The global compounding pharmacies market enables the development of personalized medicine and drug formulations according to individual patient needs. Compounding pharmacies tailor medications to address allergic reactions, debility or inability to metabolize solid dosage forms, and other special medical conditions which are otherwise not adequately addressed by commercially available drug products. The market offers distinct advantages over traditional mass-produced pharmaceutical drugs including medication customization, enhanced compliance through alternate dosage forms and flavoring, as well as solutions for drug shortages and specific medical conditions affecting smaller populations.
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 from 2024 to 2030.
Key Takeaways
Key players operating in The Compounding Pharmacies Market are Infosys Limited, SAP, HCL, EXL, Atos SE, Accenture, Genpact, IBM Corporation, Oracle Corporation, Cognizant, Capgemini SE, and Tata Consultancy Services Limited and Others. Compounding pharmacies face immense growth opportunities especially in developing markets due to the rapid increase in aging population afflicted by various chronic diseases. There is also rising demand for personalized medicines tailored to specific disease conditions or medical needs which cannot be met by commercially available drug products.
Major players in the market are focusing on expanding their global footprint through strategic collaborations and acquisitions to leverage lucrative growth prospects across international markets. For instance, PharMerica Corporation acquired Institutional Pharmacy Solutions to penetrate the central fill and institutional pharmacy services sector in the U.S. B. Braun also unveiled plans to open additional compounding centers in North America and Europe over the next five years.
Market Key Trends
The compounding pharmacies market is witnessing rapid growth driven by rising preference for personalized medicines over conventional drugs. Further, shortage of pharmaceutical drugs has necessitated use of compounded medications, especially in case of pediatric and geriatric patients. Growing demand for alternative dosage forms such as topical gels, transdermal patches, and suppositories is also fueling the market. Compounding pharmacies play a vital role in drug customization and medication management of complex medical cases including allergies and rare conditions affecting smaller patient segments. Widespread applications across hospitals, pharmacies, and specialty clinics are expected to bolster the market expansion through 2030.
Porter’s Analysis
Threat of new entrants: High capital requirements as well as compliance regulations create entry barriers for new players in the market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of vast number of compounding pharmacies.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many suppliers of raw materials and products available in the market.
Threat of new substitutes: Threat from new substitutes is low as there are very few alternative treatment options available.
Competitive rivalry: Intense competition among existing players to gain higher market share
Geographical Regions
North America region is holding major share of compounding pharmacies market in terms of value owing to rising demand for customized medicines and presence of major players in the region. Asia Pacific is projected to grow at fastest rate during forecast period with increasing demand fopr customized drugs along with rapid expansion of healthcare industry across developing nations like India and China.
