Pharmacy compounding refers to the method of personalizing medications for patients. It is a technique that requires meticulous calculation and an expertise to make perfect blends that will treat the ailment. Compounded medications are made by the practitioners with the help of prescriptions that instruct the precise amount of individual ingredients to be mixed. This customization makes compounded medicine different for each patient, thereby allowing unique dosages of specific strengths to treat the illness.
Drug Shortages to Drive Global Compounding Pharmacies Market
The growing demand for customized medicines is expected to reach US$6.7 bn by the end of 2015. The prime reason for this high market value is the huge medicinal drought. Presently, the U.S. faces a shortage of about 300 drugs for a wide range of diseases. This shortage of commercial and branded drugs is making patients seek compounded drugs in most cases. The growth of the global compounding pharmacies market is also due to the ever-increasing demand for anti-aging products that require compounded drugs. In the coming years, as medical science evolves to look beyond conventional remedies, it will make its fair share of contribution to the growth of the global compounding pharmacies market. For instance, bio-identical hormone replacement therapy, a sub-therapeutic area, is also leading to the popularity of these drugs.
Compounded drugs are also easy to administer, especially in the case of patients suffering from chronic diseases such as cancer. The inability of swallowing pain-alleviating tablets is alleviated by the salient feature of compounded drugs that can be administered through transdermal application, lollipops, or sterile preparations. The only restraint on the global compounding pharmacies market is the growing pressure of conforming to the regulatory framework.
Asia Pacific to Lead Global Compounding Pharmacies Market
According to Persistence Market Research, the Asia Pacific market for compounding pharmacies has been witnessing significant growth in the last few years. Furthermore, a few regions in Asia Pacific, such as Singapore, are expected to witness double-digit growth due to better regulatory norms and standardization of these drugs by local manufacturing units as per the leading pharmacopeias. The most popular compounded drugs being sold in this market are pain management products. Unfortunately, high pricing and poor reimbursement policies are likely to have a negative impact on the growth of this market.
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Asia Pacific is followed by Europe in the regional hierarchy of the global compounding pharmacies market. In the coming years, this region is expected to witness a huge surge in the number of manufacturers seeking authorizations for compounding pharmacies. This trend will keep the CAGR of compounding pharmacies market in Europe steady. Furthermore, as key players in Europe try to expand their base outside the region, they will contribute towards growth of the global compounding pharmacies market.