Press release
Compounding Pharmacies Market Trends to 2025 Profiling Fagron, B. Braun Medical, Lorraine's Pharmacy, PharmMEDiu
Compounding Pharmacies Market
Increasing geriatric population and longevity across the globe will serve to be a high impact rendering factor for compounding pharmacies market growth. As per the data published by United Nations, number of people aged 60 years, and above will increase by 40% to 2.1 billion by 2025. Kidney and liver function drastically decease with the increasing age that makes geriatric patients susceptible to adverse effects of standard medications. Thus, market demand for compounding medications will sharply rise with growing geriatric population.
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Compounding Pharmacies Market is expected to exceed USD 13.5 billion by 2025.
Rising geriatric population base coupled with increasing drug shortage will accelerate the compounding pharmacies market growth over the forecast period.
Some major findings of the compounding pharmacies market report include:
- The compounding pharmacies market has witnessed a steady growth despite of few occurrences of compounding related adverse drug events
- Increasing demand for compounded medication for geriatric as well as pediatric patients has been observed over the historical review period
- Increasing popularity of precision medicines is amongst the key factors driving the compounding pharmacies market growth
- Major players operating in the market are Fresenius Kabi, PharMEDium Services, Central Admixture Pharmacy Services Inc., and Fagron
- Companies are focusing on overcoming the regulatory hurdles in manufacturing and supplying of compounded drugs to patients
U.S. compounding pharmacies market dominated the North America region with revenue more than USD 5 Billion in 2018. Manufacturing and quality problems lead to drug shortage in the U.S. creating room for administration of compounded drugs. Favorable demographic trends and improving regulatory scenario will further drive the market demand over the forecast timeframe.
Growing need of personalized medicines in developed as well as developing region will render a significant positive impact on compounding pharmacies market growth. As a result of enormous research and development in the field of genomics over the past decade, healthcare providers are now equipped with rich data regarding patient's health. With this data on hands, healthcare providers are increasingly looking for patient specific drugs rather than standard prescription drugs that will drive the market demand.
Based on product, the compounding pharmacies market is segmented into topical, rectal, oral, parenteral, inhaler, and ophthalmic segment. Ophthalmic segment will grow at around 5% CAGR from 2019 to 2025. In many ophthalmic conditions such as periocular and intraocular conditions, commercial drugs are not easily available. In such scenario, compounding pharmacies play a crucial role by providing compounded ophthalmic products. However, risk of adverse events and regulatory hurdles pertaining to the manufacturing of sterile compounded medications will limit the segment growth to some extent.
Based on application, the compounding pharmacies market is divided into pediatric, geriatric, adult and veterinary segment. Veterinary segment accounted for more than USD 1.5 billion in 2018. Mixing of injectable drugs, preparation of suspension or paste are some of the common compounding activities performed at veterinary clinics. Patients often struggle while administration of distasteful standard medications to pet animals. In such scenario veterinary compounding can modify the medications to improve palatability of drugs.
Based on therapeutic area, the compounding pharmacies market is categorized into hormone replacement, pain management, dermatology, specialty drugs, and nutritional supplements. Pain management accounted for more than 30% of revenue share in 2018. There are plenty of pain management medications available in the market. However, dose strength and dosage form of such medications may lead to adverse reactions in many patients. As a result, market demand for customized pain medication is rapidly growing.
Compounded pharmacies market, based on sterility, is bifurcated into sterile and non-sterile compounded medications. Sterile compounding will witness around 6% CAGR from 2019 to 2025. Very few compounding pharmacies currently manufacture sterile products due to stringent regulatory policies. Moreover, sterile compounding is a cumbersome manual process and carries significant risk of contamination. However, launch of new compounding equipment for automation of sterile compounding will augment the segment growth over forecast timeframe.
Based on distribution channel, the compounding pharmacies market is segmented into hospital and compounding pharmacies. The hospital based compounding pharmacies dominated the market with more than 50% of revenue share in 2018. Hospital pharmacies usually deals with the compounding at small scale for alteration of dosage form or improving the palatability of medications.
Notable players in compounding pharmacies market include Fagron, Triangle Compounding Pharmacies, B. Braun Medical, Institutional Pharmacy Solutions, Doughtery's Pharmacy, Fresenuis Kabi, Lorraine's Pharmacy, Wedgewood Village Pharmacy, Village compounding Pharmacies, ITC Compounding Pharmacy, Mcguff compounding pharmacy services, Rx3 Compounding Pharmacy, PharmaMEDium, Pencol Compounding Pharmacy. Competitors are implementing several strategies such as product launches, mergers, and acquisitions to garner higher market share and sustain the competition. For instance, in October 2018, Fresenius Kabi opened a new compounding center in Ontario, U.S. The new facility expanded the company's operations in North America region.
Table of Content:
Chapter 1. Methodology
1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Market definition and forecast parameters
1.2. Data sources
1.2.1. Secondary
1.2.2. Primary
Chapter 2. Executive Summary
2.1. Compounding pharmacies industry 360 degree synopsis, 2014 - 2025
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. Therapeutic area trends
2.1.5. Distribution channel trends
2.1.6. Sterility type trends
2.1.7. Regional trends
Chapter 3. Compounding Pharmacies Industry Insights
3.1. Industry segmentation
3.2. Industry size and forecast, 2014 - 2025
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.3.2. Distribution channel analysis
3.4. Industry impact forces
3.4.1. Growth drivers
3.4.1.1. Increasing geriatric population & longevity globally
3.4.1.2. Growing acceptance of personalized medicines worldwide in U.S. and Europe
3.4.1.3. Increasing drug shortage in North America and Europe
3.4.1.4. Convenience of using compounded drugs
3.4.1.5. Growing drug failure rate
3.4.2. Industry pitfalls & challenges
3.4.2.1. Lack of skilled lab technicians and pharmacists in developed countries
3.4.2.2. High costs of equipment and maintenance of sterile environment
3.4.2.3. Changing regulatory specifications
3.4.2.4. Consumers perception towards compounded drugs
3.5. Growth potential analysis
3.5.1. By product
3.5.2. By application
3.5.3. By therapeutic area
3.5.4. By sterility
3.5.5. By distribution channel
3.6. Regulatory landscape
3.6.1. U.S
3.6.2. Europe
3.6.3. Australia
3.7. Reimbursement landscape
3.7.1. U.S.
3.7.2. Europe
3.7.3. Australia
3.8. Cost analysis of compounded medications
3.9. Innovative compounding technologies
3.9.1. Web-based quality management system
3.9.2. Digital tools
3.10. Prescriber insights
3.11. Porter's analysis
3.12. Competitive landscape, 2018
3.12.1. Business overview
3.12.2. Strategy dashboard
3.13. PESTEL analysis
Chapter 4. Compounding Pharmacies Market, By Product
Chapter 5. Compounding Pharmacies Market, By Application
Chapter 6. Compounding Pharmacies Market, By Therapeutic Area
Chapter 7. Compounding Pharmacies Market, By Sterility
Chapter 8. Compounding Pharmacies Market, By Distribution Channel
Chapter 9. Compounding Pharmacies Market, By Region
Chapter 10. Compounding Pharmacies Market Company Profiles
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