Compounding pharmacies 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.
Market Dynamics: Compounding Pharmacies 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 compounding pharmacies market.
Compounding pharmacies market is growing at a significant CAGR owing to expiration of various patented molecules over the forecast years. 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 fuel the revenue of compounded pharmacies market growth. For instance, in December 2014, Imprimis Pharmaceuticals, Inc. acquired South Coast Speciality Compounding, Inc. to achieve nationwide distribution capability for Imprimis’s urologic and ophthalmic formulations.
Regional Analysis: Compounding Pharmacies Market
Geographically, compounded pharmacies market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America compounding pharmacies market accounted for significant share owing to shortage of drugs reported by FDA, rise in awareness about compounded drugs, and high cost of prescription drugs in the region. Europe compounding pharmacies market growth driven by expansion of business by market players in Europe region, availability of skilled professionals, and patent expiration of various drugs. Asia Pacific compounding pharmacies market has a lucrative growth owing to increase in automation in compounding pharmacies in Japan, increase in geriatric population in China, India, and Japan, and promotion of innovative therapies and product formulations by means of compounding. Latin America compounding pharmacies marketcharacterized by few compounding pharmacies in Mexico and large unmet medical needs in the region.
• In February 2017, Panaceutics acquired Triangle Compounding Pharmacy to expand the personalized medicine strategy
Key Features of the Report:
• The report provides granular level information about the market size, regional market share, historic market (2012 to 2016) and forecast (2017 to 2023)
• The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
• The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
• The report tracks recent innovations, key developments and startup’s details that are actively working in the market
• The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
• The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
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