COMPOUNDING PHARMACIES MARKET ANALYSIS

The process of combining, blending, or changing substances to make a treatment specific to the requirements of a particular patient is known as drug compounding. Combining two or more medications is referred to as compounding. In dermatology, compounded drugs are frequently utilised to aid improve therapy outcomes by the targeted activities of a particular chemical combination. Additionally, amid national drug shortages, compounded drugs serve as a source of medication.

Global compounding pharmacies market is estimated to be valued at US$ 10,127.9 million in 2022 and is expected to exhibit a CAGR of 5.7 % during the forecast period (2022-2030).

Figure 1. Global Compounding Pharmacies Market Share (%), by Therapeutic Area, 2022

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Global shortage of essential drugs is expected to boost growth of the global compounding pharmacies market over the forecast period.

Global shortage of essential drugs is expected to boost growth of the global compounding pharmacies market over the forecast period. For instance, according to the Department of Health and Social Care (DHSC)is the UK government department responsible for government policy on health and adult social care matters in England, along with a few elements of the same matters which are not otherwise devolved to the Scottish Government, Welsh Government or Northern Ireland Executive ,stated that in November 2019, National Health Service (NHS) which is the publicly funded healthcare system in England, and one of the four National Health Service systems in the United Kingdom was facing shortage' of lifesaving drugs that include treatments for cancer, heart conditions, and epilepsy.

Figure 2. Global Compounding Pharmacies Market Share (%), by Application, 2022

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Increasing prevalence of chronic diseases is expected to boost growth of the global compounding pharmacies market over the forecast period.

Increasing prevalence of chronic diseases is expected to boost growth of the global compounding pharmacies market over the forecast period. For instance, according to the World Health Organization, 8.1 million new cases of cancer and 9.6 million deaths due to the disease were recorded in 2018.

Global Compounding Pharmacies Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting production and demand of drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets.

The COVID-19 pandemic resulted in increased demand for drugs and decreased manufacturing capacity of commercially available medications, both of which had a favorable effect for the compounding pharmacy sector. For instance, due to a shortage of medications needed to treat patients, the U.S. Food and Drug Administration (FDA) issued guidance regarding the compounding of specific medications for hospitalized patients by Federal facilities and State-licensed pharmacies, including health system and hospital pharmacies, during the period of the public health emergency.

Global Compounding Pharmacies Market: Key Developments

Key players in market are focused on geographical expansion through mergers and acquisitions activities. For instance, in May 2019, Fagron which is a Healthcare comapny entered into an agreement to acquire Central de Drogas, S.A. de C.V., a supplier of raw materials to compounding pharmacies and the pharmaceutical industry in Mexico.

In April 2019, Pentec Health, Inc., which provides patient-specific compounded sterile medications and complex in-home clinical services, added California to their list of 43 licensed states.

Global Compounding Pharmacies Market: Restraint

Increasing restrictions on manufacturing of complex formulations is expected to hinder growth of the global compounding pharmacies market. For instance, the U.S. FDA noted that compounding drugs containing Active Pharmaceutical Ingredient (API) acetaminophen in excess of 325mg, may lead to liver injuries in certain patients. Therefore, it restricts compounding pharmacies from manufacturing certain types of drugs that include copies of FDA-approved prescription drugs, even if they appear on FDA’s shortage list and complex dosage forms such as extended release products, transdermal patches, liposomal products, and most biologics.

Moreover, increasing product recall is also expected to hinder growth of market. For instance, in August 2019, the U.S. FDA requested recall of sterile compounded drug products produced by Pacifico National Inc. and dba AmEx Pharmacy.

Key Players

Major players operating in the  global compounding pharmacies market include Avella Specialty Pharmacy, Central Admixture Pharmacy Services, Fagron, Fresenius Kabi AG, PharMEDium Services, Institutional Pharmacy Solutions, Cantrell Drug Company,Triangle Compounding Pharmacies, Lorraine’s Pharmacy, Rx3 Compounding Pharmacy ,B Braun Melsungen AG, Clinigen Group PLC, QuVa Pharma, ITC Compounding Pharmacy, and Advanced Pharmacy.