Compound Pharmacy Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of Compound Pharmacy Market was valued at USD 12.2 billion in 2022, and CAGR of 5.4% is expected during the forecast period. Increasing demand for personalized medicine, increasing number of patients suffering from chronic diseases, and treatment of pediatric, geriatric, and veterinary medicine is driving growth in the market. Increasing health awareness, and increasing demand for early diagnosis, and treatment of chronic diseases is driving growth in the market significantly. Shortage of drugs across the globe is another key reason behind the significant growth in the market.

Rising disposable income in emerging economies, and increasing urbanization is driving growth in the market. Increased demand for veterinary compounding is driven by the need to create formulation for pets, and other animals which are unable to take standard medications. Pet owners often require alternative form or flavor to make it easier to administer drugs to animals.

Growth Drivers

Rising adoption of customized medicine in developed regions is the driving force in the market. The increasing number of skilled lab technicians and pharmacists is the driving force in the market significantly. The increasing rate of patent expirations and the increased life expectancy of elderly people are driving the growth in the market significantly. Rising prevalence of chronic diseases brought on by a poor diet and sedentary lifestyle will increase demand for compounded medicines. Increased oral medication use is driving force in the market significantly.

High disposable income and affordability to expense in highly advanced medications that meet the target are driving growth in the market. Increasing demand for pain relief and hormone replacement medicines is driving growth in the market significantly. Rising pharmaceutical research and development all over the world is driving growth in the market significantly. Growing acceptance of pharmaceuticals all over the world is driving growth in the market. Elderly patients in long-term care facilities often require compounded medications, as their needs differ significantly from those of the those of the younger population.

Compounding pharmacies play a crucial role in producing medications that are in short supply or have been discontinued by pharmaceutical manufacturers. It helps to fill critical gaps in the market, especially for life-saving medications. Patients with rare diseases or conditions often need medications that are not commercially available. Compounded bioidentical hormone replacement therapies are gaining popularity, especially among women undergoing menopause and individuals seeking gender-affirming hormone therapy.

These treatments are often personalized. Growing awareness of benefits of hormone replacement therapies for managing hormonal imbalances has also contributed to the expansion of the compounding pharmacy market significantly. Automated compounding devices have improved accuracy, safety, and efficiency. These innovations allow compounding pharmacies to scale up their operations.

Segmentation

Product Type

·         Medications

·         Nutritional Supplements

·         Veterinary Compounding

·         Pain Management Compounding

Application

·         Pediatrics

·         Geriatrics

·         Adults

·         Veterinary

·         Hormone Replacement Therapy

·         Dermatology

·         Pain Management

·         Others

Therapeutics Area

·         Hormone Replacement

·         Oncology

·         Infectious Diseases

·         Neurology

·         Pulmonology

·         Gastroenterology

Distribution Channel

·         Hospital Pharmacies

·         Retail Pharmacies

·         Compounding Pharmacies

·         Online Pharmacies

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Compound Pharmacy Market Distribution Channel Segmentation

On the basis of distribution channel, the compound pharmacy market are segmented into hospital pharmacies, retail pharmacies, compounding pharmacies, and online pharmacies. Hospital pharmacies are the leading segment and are expected to dominate the market during the forecast period due to the need for sterile compounded medications such as intravenous drugs, injectables, and parenteral nutrition, which need to be prepared under strict safety and sterility standards. Hospital pharmacies have the facilities and expertise to meet these stringent requirements.

Compounded medications are commonly used in critical care settings inside a hospital. Hospital pharmacies are typically equipped to handle such compounding needs on-site. Hospitals treat patients with acute and complex conditions that require immediate access to customized medicines. High levels of safety standards make hospitals even more trustworthy for a variety of patients in comparison to other healthcare organizations. Many patients in the hospitals require specialized compounded medications that are not commercially available, such as chemotherapy drugs, pain management medications, and hormone replacement drugs. Increasing participation by hospitals in clinical trials and research is driving growth in the market significantly. Hospital pharmacies work in close collaboration with healthcare teams, including doctors, nurses, and specialists, to create personalized treatment plans for patients.

Regional Outlook

On the basis of the regions, the compound pharmacy market is segmented into 5 regions: Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. North America is the leading segment and is expected to dominate the market during the forecast period. The U.S. Food and Drug Administration has set guidelines for compounding pharmacies to ensure safety and efficacy. This regulatory environment supports the growth of legitimate compounding pharmacies by distinguishing them from illegal operations.

North America has a significant population of elderly people who often require personalized medicine. Growing number of chronic diseases in the region like cancer, diabetes, and heart conditions also increase the need for customized treatment options. Rising demand for personalized medications, such as customized dosage forms, formulations free from allergens, and medications tailored for pediatric and geriatric medicines, is driving growth in the market. North America has a highly developed healthcare infrastructure that supports the infrastructure needed for large-scale compounding operations. The availability of well-trained pharmacists with specialized knowledge in compounding techniques contributes to the leadership of this region. Patients in this region are more aware of the benefits of compounded medications, especially for niche areas like hormone replacement therapy, dermatology, and pain management.

The presence of major compounding pharmacy companies and well-established distribution networks further enhances the market growth. Many large pharmacy chains offer compounding services or partner with specialized pharmacies to meet patient demand, which is the driving factor in the market significantly. In the U.S., there is a strong demand for veterinary compounding, with pet owners seeking customized medications for animals. North America has access to advanced compounding technologies, such as automation in pharmacy settings, which improves efficiency and accuracy in drug compounding.

Key Players

·         B.Braun

·         Athenex Pharma Solutions

·         Fresenius Kabi

·         Clinigen Group Plc

·         Mcguff Compounding Pharmacy Services Inc.

·         Triangle Compounding Pharmacy

·         Village Compounding Pharmacy

·         Lee Silsby Compounding Pharmacy

·         Institutional Pharmacy Solutions

·         Other Players