The global market for compounding pharmacies deals with compounded medicines, which are essentially the concoctions tailored to suit the needs of individual cases by mixing, combining or altering active pharmaceutical ingredients used in most conventional medicines. Though compounded drugs are usually prepared according to prescriptions from physicians, they are not approved by most regulatory agencies across the globe owing to the skepticism surrounding the effectiveness or safety of compounded drugs.
According to a market research report published recently by Persistence Market Research (PMR), the global compounding pharmacies market was projected to be worth US$6,786 mn by the end of 2015. The market is expected to expand at a 6.0% CAGR over the period between 2015 and 2021 and reach US$9,751 mn by 2021. The market is expected to witness stable growth across all major regional territories in the next few years owing to the rising demand for personalized drugs from consumers.
Medicinal Draught Emerges as Key Driver for Global Compounding Pharmacies Market
One of the major factors driving the global market for compounding pharmacies is the shortage of drugs for a number of diseases. Compounded drugs are demanded when the need for essential medications is not met through commercially available options. In the U.S. alone, which is the hub of many of the world’s largest drug makers, there is currently a shortage of over 300 drugs for critical ailments. This factor, combined with the rising demand for anti-ageing concoctions made from custom compounded drugs, are responsible for the widespread proliferation of compounded drugs even in markets that are known to favor more the traditional courses of medications. Advances in fields such as bio-identical hormone replacement are also contributing to the increasing popularity of compounded drugs in the global market.
Another factor favoring the increased adoption of compounded drugs is the ease of their administration. This has especially been noted in critical diseases such as cancers where patients are unable to swallow pain-reducing medicines. For such patients, compounded drugs are administered through sterile preparations, transdermal applications, or as lollipops.
Compounded drugs are also gaining an increased level of popularity over traditional medications, especially in the MEA regions, as their proportion in a concoction can be altered to suit custom requirements of various applications. However, the need for conforming to regulatory standards is becoming a necessity for the compounding pharmacies market across the globe.
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Compounding Pharmacies Markets in Asia Pacific to Exhibit Double-digit Growth
On a geographical front, the market for compounding pharmacies is expected to expand at the healthiest pace in Asia Pacific. In certain countries in the region, such as Singapore, the market for compounding pharmacies is expected to witness double-digit growth over the next few years. The major factors that will propel the market for compounding pharmacies in the region include adherence to international pharmacopeia standards by local manufacturers and rising regulatory harmonization. However, a severe lack of reimbursement policies and cost issues are projected to have a negative impact on the overall development of the market. Of the various drug classes available in the Asia Pacific compounding pharmacies market, pain management products are the most popular class.
The compounding pharmacies market in North America is currently the largest. The market is expected to experience stable growth in the coming years as well, but certain regulatory overhauls are projected to lead to consolidation of the market in some parts of the region. Intervention of the U.S. FDA due to the increasing attention being paid to manufacturing processes of compounding drugs following a case of drug contamination in the U.S. in 2012 that led to over 50 deaths and 700 casualties is also expected to tighten the prevailing regulatory scenario in the market.
Europe is currently the second largest regional market for compounding pharmacies. Obtaining manufacturing rights before actually formulating compounded drugs is projected to become the most preferred course of business in the region over the next few years. The market for compounding pharmacies is expected to expand at a stable pace over the next few years owing to stable consumer demand for a variety of compounded drugs.