative products with advanced features in the compounding pharmacies market. For instance,
In 2022, the FDA issued final guidance on animal drug compounding from bulk substances that set up a system similar to the 503A/503B compounding framework.2 In particular, the guidance establishes criteria for office use compounding of animal drugs using bulk drug substances that appear on the FDA’s bulk drug substances list, as well as compounding patient-specific prescriptions.
In October 2020, the FDA announced the availability for the signature of the standard Memorandum of Understanding (MOU) Addressing Certain Distributions of Compounded Human Drug Products between state boards of pharmacy or other state agencies and the FDA. This memorandum aims to protect public health through collaboration with individual states.
Global Compounding Pharmacies Market – Report Scope:
|Market Size Value in||USD 9.44 Billion in 2020|
|Market Size Value by||USD 14.99 Billion by 2028|
|Growth rate||CAGR of 6.1% from 2021-2028|
|No. of Pages||149|
|No. of Tables||58|
|No. of Charts & Figures||67|
|Historical data available||Yes|
|Segments covered||Product; Therapeutic Area and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Growing Outsourcing Facilities for Manufacturing and Sales of Products for Compounding Pharmacies Market Growth During 2021-2028:
The compounding pharmacies market is categorized into 503A and 503B based on pharmacy type. 503A compounding pharmacies are not governed as strictly as 503Bs from a manufacturing viewpoint, as they focus on compounding different topical cream products for pain management and modifying the route of administration of other medications. Due to the COVID-19 pandemic, hospitals face a shortage of required medicines to treat patients. Moreover, 503Bs offer affordable and competitive alternatives to the conventional 503A model, enabling 503Bs to become a part of the hospital’s drug supply chain. According to the Alliance for Pharmacy Compounding (APC), due to the shortage of medicine during the period of COVID-19 pandemic, Compounders’ Shortage Drug Source for Hospitals (CSDSH) was founded to assist hospitals in meeting a need for COVID-19 treatment medications.
Therefore, in April 2020, APC launched a free resource for connecting hospitals with 503B outsourcing facilities, or 503A sterile compounding pharmacies to fulfill the hospital’s needs. The US Congress passed the 2013 Drug Quality and Security Act to give the FDA the authority to regulate compound drug manufacturing. Under this law, outsourcing facilities would allow compounding pharmacies to manufacture commodities in bulk to sell to hospitals and other physician practices without requiring prescriptions from individual patients. Moreover, in January 2020, the US-based QuVa Pharma, Inc., a leader in quality-compliant manufacturing of compounded and ready-to-administer sterile injectable products, started a mission to take the burden off hospitals and health system pharmacies by providing sterile and compounded drugs to pharmacies quickly and cost-effectively. Based on the above factors, the US 503b compounding pharmacies market will likely grow during the forecast period.
Global Compounding Pharmacies Market: Segmental Overview
The “Global Compounding Pharmacies Market” is segmented based on product, therapeutic area, and geography. Based on product, the compounding pharmacies market is segmented into oral medications, topical medications, suppositories, and others. In 2020, the oral medications segment held a larger market share. However, the topical medications segment is anticipated to register the highest CAGR in the market during the forecast period. Based on therapeutic area, the compounding pharmacies market has been segmented into pain medications, hormone replacement therapies, dermatological applications, and others. In 2020 the pain medications segment held the largest share of the market. Moreover, the same segment is also expected to grow at the fastest rate of CAGR during the coming years.
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