The Compounding Pharmacy Market Size is valued at USD 14.79 Bn in 2023 and is predicted to reach USD 26.38 Bn by the year 2031 at an 7.6% CAGR during the forecast period for 2024-2031.
Compounding is the creation of a pharmaceutical preparation of a drug by a licensed pharmacist to meet the unique needs of an individual patient, whether human or animal when a commercially available drug does not suffice. This may be necessary when a patient cannot tolerate the commercially available drug, when the exact preparation needed is unavailable on the market, or when a drug is in shortage or discontinued. Compounded medication is occasionally referred to as "personalized medicine" due to its ability to be tailored to the unique health requirements of each patient. Customized medications that are unavailable from commercial drug manufacturers are manufactured by compounding pharmacies. Pharmaceutical compounding is a valuable tool for addressing the unique requirements of a patient that cannot be accommodated by commercially available medications.
In February 2024, the Parenteral Drug Association (PDA) began a four-year partnership with the U.S. FDA's Compounding Quality Center of Excellence, aiming to improve the quality and accessibility of compounded drugs. This collaboration focuses on expanding training programs for professionals in outsourcing facilities and the broader compounding community, as well as creating interactive platforms for knowledge sharing and collaboration. While compounding is primarily regulated at the state level by boards of pharmacy, community and hospital pharmacists can claim exemptions from certain federal regulations under Section 503A of the Food, Drug, and Cosmetic Act. Despite these exemptions, both federal and state authorities oversee compounding practices to ensure medication safety, with pharmacists required to adhere to specific standards and regulations regarding the quality and integrity of drug ingredients, as overseen by the FDA.
Competitive Landscape
Some of the Major Key Players in the Compounding Pharmacy Market are
- Albertsons Companies
- Apollo Clinical Pharmacy
- Aurora Compounding
- Braun Melsungen
- Custom Med Apothecary
- Fresenius Kabi
- Fagron
- Formul8
- Fusion Apothecary
- Galenic Laboratories (
- Institutional Pharmacy Solutions
- JL Diekman and AQ Touchard
- Letco Medical
- Olympia Pharmacy
- PharMEDium Services
- Walgreen
- Wedgewood Pharmacy
- The London Specialist Pharmacy Ltd
- MEDS Pharmacy
- Rx3 Compounding Pharmacy
- Clinigen Group PLC
- Dougherty's Pharmacy, Inc.
- Lorraine's Pharmacy
- Mcguff compounding pharmacy services
Market Segmentation:
The compounding pharmacy market is segmented based on products, therapeutic areas, route of administration, sterility type, end-user, and compounding type. Based on the products, the market is segmented into topical, oral, rectal, nasal, and ophthalmic. Based on the therapeutic areas, the market is segmented into pain management, hormone, replacement therapy, dermal disorder, nutritional supplement, other therapeutic areas. Based on the route of administration, the market is segmented into oral, topical, parenteral, and others. Based on the sterility type, the market is segmented into sterile, and non-sterile. Based on the end user, the market is segmented into pediatric, adult, geriatric, and veterinary. Based on the compounding type, the market is segmented into pharmaceutical ingredient alteration (PIA), currently unavailable pharmaceutical manufacturing (CUPM), pharmaceutical dosage alteration (PDA), and others
The Pain Management Segment Is Expected to Have the Highest Growth Rate During the Forecast Period
Based on the therapeutic areas the market is segmented into pain management, hormone, replacement therapy, dermal disorder, nutritional supplement, other therapeutic areas, and oral. The pain management segment is a major driver, due to the high demand for customized pain relief solutions, particularly for patients with chronic or severe pain who may not find adequate relief from commercially available medications. Compounding allows for personalized formulations, including topical analgesics, customized doses, and alternative delivery methods, which can be critical for managing complex pain conditions.
The Topical Segment Dominates the Market
Based on the by route of administration, the market is segmented into oral, topical, parenteral, other, routes of administration. The topical segment generally dominates. Topical formulations are highly sought after due to their effectiveness in treating a variety of conditions, including dermatological issues, localized pain, and hormone replacement therapy. Their ease of application and targeted treatment benefits make them a preferred choice for many patients and healthcare providers.
North America Have the Largest Market Share During Forecast Period
The rise of the regional market is being driven by the unavailability of some pharmaceuticals and the existence of multiple compounding pharmacies. The primary drivers propelling the market growth are the rising incidence of chronic diseases, the growing demand for customized drugs, the development of the healthcare infrastructure, and the growing awareness and demand for alternative therapies. The regulatory framework in North America, including stringent standards for compounded medications, supports the growth of the market by ensuring high-quality standards and safety.
Recent Developments:
- In June 2023, Wedgewood Pharmacy, declared the acquisition of Blue Rabbit, a provider of pharmacy solutions and veterinary prescription management. More than 70,000 veterinary clients will benefit from the merger's newly enlarged network of nationally registered and accredited pharmacies that are solely focused on animal health, offering them quick and excellent preparation.
- In June 2021, Letco Medical, LLC , declare that they would donate more than $100,000 over a three-year period to support the national advocacy campaign of the Alliance for Pharmacy Compounding (APC). The goal of this initiative is to safeguard patients' access to compounded bioidentical hormone therapy (cBHT), which are used safely and dependably by millions of Americans on a daily basis. Furthermore, Letco announces the launch of a new customer collaboration program aimed at augmenting and strengthening APC's patient advocacy endeavors.
Compounding Pharmacy Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 14.79 Bn |
|
Revenue Forecast In 2031 |
USD 26.38 Bn |
|
Growth Rate CAGR |
CAGR of 7.6% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Products, Therapeutic Areas, Route of Administration, Sterility Type, End-User, and Compounding Type. |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia |
|
Competitive Landscape |
Albertsons Companies, Apollo Clinical Pharmacy, Aurora Compounding, B. Braun Melsungen, Custom Med Apothecary, Fresenius Kabi, Fagron, Formul8, Fusion Apothecary, Galenic Laboratories, Institutional Pharmacy Solutions, JL Diekman and AQ Touchard, Letco Medical, Olympia Pharmacy, PharMEDium Services, Walgreen, Wedgewood Pharmacy, The London Specialist Pharmacy Ltd, MEDS Pharmacy, Rx3 Compounding Pharmacy, Clinigen Group PLC, Dougherty's Pharmacy, Inc., Lorraine's Pharmacy, Mcguff compounding pharmacy services. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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