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Market Overview
Compounded Pharmacy Market Research Report Information By Product (Topical Medications, Parenteral Medications, Oral Medications, and Other Medications), By Therapeutic Area (Hormone Replacement, Pain Management, Dermal Disorders, and Others), By Compounding Type (Pharmaceutical Ingredient Alteration, Currently Unavailable Pharmaceutical Manufacturing, Pharmaceutical Dosage Alteration, and Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032.
Compounded Pharmacy Market Size was valued at USD 15.2 Billion in 2023. The compounded pharmacy market industry is projected to grow from USD 16.6 Billion in 2024 to USD 26.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.00% during the forecast period (2024 – 2032).
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Market Dynamics
The trend towards personalized medicine is driving the growth of the compounded pharmacy market. Personalized medicine aims to tailor healthcare to individual patients, reducing the risk of adverse events and drug interactions while improving treatment effectiveness, safety, and compliance. Compounding pharmacists can customize medications based on a patient’s genetic makeup, medical history, allergies, preferences, and other relevant information. An example is Bioidentical Hormone Replacement Therapy (BHRT), especially for menopausal women, and transdermal creams for patients who cannot take oral opioids. According to the Personalized Medicine Coalition (PMC), 20% of the new molecular entities approved by the FDA in 2016 were personalized medications. The increasing use of personalized medicine is expected to boost the compounded pharmacy market’s growth.
Developing new drugs is expensive, risky, and time-consuming, with the average cost and time needed for a single new medication being 10-15 years and USD 2.6 billion, respectively, according to PhRMA. Only 12% of new molecular entities that enter clinical trials get FDA approval. This means many potentially effective and safe drugs do not reach the market due to clinical trial failures. Compounded pharmacies offer a solution by producing these medications in small quantities in collaboration with doctors. This is beneficial for patients seeking alternative therapies or those without access to conventional treatment options.
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Segment Analysis
The global compounded pharmacy market is segmented by product, therapeutic area, and compounding type.
Product
The market is divided into Topical Medications, Parenteral Medications, Oral Medications, and Other Medications. The oral medications segment held the largest market share in 2023, driven by the benefits of oral dosage forms such as ease of use, painlessness, and self-administration. The availability of various oral pharmaceuticals, including tablets, powders, capsules, and liquid preparations like syrups and suspensions, further supports segment growth.
Therapeutic Area
The market is categorized into Hormone Replacement, Pain Management, Dermal Disorders, and Others. Pain management was the largest segment in 2023 due to the increasing incidence of chronic pain and the side effects of commercially available pain medications. Compounded pain management treatments offer advantages such as combining multiple drugs in one dose and avoiding the gastrointestinal system for patients with GI side effects.
Compounding Type
The market is segmented into Pharmaceutical Ingredient Alteration, Currently Unavailable Pharmaceutical Manufacturing, Pharmaceutical Dosage Alteration, and Others. The pharmaceutical ingredient alteration segment held the largest market share in 2023, driven by the demand for customized medications that address individual patient needs by modifying pharmacological ingredients, including altering the ratio or concentration of a drug’s active components.
Regional Analysis
North America
The North American market, including the US and Canada, maintained the largest market share. This growth is driven by the unavailability of certain pharmaceuticals and the presence of numerous compounded pharmacies. According to the American Pharmacists Association, over 56,000 community pharmacies existed in the US as of October 2021, with 7,500 providing advanced compounding services.
Europe
The European market, comprising Germany, France, the UK, Italy, Spain, and the rest of Europe, has been growing steadily. Factors contributing to this growth include an aging population and advancements in medical care. Regulatory frameworks and guidelines from entities like the European Directorate for the Quality of Medicines (EDQM) ensure the safety, quality, and consistency of compounded pharmacy products.
Asia-Pacific
The Asia-Pacific market, including China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific, is expected to experience the fastest growth. This growth is driven by the increasing demand for customized medications, the rising incidence of chronic illnesses, improvements in healthcare infrastructure, and growing awareness and acceptance of complementary therapies.
Rest of the World
This region includes the Middle East, Africa, and Latin America. Growth in these markets is supported by the presence of numerous market competitors, an increasing number of healthcare institutions, higher healthcare spending power, and rising awareness of compounded pharmaceuticals. In Latin America, the market is anticipated to grow steadily due to the increasing number of compounding pharmacies and greater awareness of the benefits of compounded medications.
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Competitive Dynamics
MRFR recognizes the following companies as the key players in the global compounded pharmacy market – Fagron, Walgreen Co., JL Diekman and AQ Touchard (Fresh Therapeutics Compounding Pharmacy), Albertsons Companies, Galenic Laboratories Limited (Roseway Labs), The London Specialist Pharmacy Ltd (Specialist Pharmacy), Apollo Clinical Pharmacy, MEDS Pharmacy, Aurora Compounding, Formul8, and Fusion Apothecary.
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