Global Statistics Representing Compounding Pharmacies Market Scenario
In compounding pharmacy, customized dosages are prepared by pharmacists to meet the demand of physicians or patients. The process involves mixing, assembling, packaging, and labeling drugs. These drugs are not approved by FDA and related regulatory frameworks are governed by the state legislature. However, the pharmacists have to comply with various standards of practice including sterile preparations of medications and have to review all the standards during the compounding process to ensure the safety of customers. These standards include quality check, stability, drug storage, drug expiry, and patient history.
Shortage of medicines, high cost of specialty drugs, and expiration of patent drugs are some of the major factors contributing to the growth of the market. Compounding pharmacies offer many advances over traditional pharmacies such as customization as per the patient’s needs keeping their medical history in check. The practice of compounding pharmacies started in the 1960s, and since then it has become an integral practice of healthcare system. The high cost of branded and specialty medications is increasing the usage of compound drugs. According to the study conducted by AARP Public Policy Institute in 2015, the average cost of specialty drugs used for the treatment of chronic diseases such as cancer, rheumatoid arthritis, Hepatitis C, and multiple sclerosis has exceeded the household income across the U.S. The study of 115 specialty drugs revealed that prescriptions for a single drug were around USD 53,384 per year. The high cost of these drugs is also favoring trends of compounded medications among people. For instance, according to the Journal of Managed Care & Specialty Pharmacy 2016, the number of compounded users were 22,314,101 and 22,745,508 in 2012 and 2013 respectively.
The global compounding pharmacies market is segmented by product type, therapeutic type, and end users.
On the basis of the product type, the market is segmented into oral, topical, mouthwashes, suppositories, injectables, and ophthalmic. The oral product type is sub-segmented into capsules, tablets, suspension, lozenges, and lollipops. The topical segment is further divided into creams, gels, ointments, and lotions. The injectable segment is further categorized into injections, infusions, concentrates, powders for reconstitution, and gels. The oral segment is anticipated to dominate the market due to its non-invasive route of administration and the patient’s presence over other methods.
On the basis of the therapeutic type, the market is segmented into hormone replacement and pain management. The hormonal replacement segment is expected to grow at a significant CAGR owing to the increasing prevalence of hormonal misbalance conditions, obesity, and stress across the globe.
On the basis of the end users, the market is segmented into adult, pediatric, geriatric, and veterinary. The adult segment is projected to dominate the segmental growth due to physiological changes in adult people, which, in turn, can increase the demand for compounded medicines.
Geographically, the global compounding pharmacies market is segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America is expected to continue dominating the global compounding pharmacies market owing to favorable reimbursement policies, high healthcare expenditure, and presence of huge patient population. According to a survey conducted by NCPA, in 2012, 85.5% of community pharmacies provided compounding services across the U.S. NCPA represents the benefits of pharmacist owners, managers, and employees across the United States. Furthermore, according to a study conducted by Journal of Managed Care & Specialty Pharmacy in 2016, the prevalence of compound users was 1.1% (245,285) in 2012 and 1.4% (323,501) in 2013. There has been an increase of 27.3% in users. In addition to this, 66% of compound users were female, and the average age was 42 years in the U.S. Canada offers a wide range of professional offerings such as a prescription to patients for minor ailments, therapeutic substitution, and laboratory tests.
Europe is estimated to be the second largest market followed by the Asia Pacific. Presence of a huge patient population suffering from various diseases, improved healthcare infrastructure in the region, and the availability of drugs are driving the Europe market. For instance, according to Pharmaceutical Group of European Union, there are 154,000 community pharmacies across Europe, and approximately 98% of citizens avail the benefits of community pharmacies.
The Asia Pacific is expected to witness significant growth during the forecast period. Presence of rapidly developing economies, increasing awareness about compounding drugs, and growing government support are driving the growth of the market. For instance, National University of Singapore (NUS) pharmacy conducted a survey in 2014, in which 83.6% final year pharmacy graduates agreed that this practice should be included in the pharmacy curriculum. This exhibit necessity of these practices in the region.
Latin America and the Middle East & Africa is expected to attain substantial growth owing to constant development, increasing awareness about medical facilities, and increasing healthcare infrastructure in the region. For instance, a survey conducted by the American Journal of Pharmaceutical Education in 13 Middle Eastern countries in 2008 found that there has been an increase in pharmacy practices among people. For instance, at least 14,000 students (over 75% from Egypt) take admission to baccalaureate degree programs every year. Despite the critical situation in the region, a strong trend has been observed for science and pharmacy practices.
Some of the key players in the global market are Fresenius Kabi AG, AmerisourceBergen Corporation, Pencol Compounding Pharmacy, ITC Compounding Pharmacy, B. Braun Melsungen AG, LorrainesPharmacy, Panaceutics Inc., Fagron, and McGuff Compounding Pharmacy Services, Inc.,
Global Compounding Pharmacies Market Segmentation
By Therapeutic Type
By End Users