Compounding Pharmacies Market at USD 9.4 billion in 2022 and is poised to grow at a CAGR of 6.2.% from 2023-2029. Moreover, the convenience with the compounded medicines such as required dose for patients and convenient dosage form is anticipated to upsurge the revenue of compounded pharmacies market. Similarly, availability of compounding medicines in wide therapeutic areas, rise in awareness among healthcare professionals, and compounding of multi-component drugs also expected to boost the compound pharmacies market. Furthermore, acquisitions, mergers, and collaborations between the players of the market oxy-fuel combustion technology the revenue of compounded pharmacies market growth. Compounding Pharmacies Market combine and prepare the personalized medicine by a licensed pharmacist or under guidance of physicians. These medicines are compounded by altering, mixing, or combining the active pharmaceutical ingredients with suitable additives in appropriate concentrations. These drugs can be prepared with or without prescriptions. However, these drugs are not approved by regulatory agencies and do not verify the effectiveness and safety of drugs. Compounded drugs are not covered by reimbursement schemes or any other pharmaceutical benefit agencies. The ageing population and improved life expectancy are offering significant market growth potential. Compounding pharmacies will also be in high demand because to the rising rate of drug failure and the global drug scarcity. Furthermore, higher acceptance of compounded medications will be pushed by increased understanding of the benefits of compounded medications.
Fastest Growing Market
Patent expiration of various blockbuster drugs, increase in demand for the regenerative compounded medicines, availability of compounded drugs in multi-ingredient combinations for various therapeutic areas such as hormone replacement therapy and dermatology, and various advantages with compounded medicines such as dosage according to patient need are anticipated to fuel the compounded pharmacies market. Moreover, high cost of branded prescription drugs, rise in medicinal droughts of the prescription medicine, and availability in alternate dosage forms such as lozenges and liquids to overcome the drug administration difficulties are expected to boost the market. However, the lack of skilled staff, adverse effects associated with improperly compounded medications, and high cost of maintenance for sterile area and equipment are expected to impede the growth of the market.
The compounding pharmacies market size was valued at USD 9.4 billion in 2022
Shortage of Drugs and Rising Geriatric Population
Europe is the fastest-growing for compounding pharmacies market