The compounding pharmacies market involves the formulation of customized medicines for patients as per their individual medical needs and prescribed by healthcare professionals. Compounded medications are made by licensed pharmacists to meet specific symptoms, diseases, allergies among others that may not be met by the commercially available standardized medications. They are often helpful in case of pet medications, pediatrics, geriatrics or treatment options for various rare conditions. Compounding pharmacies prepare medications after receiving individual prescriptions from doctors thereby safeguarding the specific medical needs of patients.
The Global Compounding Pharmacies Market is estimated to be valued at US$ 12332.38 Bn in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in The Compounding Pharmacies are Infosys Limited, SAP, HCL, EXL, Atos SE, Accenture, Genpact, IBM Corporation, Oracle Corporation, Cognizant, Capgemini SE, and Tata Consultancy Services Limited and Others. The demand for customized medications is increasing rapidly owing to the growing geriatric population and rising prevalence of chronic diseases globally. Technological advancements such as artificial intelligence and robotics are helping pharmacists in speeding up the compounding process while maintaining high accuracy and precision.
Market trends
The market is witnessing increasing adoption of advanced technologies and automation. Companies are investing in technologies like AI, robotics and blockchain to streamline compounding procedures, reduce errors and enhance productivity. Growing demand for personalized medications is also driving pharmacy chains and hospitals to establish in-house compounding centers.
Market Opportunities
Increasing demand for compounded pet medications and veterinary pharmacies presents profitable opportunities. Growing need of medications for rare diseases also offers scope as commercially available drugs may not cater to all rare disease conditions. Partnerships between global pharmacy chains and local compounding outlets also provide scope to expand availability and accessibility of customized medications.
Impact of COVID-19 on Compounding Pharmacies Market growth
The COVID-19 pandemic significantly impacted the growth of compounding pharmacies market. During the initial months of the pandemic in 2020, market growth declined as many pharmacy services experienced a decrease in prescriptions due to lockdowns and social distancing norms. However, as the pandemic continued, demand for compounding pharmacies increased. This was due to growing need for customized medications and alternative preparations required for COVID-19 patients with co-morbidities. Compounding pharmacies played a vital role in fulfilling the shortage of drugs and preparations. They prepared medications according to physicians' prescriptions for specific patients. This ensured continuity of care during the crisis.
With lockdowns continuing in many regions in 2021 as well, demand remained high. However, supply chain disruptions were a challenge due to movement restrictions. Compounding pharmacies had to establish alternate supply channels and build safety stock of ingredients. Technological integration helped them maintain business operations and deliver medicines safely despite the pandemic. Going forward, focus on specialized and personalized healthcare is expected to drive the market. Adoption of advanced tools for sterility testing, collaboration with physicians and supply chain resilience will be critical for market players post-COVID.
Concentration of compounding pharmacies market by geographical regions
In terms of value, North America accounted for the largest share of the compounding pharmacies market in 2024. This was attributed to the rising prevalence of chronic diseases, well-established healthcare systems and higher healthcare expenditure in the region. Within North America, the U.S. was the major revenue generator. Europe was the second largest regional market, led by growing demand from countries like Germany, the UK and France.
Asia Pacific was projected as the fastest growing region between 2024 to 2030 due to increasing healthcare access, a huge patient population and rising medical tourism in countries like India and China. Focus on specialized services, digitalization and collaborations with regional healthcare providers could help market players capitalize on high growth opportunities in Asia Pacific.
Get more insights on Compounding Pharmacies Market
Explore more trending article Enzyme Linked Immunosorbent Assay Market
