NEW YORK, Nov. 23, 2021 /PRNewswire/ -- As per Persistence Market Research's latest revised industry analysis, the global compounding pharmacies market is expected to witness high growth from US$ 8.9 Bn in 2020 to around US$ 21.3 Bn by 2031. This reflects a CAGR of around 8.3% over the forecast period (2021-2031).
Increasing number of patients visiting physicians to seek medical attention for chronic conditions and high need for prescription medications are resulting in an expanding global market for compounding pharmacies. Compounded pharmacists provide customized medications to patients who cannot acquire outcomes from taking commercially accessible pharmaceuticals. Demand for customized hormone replacement therapies have increased in the recent past as people have become more conscious about important health functions such as breast and bone health, erectile longevity, osteoporosis, mood swings, hot flashes, acute levels of depression, etc.
Accordingly, dosage requirements for specific customized solutions driven demand for hormones such as progesterone after hysterectomy, testosterone replacement, infertility curing hormones, etc. These therapies are expensive and in high demand, owing to rapid growth of lifestyle-related diseases in the young population due to lifestyle changes and increasing stress levels.
Key players are focusing on strengthening their position by collaborating with local manufacturers and acquisitions to enhance their sales. Moreover, companies are targeting North America, Asia Pacific, and Europe through the adoption of research & development and partnerships in the market.
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- In November 2020, B. Braun Melsungen AG and Grifols formed a strategic partnership to enhance compounding pharmacy production output and services for hospitals. Grifols is a leading producer of plasma-derived medicines and has compounding centres across the U.S.
- In February 2016, PharMEDium Services, LLC announced a sole source agreement with Premier, Inc. to provide a wide range of services used for pain management, operating room anaesthesia, intensive care, nerve block, and labour and delivery.
Such developments not only strengthen a company's existing portfolio but also help increase its presence at regional as well as global levels.
Key Takeaways from Market Study
- By product, oral medication is set to hold a high share of 43.5% in 2021, expanding at 9.6% CAGR during the forecast period.
- By application, medication for adults will hold a high share of 53.3% in 2021, expanding at 9.5% CAGR during the forecast period.
- In terms of therapeutic area, hormone replacement therapy accounts for 63.5% market share in 2021.
- By region, North America held the largest share of 66.3% in 2021, due to emergence of new compounding pharmacies in North America to meet growing need for specialized care and hard drugs.
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"Rising medicinal droughts in required medication levels across the world, increasing cost of branded prescription equivalents, and inadequate accessibility to drugs are expected to drive demand for compounding pharmacies," says an analyst of Persistence Market Research.
Who is Winning?
Some of the leading manufacturers of compounding pharmacies are focusing on product approvals, acquisitions, mergers, collaborations, and partnerships for global expansion objectives, thereby enhancing their market presence.
- On May 27, 2020, the US FDA accepted for review Fresenius Kabi's first biosimilar regulatory submission for MSB11455, a biosimilar candidate of pegfilgrastim.
- In April 2018, Fagron acquired Humco, a developer, manufacturer, and supplier of patented delivery vehicles and branded pharmaceutical products in the U.S.
- In September 2015, Lorraine's Pharmacy received funds worth US$ 53.9 Mn from the U.S. government in order to get FDA approval for its product ReCell, an autologous cell harvesting device.
- In mid-2015, Fagron merged with AnazaoHealth Corporation, which specializes in nuclear, pain, and intrathecal customized medication.
Key market players covered in the research by Persistence Market Research include Fagron, Fresenius Kabi AG, PharMEDium Services, LLC, Institutional Pharmacy Solutions, Cantrell Drug Company, Lorraine's Pharmacy, and B. Braun Melsungen AG Company.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the compounding pharmacies in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021 – 2031.
The study provides compelling insights into compounding pharmacies market. The market is segmented into product (oral medication (capsules, tablets, mixtures, lollipops, lozenges), topical medication (gels, ointments, cream, lotions, mouthwashes, and suppositories)), application (medication for adults, medication for veterinary, medication for children, and medication for geriatric), and therapeutic area (pain management and hormone replacement therapy), across five major regions of the world.
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