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December 2024
The global compounding pharmacy market size was estimated at US$ 13.19 billion in 2023 and is projected to grow to US$ 22.91 billion by 2034, rising at a compound annual growth rate (CAGR) of 5.15% from 2024 to 2034. The growing demand for high-quality and highly-specified medicines is driving the growth of the market.
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The production and distribution of compound medications to address the unique requirements of patients are the focus of the compound pharmacy industry. If a patient is unable to take an FDA-approved medication, such as a patient who has an allergy to a particular dye and requires a medication that doesn't contain it, or a child or elderly patient who can't swallow a tablet or capsule and requires medication in a liquid dosage form, a drug may be compounded for them. Patients may occasionally be prescribed compounded medications by medical professionals in clinics, hospitals, and other healthcare settings when an FDA-approved medication is not deemed medically necessary to treat them. Compounding may be able to meet a significant patient need in some circumstances.
Recognizing that there is no one-size-fits-all solution, customized medicine has emerged as a fresh idea in the constantly evolving healthcare landscape. Compounding pharmacies are leading this paradigm change since they are essential in tailoring medications to individual needs. Compounding procedures are now safer and more precise because of technology, and high-quality treatment is maintained by regulatory requirements.
When the FDA does not verify the safety, efficacy, or quality of a compounded drug before it is marketed, it might expose users to potentially dangerous health hazards. As a result, compounding pharmacists should possess extensive training, sound understanding, high-quality raw ingredients, and compounding facilities.
North America dominated the compounding pharmacy market in 2023.
The market’s growth in North America is due to the growing demand for personalized medicines. Americans are becoming aware of compound drugs, due to which more consumers are opting for compound drugs. Apart from this, one of the goals of key market players and the government is to create a healthcare infrastructure capable of providing high-quality care.
The U.S. held the largest share of the compounding pharmacy market in North America due to increased healthcare expenditure and growing research and development to develop personalized therapeutics. In addition to protecting patients against dangerous, ineffective, and subpar compounded medications, the FDA's compounding program works to maintain access to legally marketed compounded medications for those who require them for medical reasons.
In order to educate the public and assist our association's member pharmacists, the Association of Compounding Pharmacists of Canada was established. The ACPC's goal and mission are to assist independent compounding pharmacists in Canada and to advance the profession of compounding pharmacies. Only pharmacists who work in autonomous Canadian settings should be eligible to join. Membership in the ACPC is not available to pharmacists who work for or are affiliated with a publicly traded corporation that operates as a pharmacy.
Asia Pacific is expected to grow at the fastest rate during the forecast period.
The compounding pharmacy market’s growth in the Asia Pacific is due to an increase in research and development efforts targeted at improving different healthcare outcomes and producing more precise and accurate results, which will also contribute to the growth of the compounding pharmacy market in the Asia Pacific region. During the projection period, the market would be boosted by the increase in chronic illness rates and the aging population, which would also increase the strain on the healthcare system.
By therapeutic area, the pain management segment held the largest share of the compounding pharmacy market in 2023. The art and science of tailoring drugs to each patient's unique pain requirements is known as pain management compounding. Contrary to standardized drugs, compounded formulations enable customized dose forms, combinations, and strengths that are perfectly suited to each patient's particular condition and tolerance level.
By therapeutic area, the nutritional supplements segment is estimated to grow at the fastest rate during the forecast period. Supplement use has significantly increased in prevalence during the last 20 years. The market for dietary supplements (DS) is really expanding in terms of both revenues and, more significantly, the number of goods that are offered for sale. There are several brands, goods, and formulas available to consumers that are disseminated via a wide range of marketing methods.
By age cohort, the adult segment made it to the top of the compounding pharmacy market in 2023. There are several factors due to which the demand for compound drugs is high among adults. The major reason is growing chronic conditions and the need for better health outcomes. Adults are also consuming compound nutritional supplements to boost their quality of life, which further boosts the market.
By age cohort, the pediatric segment is expected to achieve the fastest growth rate during the predicted timeframe. Children are prone to health issues and need special attention. Apart from this, many children do not adhere to medicines due to taste or other factors. Therefore, compound drugs increase medicine adherence among children and newborns.
By compounding type, the pharmaceutical ingredient alteration (PIA) segment held the majority of the compounding pharmacy market share in 2023. One significant benefit of compounding medications is Pharmaceutical Ingredient Alteration (PIA). It enables the addition or removal of particular medications from a medication to create a customized treatment for each patient based on their needs. When it comes to replacing medications that the patient may be allergic to, this is quite helpful.
By sterility, the sterile segment was dominant in the market in 2023 and is anticipated to grow at the fastest CAGR during 2024-2034. Injectable, implant, and ocular preparations are the main applications for sterile compounding. A crucial procedure in pharmacies is sterile compounding, which makes it possible to create pharmaceuticals that are specifically tailored for individuals with particular needs. A thorough program is necessary to guarantee the safety and effectiveness of these drugs.
In August 2024, as the telehealth firm diversified into new markets and focused more on weight-loss medications, Hims & Hers decided to purchase a compounding pharmacy.
By Therapeutic Area
By Age Cohort
By Compounding Type
By Sterility
By Region
December 2024
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December 2024
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